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Investing Research Articles

2824 Research Articles

Returns for Investors (Rather Than Markets)

In his June 2004 paper on “What Are Stock Investors’ Actual Historical Returns”, Ilia Dichev examines stock market capital inflows and outflows to determine how well investors really perform compared to buy-and-hold returns. He concludes that:

Investment Managers: Randomly Walking the Plank?

…investing in actively managed funds is a loser’s game. Professional fund managers cannot systematically find and exploit market inefficiencies.

Triumph of the Optimists (Chapter-by-Chapter Review)

…21st-century investors should curb their exuberance.

Buffering Exuberance

…short selling is more effective at buffering exuberance for individual stocks than for the overall market.

Smart Mutual Fund Investing?

…mutual fund inflows naively chase past returns.

The Media: All Frenzy All the Time?

…the media constitute a possibly destabilizing element, since they support the continuation and reinforcement of states of disequilibrium, or maybe even trigger them.

The Importance of Animal Spirits?

…investor emotions drive market volatility, but there is an asymmetry to fear and greed.

Follow the Institutional Leaders?

…individual investors should be wary of investing in stocks that are the top mutual fund holdings.

Can the “Experts” Help You Beat the Market?

…portfolios built using aggregate analyst recommendations may produce gross outperformance, but transaction costs absorb excess returns. Moreover, privileged investors get the jump on analyst-driven trades.

50-Year Fed Model Meme?

…the Fed Model has worked pretty well starting about 1960, with interest rates since playing a key role in stock valuation.