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Investing Research Articles

3098 Research Articles

Evolution of the Efficient Markets Hypothesis

…the Efficient Markets Hypothesis is arguably evolving to incorporate genetic material from the theories of psychology, games, learning and biological evolution.

T-note Yield Shocks and Stock Returns

…there is practically no overall relationship between last-month change in T-note yields and next-month stock returns since the beginning of 1990. Extreme T-note yield shocks, negative and positive, may be bullish for stocks, but small subsample sizes greatly limit the reliability of this conclusion.

Chumming with Sharks?

…agile traders may be able to capture significant short-term gains in stocks targeted by hedge funds via large equity positions and aggressive, specific and public demands on management.

How Well Do Experts Time Trades of Individual Stocks?

…Australian stock fund managers on average exhibit no timing ability in executing trades of individual stocks, but some managers do consistently outperform others.

Value Versus Growth Among Large European Firms

…value beats growth among large European stocks during 2002-2006. Value stocks with the highest return on invested capital lead this outperformance.

The Long and Short of Beta

…stock betas change over time, and strategies that track these changes with high-frequency data can generate abnormal returns. Stocks with long-term high (low) but recently decreasing (increasing) betas are buys (sells).

The 52-Week High as a Momentum Indicator for Individual Stocks

…the 52-week high is on average a superior indicator of positive momentum for individual stocks (except for a January reversal).

Inflation, Monetary Policy and the Stock Market

…inflation levels and expectations are key to equity market performance, and monetary policies that successfully manage inflation risks would promote stock market stability.

Does Customer Satisfaction Translate to Excess Stock Returns?

…stocks of firms with high ACSI customer satisfaction ratings outperform the market on average over the long term. Said differently, investors appear to undervalue customer satisfaction systematically.

Increased Reliability for Buyback Announcements?

…share repurchase announcements are now more reliable indicators of actual buyback activity, and consequent beneficial impact on earnings per share, than they were before 2004.