Divergent Opinions And The Performance Of Value Stocks
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Divergent Opinions And The Performance Of Value Stocks
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Author : John A. Doukas
language : en
Publisher:
Release Date : 2009
Divergent Opinions And The Performance Of Value Stocks written by John A. Doukas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Divergence of opinions among investors, manifested in the dispersion of analysts' earnings forecasts, may play an important role in asset pricing. This article reports tests of whether disagreement can explain the cross-sectional return difference between value and growth (or glamour) stocks in the U.S. market over the 1983-2001 period. Consistent with the theoretical proposition that stocks subject to greater investor disagreement earn higher returns, the tests found value stocks to be exposed to greater investor disagreement than growth stocks. This finding suggests that the return advantage of value strategies is a reward for the greater disagreement about their future growth in earnings. Alternative multifactor asset-pricing tests supported the proposition that investor disagreement plays an important role in explaining the superior return of value stocks.
Disagreement And The Superior Performance Of Value Stocks
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Author : John A. Doukas
language : en
Publisher:
Release Date : 2004
Disagreement And The Superior Performance Of Value Stocks written by John A. Doukas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
We investigate whether divergence of opinion among investors, manifested in the dispersion of analysts' earnings forecasts, plays an important role in asset pricing. Specifically, we test whether disagreement can explain the cross-sectional return difference between value and growth stocks over the 1983-2001 period. Consistent with the theoretical proposition of Williams (1977), that stocks subject to greater investor disagreement earn higher returns, we find value stocks to be exposed to greater investor disagreement than glamour stocks. Our findings suggest that the return advantage of value strategies is a reward for the greater disagreement characterizing their future growth in earnings. Alternative multifactor asset pricing tests show that investor disagreement plays an important role in explaining the superior return of value stocks.
Investor Uncertainty And The Superior Performance Of Value Stocks
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Author : John A. Doukas
language : en
Publisher:
Release Date : 2003
Investor Uncertainty And The Superior Performance Of Value Stocks written by John A. Doukas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Several empirical studies show that investment strategies that favor the purchase of stocks with low prices relative to dividends, earnings, book values or other measures of value yield higher returns. Some of these studies imply that investors are too optimistic about (glamour) stocks that have had good performance in the recent past and too pessimistic about (value) stocks had had performed poorly. Others argue that value strategies are fundamentally riskier. In this paper we examine whether value stocks are riskier than glamour stocks over the 1976-1998 period. Consistent with Fama and French (1992, 1996), our findings suggest that the return advantage of value strategies reflects compensation for bearing risk. We find this risk to be associated with investor uncertainly, manifested in security analysts' divergence of opinion about the future growth in earnings of value stocks. Multifactor asset pricing tests show that investor uncertainty risk is important in explaining the superior return of value stocks. The results also suggest that the uncertainty risk factor is a state variable that predicts economic growth.
Investment Philosophies
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Author : Aswath Damodaran
language : en
Publisher: John Wiley & Sons
Release Date : 2012-06-22
Investment Philosophies written by Aswath Damodaran and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06-22 with Business & Economics categories.
The guide for investors who want a better understanding of investment strategies that have stood the test of time This thoroughly revised and updated edition of Investment Philosophies covers different investment philosophies and reveal the beliefs that underlie each one, the evidence on whether the strategies that arise from the philosophy actually produce results, and what an investor needs to bring to the table to make the philosophy work. The book covers a wealth of strategies including indexing, passive and activist value investing, growth investing, chart/technical analysis, market timing, arbitrage, and many more investment philosophies. Presents the tools needed to understand portfolio management and the variety of strategies available to achieve investment success Explores the process of creating and managing a portfolio Shows readers how to profit like successful value growth index investors Aswath Damodaran is a well-known academic and practitioner in finance who is an expert on different approaches to valuation and investment This vital resource examines various investing philosophies and provides you with helpful online resources and tools to fully investigate each investment philosophy and assess whether it is a philosophy that is appropriate for you.
Quantitative Value Web Site
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Author : Wesley R. Gray
language : en
Publisher: John Wiley & Sons
Release Date : 2012-12-26
Quantitative Value Web Site written by Wesley R. Gray and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-26 with Business & Economics categories.
A must-read book on the quantitative value investment strategy Warren Buffett and Ed Thorp represent two spectrums of investing: one value driven, one quantitative. Where they align is in their belief that the market is beatable. This book seeks to take the best aspects of value investing and quantitative investing as disciplines and apply them to a completely unique approach to stock selection. Such an approach has several advantages over pure value or pure quantitative investing. This new investing strategy framed by the book is known as quantitative value, a superior, market-beating method to investing in stocks. Quantitative Value provides practical insights into an investment strategy that links the fundamental value investing philosophy of Warren Buffett with the quantitative value approach of Ed Thorp. It skillfully combines the best of Buffett and Ed Thorp—weaving their investment philosophies into a winning, market-beating investment strategy. First book to outline quantitative value strategies as they are practiced by actual market practitioners of the discipline Melds the probabilities and statistics used by quants such as Ed Thorp with the fundamental approaches to value investing as practiced by Warren Buffett and other leading value investors A companion Website contains supplementary material that allows you to learn in a hands-on fashion long after closing the book If you're looking to make the most of your time in today's markets, look no further than Quantitative Value.
A Tea Reader
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Author : Katrina Avila Munichiello
language : en
Publisher: Tuttle Publishing
Release Date : 2017-03-21
A Tea Reader written by Katrina Avila Munichiello and has been published by Tuttle Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-21 with Literary Collections categories.
A Tea Reader contains a selection of stories that cover the spectrum of life. This anthology shares the ways that tea has changed lives through personal, intimate stories. Read of deep family moments, conquered heartbreak, and peace found in the face of loss. A Tea Reader includes stories from all types of tea people: people brought up in the tea tradition, those newly discovering it, classic writings from long-ago tea lovers and those making tea a career. Together these tales create a new image of a tea drinker. They show that tea is not simply something you drink, but it also provides quiet moments for making important decisions, a catalyst for conversation, and the energy we sometimes need to operate in our lives. The stories found in A Tea Reader cover the spectrum of life, such as the development of new friendships, beginning new careers, taking dream journeys, and essentially sharing the deep moments of life with friends and families. Whether you are a tea lover or not, here you will discover stories that speak to you and inspire you. Sit down, grab a cup, and read on.
What Is Value Investing
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Author : Lawrence A. Cunningham
language : en
Publisher: McGraw Hill Professional
Release Date : 2004-04-22
What Is Value Investing written by Lawrence A. Cunningham and has been published by McGraw Hill Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-04-22 with Business & Economics categories.
Today's Most Easy-to-Understand Introduction to Value Investing--How It Works, and How to Make It Work for You Lawrence Cunningham is one of today's leading authorities on value investing. What Is Value Investing? provides you with the knowledge and tools you need to make value investing a profitable part of your financial strategy. It explains how to: Measure the true value of a stock, not the value given to it by an emotion-driven marketplace Uncover and avoid companies that look impressive but hide serious problems Invest only in companies that fall within your "circle of competence"--products and companies you truly understand Use the eight key rules of value investing to screen every stock for value before you add it to your portfolio Value investors don't simply buy low-priced shares; they invest in solid, proven companies. What is Value Investing? will give you the knowledge to become a successful value investor who insists on investing only in high-quality, time-proven companies and getting them for pennies on the dollar. Lawrence Cunningham is a professor of law and business at Boston College. The author of Outsmarting the Smart Money and How to Think Like Benjamin Graham and Invest Like Warren Buffett, Professor Cunningham has been featured in publications from Forbes to Money and on networks including CNBC, CNN, and PBS.
Expectations And The Structure Of Share Prices
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Author : John G. Cragg
language : en
Publisher: University of Chicago Press
Release Date : 2009-05-15
Expectations And The Structure Of Share Prices written by John G. Cragg and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-05-15 with Business & Economics categories.
John G. Cragg and Burton G. Malkiel collected detailed forecasts of professional investors concerning the growth of 175 companies and use this information to examine the impact of such forecasts on the market evaluations of the companies and to test and extend traditional models of how stock market values are determined.
Country Asset Allocation
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Author : Adam Zaremba
language : en
Publisher: Springer
Release Date : 2016-10-26
Country Asset Allocation written by Adam Zaremba and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-10-26 with Business & Economics categories.
This book demonstrates how quantitative country-level investment strategies can be successfully employed to manage money in international markets. It offers a range of state-of-the-art quantitative strategies, describing their theoretical bases, implementation details, and performance in over 70 countries between 1995 and 2015. International diversification has long been a key to stable investing. However, the increased integration and openness of global financial markets has led to rising correlations between stock market returns in particular countries, driving down the benefits of diversification and increasing the importance of country selection strategies as part of an investment process. Zaremba and Shemer explain the efficiency of quantitative investing, which captures huge amounts of data of limited scope very quickly. In the traditional approach, this data compilation is an immense undertaking, limited in scope and vulnerable to behavioral errors, but this can be overcome with the help of a new paradigm of quantitative investment at the country level. Quantitative country asset allocation can be efficiently accomplished by using wealth insights that have been generated in the academic literature, discovering many anomalies and regular patterns in asset prices. Armed with this information, investors and managers can process large amounts of data more efficiently when deciding to invest in ETFs, index funds, or futures markets.
Cfa Program Curriculum 2018 Level Iii
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Author : CFA Institute
language : en
Publisher: John Wiley & Sons
Release Date : 2017-08-01
Cfa Program Curriculum 2018 Level Iii written by CFA Institute and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-08-01 with Business & Economics categories.
Apply CFA Program concepts and skills to real-world wealth and portfolio management for the 2018 exam The same official curricula that CFA Program candidates receive with program registration is now publicly available for purchase. CFA Program Curriculum 2018 Level III, Volumes 1-6 provides complete, authoritative guidance on synthesizing the entire CFA Program Candidate Body of Knowledge (CBOK) into professional practice for the 2018 exam. This book helps you bring together the skills and concepts from Levels I and II to formulate a detailed, professional response to a variety of real-world scenarios. Coverage spans all CFA Program topics and provides a rigorous treatment of portfolio management, all organized into individual study sessions with clearly defined Learning Outcome Statements. Visual aids clarify complex concepts, and practice questions allow you to test your understanding while reinforcing major content areas. Levels I and II equipped you with foundational investment tools and complex analysis skill; now, you'll learn how to effectively synthesize that knowledge to facilitate effective portfolio management and wealth planning. This study set helps you convert your understanding into a professional body of knowledge that will benefit your clients' financial futures. Master essential portfolio management and compliance topics Synthesize your understanding into professional guidance Reinforce your grasp of complex analysis and valuation Apply ethical and professional standards in the context of real-world cases CFA Institute promotes the highest standards of ethics, education, and professional excellence among investment professionals. The CFA Program Curriculum guides you through the breadth of knowledge required to uphold these standards. The three levels of the program build on each other. Level I provides foundational knowledge and teaches the use of investment tools; Level II focuses on application of concepts and analysis, particularly in the valuation of assets; and Level III builds toward synthesis across topics with an emphasis on portfolio management.