The Mysterious Growing Value Of S P 500 Membership

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The Mysterious Growing Value Of S P 500 Membership

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Author : Randall Morck
language : en
Publisher:
Release Date : 2001

The Mysterious Growing Value Of S P 500 Membership written by Randall Morck and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Economics categories.

The efficient markets hypothesis implies that passive indexing should generate as high a return as active fund management. Indexing has been a very successful strategy. We document a large value premium in the average q ratios of firms in the S & P 500 index relative to the q ratios of other similar firms that appears in the mid 1980s and grows in step with the growth of indexing. Passive investment strategies that require the purchase of the particular 500 stocks in this index increase demand for those stocks and so push up their prices. In short, indexing induces downward sloping demand curves for stocks in the index. For reasons that are not fully clear, arbitrageurs apparently do not correct this overvaluation.

The Mysterious Growing Value Of S P Index Membership

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Author : Fan Yang
language : en
Publisher:
Release Date : 2013

The Mysterious Growing Value Of S P Index Membership written by Fan Yang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.

The efficient markets hypothesis implies that passive indexing should generate as high a return as active fund management. Indexing has been a very successful strategy. We document a large value premium in the average q ratios of firms in the Samp;P 500 index relative to the q ratios of other similar firms that appears in the mid 1980s and grows in step with the growth of indexing. Passive investment strategies that require the purchase of the particular 500 stocks in this index increase demand for those stocks and so push up their prices. In short, indexing induces downward sloping demand curves for stocks in the index. For reasons that are not fully clear, arbitrageurs apparently do not correct this overvaluation. However, it would seem that widespread indexing may be undermining the very market efficiency on which it is based. We therefore propose that passive investing be redefined as buying and holding as diversified a portfolio as possible, rather than tracking a particular index. This holistic indexing would have the salubrious effect of spreading passive demand for stocks across the market more evenly, thereby avoiding price distortions of this sort.

International Corporate Governance

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Author : Kose John
language : en
Publisher: Emerald Group Publishing
Release Date : 2011-03-31

International Corporate Governance written by Kose John and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03-31 with Business & Economics categories.

Presents research on corporate governance from a number of countries across the world, including the United States, Spain, Malaysia, Israel and others. This title examines many important corporate governance mechanisms, such as board characteristics, ownership structure, legal protection of shareholders, and annual general meetings.

Advances In Financial Economics

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Author : Kose John
language : en
Publisher: Emerald Group Publishing
Release Date : 2012-11-12

Advances In Financial Economics written by Kose John and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-12 with Business & Economics categories.

This volume contains eight empirical papers that examine corporate governance from a number of different perspectives.

An Engine Not A Camera

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Author : Donald MacKenzie
language : en
Publisher: MIT Press
Release Date : 2008-08-29

An Engine Not A Camera written by Donald MacKenzie and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-08-29 with Technology & Engineering categories.

In An Engine, Not a Camera, Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways. These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes. Paraphrasing Milton Friedman, MacKenzie says that economic models are an engine of inquiry rather than a camera to reproduce empirical facts. More than that, the emergence of an authoritative theory of financial markets altered those markets fundamentally. For example, in 1970, there was almost no trading in financial derivatives such as "futures." By June of 2004, derivatives contracts totaling $273 trillion were outstanding worldwide. MacKenzie suggests that this growth could never have happened without the development of theories that gave derivatives legitimacy and explained their complexities. MacKenzie examines the role played by finance theory in the two most serious crises to hit the world's financial markets in recent years: the stock market crash of 1987 and the market turmoil that engulfed the hedge fund Long-Term Capital Management in 1998. He also looks at finance theory that is somewhat beyond the mainstream—chaos theorist Benoit Mandelbrot's model of "wild" randomness. MacKenzie's pioneering work in the social studies of finance will interest anyone who wants to understand how America's financial markets have grown into their current form.

Investing Psychology Website

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Author : Tim Richards
language : en
Publisher: John Wiley & Sons
Release Date : 2014-04-21

Investing Psychology Website written by Tim Richards 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 2014-04-21 with Business & Economics categories.

Discover how to remove behavioral bias from your investment decisions For many financial professionals and individual investors, behavioral bias is the largest single factor behind poor investment decisions. The same instincts that our brains employ to keep us alive all too often work against us in the world of finance and investments. Investing Psychology + Website explores several different types of behavioral bias, which pulls back the curtain on any illusions you have about yourself and your investing abilities. This practical investment guide explains that conventional financial wisdom is often nothing more than myth, and provides a detailed roadmap for overcoming behavioral bias. Offers an overview of how our brain perceives realities of the financial world at large and how human nature impacts even our most basic financial decisions Explores several different types of behavioral bias, which pulls back the curtain on any illusions you have about yourself and your investing abilities Provides real-world advice, including: Don't compete with institutions, always track your results, and don't trade when you're emotional, tired, or hungry Investing Psychology is a unique book that shows readers how to dig deeper and persistently question everything in the financial world around them, including the incorrect investment decisions that human nature all too often compels us to make.

Advances In Investment Analysis And Portfolio Management

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Author : Cheng-Few Lee
language : zh-CN
Publisher: Center for PBBEFR & Airiti Press
Release Date : 2008-03-01

Advances In Investment Analysis And Portfolio Management written by Cheng-Few Lee and has been published by Center for PBBEFR & Airiti Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-03-01 with Business & Economics categories.

Advances in Investment Analysis and Portfolio Management (New Series) is an annual publication designed to disseminate developments in the area of investment analysis and portfolio management. The publication is a forum for statistical and quantitative analyses of issues in security analysis, portfolio management, options, futures, and other related issues. The objective is to promote interaction between academic research in finance, economics, and accounting and applied research in the financial community. The chapters in this volume cover a wider range of topics including equity markets, risk return trade-off analysis and portfolio management, and IPOs. In this volume there are 10 chapters, four of them analyze the issues of equity markets: 1. Revisiting U.S. Stock Market Returns: Individual Retirement Accounts; 2. Asset Returns and Monetary Policy in the Emerging Taiwan Financial Markets; 3. On the Intradaily Relationship between Information Revelation and Trade Duration: The Evidence of MSCI Taiwan Stock Index Futures; and 4. Does the Net Flow of Funds Help to Predict the S&P 500 Index? Four of the other six chapters discuss risk return trade-off analysis and portfolio management: 1. An Intertemporal Analysis of Optimal International Asset Allocation; 2. Complexity and the Performance of Investment Portfolios; 3. The Similarity Between Mean-Variance and Mean-Gini: Testing for Equality of Gini Correlations; 4. Estimating Capital Market Parameters: CRSP Versus Yahoo Data. The remaining two papers are related to IPOs: 1. Distinguishing Quality within the IPO Market and 2. Do IPO Firms have Lower Risk? Evidence from IPO Performance in Different States of the World? In sum, this annual publication covers equity markets, IPO, risk return trade-off analysis, and portfolio management. Therefore, the material covered in this publication is not only useful for academicians and but also for practitioners in the area of Finance.

Stocks For The Long Run

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Author : Jeremy J. Siegel
language : en
Publisher: McGraw Hill Professional
Release Date : 2002-07-12

Stocks For The Long Run written by Jeremy J. Siegel 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 2002-07-12 with Business & Economics categories.

"One of the ten best investing books of all time."--The Washington Post One of investing's most celebrated icons updates his classic work to reflect today's world and markets In this long-awaited and eagerly anticipated update, Jeremy iegel provides his legendary perspective and guidance to an investment world turned upside down. Stocks for the Long Run combines a compelling and timely portrait of today's turbulent stock market with the strategies, tools, and techniques investors need to maintain their focus and achieve meaningful stock returns over time. This completely updated edition includes entirely new data, charts, and figures as it provides answers on the five major issues concerning investors and professionals today: How will events related to September 11 tragedy affect long-term market returns? What behavioral roadblocks stand in the way of achieving financial success? Are "countries" still relevant for global investing? Will stock "indexing" match its past performance? Can tomorrow's stock market deliver the same returns as markets in the past? Praise for previous editions of Stocks for the Long Run: "Should command a central place on the desk of any 'amateur' investor or beginning professional."--Barron's "A simply great book."--Forbes

The Geography Of Finance

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Author : Gordon L. Clark
language : en
Publisher: OUP Oxford
Release Date : 2007-05-03

The Geography Of Finance written by Gordon L. Clark and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-05-03 with Business & Economics categories.

The Geography of Finance tackles crucial issues regarding the emerging global market for corporate governance. The authors describe and explain the transformation of European corporate governance in the light of the imperatives driving global financial markets, using an innovative analytical framework. The authors chart the response of corporate managers to the interest of global portfolio managers in transparent and accountable modes of corporate governance. In doing so, the authors provide an innovative perspective on a rapidly changing environment; and a challenge to those who ignore the gathering momentum of global financial markets.

Grow

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Author : Jim Stengel
language : en
Publisher: Random House
Release Date : 2012-01-12

Grow written by Jim Stengel and has been published by Random House this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-12 with Business & Economics categories.

Great businesses naturally have many things in common: superbly designed products and services, knockout customer experiences, sustained excellence at execution, outstanding talent and teamwork, and great leadership. But there's also something else, an X factor that keeps renewing and strengthening great businesses through good times and bad. Based on almost ten years of empirical research involving 50,000 companies, Jim Stengel, former director of marketing at Procter & Gamble, shows how the world's 50 best businesses - as diverse as Apple, Red Bull, Pampers and Petrobras - have a cause and effect relationship between financial performance and their ability to connect with fundamental human emotions, hopes, values and greater purposes. In this, the next big idea book, Stengel deftly blends timeless truths about human behaviour and values into an action framework, to show us how by embracing what he describes as 'brand ideals', the world's best businesses can achieve incredible growth and drastically improve their performance.