Objective research to aid investing decisions

Value Investing Strategy (Strategy Overview)

Allocations for April 2024 (Final)
Cash TLT LQD SPY

Momentum Investing Strategy (Strategy Overview)

Allocations for April 2024 (Final)
1st ETF 2nd ETF 3rd ETF
Filter Research

Investing Research Articles

3490 Research Articles

Loss of Momentum?

…the stock return momentum effect wasn’t there, then it was there for a long time, and now it’s gone.

Recent Evidence on Individual Investor Performance

…it is very difficult for individual investors to beat the market. Infrequent trading and lower-risk holdings have been key to relative outperformance since 2000.

Net Flow of Cash from Company to Investors as a Return Indicator

Are company stock buybacks equivalent to cash dividends for stockholders? Conversely, are company sales of stock “undividends” for stockholders? A forthcoming article in the April 2007 Journal of Finance addresses these questions. In the underlying September 2005 paper entitled “On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing”, Jacob Boudoukh, Roni Michaely,… Keep Reading

What Puts Brits in the Mood (for Buying or Selling Stocks)?

…there is no reliable weather-sun-moon risk premium.

Fear Factor?

…implied or expected volatility (VIX) should tentatively be viewed as a fifth factor in modeling stock returns because it affects them both directly in a multi-factor model and indirectly through the other risk factors.

Rise of the Machines? Attack of the Clones?

…only about 20% of all hedge funds have produced after-fee returns that clearly beat those of statistical replicants that mechanically trade a basket of liquid futures contracts.

Bear Claus

As the esteemed, erudite chorus of the downside constantly reminds us, Bear Claus…

The Quarterly Earnings Forecast Walk-Down

…analysts tend to walk their earnings forecasts down as release of actuals approaches, and this walk-down effect is stronger for analysts that have good relationships with management.

The Diversity and Persistence of Quacks

…naive customers for services with outcomes for which it is hard to distinguish skill from luck will attract and sustain a diverse set of quacks.

Buy Stocks of Companies Experts Hate?

…the stocks of companies least admired by the ostensibly well-informed may well outperform the stocks of the companies most admired.