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Investing Research Articles

2963 Research Articles

Classic Paper: Emergence of Behavioral Finance

…human psychology and sociology can trump the forces of stock market rationalization, at least for a while.

Classic Research: Demography and the Stock Market

…demographic trends suggest a headwind for U.S. equities over the next 15 years. Baby Boomers may drive P/Es down as they sell to fund retirement.

Benchmarking Returns for Hedge Funds

…10% annual return is currently a reasonable hedge fund benchmark.

Recognition: Is That a Good Thing?

…the greatest returns are to be found on average among stocks least widely held by institutions.

Comprehensive Analysis of Calendar Effects

…calendar effects used to be but mostly aren’t any more.

When Stock Market Models Crash

…Professor Sornette’s attempt to model one equity market via diligent analysis of similarities to another equity market during a different time does not work, perhaps because the model is simplistically behavioral or because randomness dominates predictability.

Book (Value) It?

…because mean reversion of price-to-book ratios outpaces reinvestment of earnings, value stocks outperform growth stocks.

Warren Buffett’s Track Record: Luck or Skill?

…Warren Buffett’s consistently high level of outperformance challenges the Efficient Markets Hypothesis.

Sophistication + Experience > Behavioral Bias?

…sophisticated and experienced investors/traders avoid most of the bad effects of the disposition bias. Trading practice helps.

Fooled by Randomness: A Review

…noise generally swamps signal (true outperformance or underperformance) in financial markets, and in life generally.