Objective research to aid investing decisions

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Investing Research Articles

3209 Research Articles

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

…investors should augment dividends with measures of stock repurchases and issuances when relating equity yields to expected returns.

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.

Hedge Funds Versus Mutual Funds

…the small positive alpha of hedge funds in aggregate is likely to move toward the negative alpha of the mutual fund industry in the coming years.