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Investing Research Articles

2820 Research Articles

Bad News is Good News, Except When…

…good (bad) macroeconomic news is bad (good) for broad stock indices during expansions and good (bad) during recessions.

Market Orders Versus Limit Orders: Informed Traders Prefer…

…informed traders prefer price certainty over execution certainty unless the value of their private information is about to expire.

Pricing Corporate News

…the stock market shows significant predictability (rather than perfect efficiency) in its reactions to news.

The Adaptive Markets Hypothesis

…principles of evolutionary biology such as competition, mutation, reproduction, and natural selection drives the evolution of financial markets.

4% Solution: Equity Risk Premium Update

…expect single-digit long-term returns from stocks.

Predicting the Past with Investor Sentiment

…investor sentiment tends to “predict” the past.

Short Sellers Not So Smart?

…very recent data suggests that short sellers may have lost their ability to predict bad news and stock price declines.

Dumb Individual Investors and Smart Companies?

…mutual funds may function mostly as passive vehicles through which active individual investors (reallocators) voluntarily transfer wealth to public corporations. By doing the opposite of these individuals, one can construct a portfolio with high returns. By ceasing reallocations, mutual fund investors in aggregate could boost their Sharpe ratio by 9%.

Going with the Flows

…front-running the predictable effects of unusual mutual fund inflows and outflows on stocks held in common offers significant excess returns.

Detecting Wisdom in a Crowded Market

…situations involving herded traders and/or a small number of shareholders are good candidates for producing mispriced stocks.