The Value Effect And Macroeconomic Risk
It has been well-documented that value stocks have provided higher expected returns than growth stocks. However, there is a great … Read more
It has been well-documented that value stocks have provided higher expected returns than growth stocks. However, there is a great … Read more
ETFs have grown fast, yet there are still some opponents of the structure. However, the general story by ETF opponents … Read more
Go Before the Whistle Blows: An Empirical Analysis of Director Turnover and Financial Fraud Yanmin Gao, Jeong-Bon Kim, Desmond Tsang, … Read more
It is that time of year again, the American Finance Association Annual Meeting is underway. The conference is in Philadelphia, starting … Read more
A few weeks ago, we did a deep dive into the factors versus characteristics debate. One of the reasons we’ve … Read more
Robert Clark, Annamaria Lusardi, Olivia Mitchell Economic Inquiry, forthcoming A version of this paper can be found here Want to read our … Read more
Conventional wisdom can be defined as ideas that are so accepted that they go unquestioned. Unfortunately, conventional wisdom is often … Read more
The Long-Run Drivers of Stock Returns: Total Payouts and the Real Economy Philip U. Straehl and Roger G. Ibbotson Financial … Read more
There has been much discussion of the small-cap premium recently. Has its popularity cannibalized its utility? Are large firms preventing … Read more
Trend-following is something I’ve struggled with for years — always felt like voodoo magic and data-mining. That said, I finally … Read more
Cybersecurity is much like boxing, combat, or discussing finances with your spouse: You can train all you want, but you … Read more
The academic research has generally found valuations, such as the earnings yield (E/P) (or the CAPE 10 earnings yield) and … Read more
Do short sellers exploit industry information? Zsuzsa R. Huszár, Ruth S.K. Tan, Weina Zhang Journal of Empirical Finance A version … Read more
Employee stock ownership plans (ESOPs) provide flexible and efficient mechanisms for addressing the succession and estate planning challenges of business … Read more
Do Independent Director Departures Predict Future Bad Events? Rüdiger Fahlenbrach, Angie Low, and René M. Stulz The Review of Financial … Read more