Studies and Research Papers For Value Investors

Studies and research papers resource pages

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Michael Mauboussin: Studies and research papers

The Real Role of Dividends in Building Wealth: Michael Mauboussin argues that for dividends to be included as a source in accumulating capital, the investor must reinvest dividends.
Blaming the Rat: Mauboussin talks about the relationship between incentives and behaviour.literature shows that the relationship between incentives and behaviour is more complex that what these scientists originally thought — helpful for investors who are on the lookout for driven leaders who have good capital allocation skills
Untangling Skill and Luck: Michael Mauboussin provides framework on how to differentiate between skill and luck. One of the most difficult things a fund investor has to do.
It’s all about Managing for Value: Mauboussin discusses that the primary goal of a corporation is to maximize its long-term shareholder value.
A Surge in the Urge to Merge: Michael Mauboussin writes that companies making acquisitions in the early part of the cycle deliver the best returns
See For Yourself: Michael Mauboussin stresses the importance to carefully sort through the source of data and verifying the accuracy of claims.The investing world is no different with many misleading beliefs floating around.
Show Me the Money: Michael Mauboussin points out the shortcomings of earnings as a tool for assessing a company’s economic reality.
Death, Taxes, and Reversion to the Mean: Mauboussin writes that investors should be aware of the models that analyst use to predict future performance, notably returns on invested capital. Analysts should incorporate the concept of mean reversion in their model, tempering the optimism inherent in their forecasts.
Turtles in Omaha: Mauboussin argues that the qualities that make investors great are mainly emotional and psychological. The story of the Turtle Traders of Richard Dennis and Bill Eckhardt.
The Importance of Diverse Thinking: Michael Mauboussin refers to the concept of Charlie Munger’s use of different mental models to approach investing. The logic of multidisciplinary approach to investing provides investors new tools to solve complex problems.

Long Term Investing in a Short Term World

Common Errors in DCF Models

Size Matters: Michael Mauboussin emphasizes the importance of position sizing in investing.
Clear Thinking about Share Repurchase: Michael Mauboussin comments on the idea that share buyback are better than dividends. Not all buybacks are created equal.Share Repurchase from All Angles

Kenneth French: Studies and research papers

Full list of papers: French, Kenneth R.’s Scholarly Papers

Fama/French Forum: Ideas and observations from Fama and French

Eugene Fama: Studies and research papers

Foundations of Finance

Theory of Finance

James Montier: Studies and research papers

Some of James Montier’s recent investment insights:

James Montier On The World’s Dumbest Idea
What Goes Up Must Come Down! – LWM
No Silver Bullets in Investing – FT Alphaville
James Montier Applies Behavioral Finance to Value Investing
GMO White Paper: A CAPE Crusader ? A Defence Against The Dark Arts By James Montier
2009 Only White Swans on the Road to Revulsion
2009 Six Impossible Things Before Breakfast, or how EMH has damaged our industry
2009 EMH, AMH: Edwards and Montier ride again
2009 forever blowing bubbles: moral hazard and melt-up
2009 Insight: Efficient markets theory is dead.
In June 2009 James Montier’s published this list of his Favorite Investment Books as well as a Summer reading list of more recent titles.
2009 Sucker’s rally or the birth of a bull?
2009 Clear and present danger: the trinity of risk
Review of James Montier’s book – Behavioral Investing: A Practitioner’s Guide to Applying Behavioral Finance.
2008 The psychology of bear markets — James Montier writes about that the mental barriers to effective decision-making in bear markets.
2008 Montier Has ‘Never Been More Bullish’ on Stocks
2008 An admission of ignorance: a humble approach to investing
2008 summarises an article Analysts are rubbish
2008 The dangers of DCF
2008 You are still wasting your time, or, are analysts just overpaid secretaries?
2008 The Road To Revulsion
2008 Inflation Not The Problem
2008 Joining The Dark Side: Pirates, Spies and Short Sellers.
2008 Asleep at the wheel, or, How I learned to stop worrying and love the bomb
2008 Remember, Cassandra was right!
2008 James made the last post on his blog called Behavioural Investing – The application of psychology to finance
2008 The Dash To Trash And The Grab For Growth
2002 Part man, part monkey

Aswath Damodaran: Studies and research papers

Musings on Markets — Aswath Damodaran’s blog
Paper on valuing Tesla (with Brad Cornell) won readers’ award (Bernstein-Levy) in Journal of Portfolio Management.
Value Investing: Investing for Grown Ups?
The Value of Synergy by Aswath Damodaran
Estimating Risk Parameters Aswath Damodaran
Growth Investing: Betting on the Future?
Risk Management: A Corporate Governance Manual
Into the Abyss: What If Nothing is Risk Free?
Equity Risk Premiums (ERP): Determinants
The Value of Synergy by Aswath Damodaran
Valuing Declining and Distressed Companies
Leases, Debt and Value by Aswath Damodaran
Aswath Damodaran: The Most Reliable Investment Valuations
Country Default Spreads and Risk Premiums

The Ben Graham Centre for Value Investing: Studies and research papers

1) Published papers

Athanassakos, G., 2013, “Stock Picking”, (Editorial) Journal of Business & Financial Affairs, Vol. 2, No.2, pp. 1-2.
Athanassakos, G., 2013, “Are Negative P/E and P/B ratio Firms Different?”, Journal of Business & Financial Affairs, Vol. 2, No. 1, pp. 1-4.
Athanassakos, G., 2013, “Separating Winners from Losers Among Value and Growth Stocks in Canada: Another Step in the Value Investing Process”, Journal of Applied Research in Accounting and Finance (JARAF), Vol. 8, No. 1, (June), pp. 17-40.
Athanassakos, G., 2012, “Value Investing Vs. Modern Portfolio Theory”, (Editorial)Journal of Business & Financial Affairs, Vol. 1, No. 2, pp. 1-2.
Athanassakos, G., 2011, “The Performance, Pervasiveness and Determinants of Value Premium in Different US Exchanges: 1985-2006”, Journal of Investment Management,Vol. 9, No. 3, Third Quarter, pp. 33-73.
Athanassakos, G., 2011, “Do Value Investors Add Value?”, Journal of Investing, Vol. 20, No. 2, Summer 2011, pp.86-100.
Athanassakos, G., 2010, “Seasonality in Value vs. Growth Stock Returns and the Value Premium”, Journal of Financial and Economic Practice, Vol. 10, No. 2, pp. 71-94.
Athanassakos, G., 2009, “Value vs. Growth Stock Returns and the Value Premium: The Canadian Experience 1985-2005”, Canadian Journal of Administrative Sciences, Vol. 26, No. 2, March, pp. 109-121.
Athanassakos, G., 2008, “Seasonal Patterns in Canadian Financial Markets and the Impact of Professional Portfolio Rebalancing: Evidence of Profitable Opportunities”,Journal of Financial and Economic Practice, Vol. 9, No. 1, Fall, pp.73-96.
Athanassakos, G., 2007, “Valuing Internet Ventures”, Journal of Business Valuation and Economic Loss Analysis, Vol. 2, No. 1, Article 2.
Athanassakos, G., 2002, “The Scrutinized-firm Effect, Portfolio Rebalancing, Stock Return Seasonality, and the Pervasiveness of the January Effect in Canada”,Multinational Finance Journal, Vol. 6, No. 1, pp. 1-27.
Athanassakos, G., 1992, “Portfolio rebalancing and the January effect in Canada”,Financial Analysts Journal, Vol. 48, No. 6, November/December, pp. 67-78.
Athanassakos, G., and L. F. Ackert, 1998, “The Seasonal Impact of Institutional Investors [The January Effect]”, Canadian Investment Review, Vol. 11, No. 3, Fall, pp. 28-31.
Athanassakos, G., and J. A. Schnabel, 1994, “Professional Portfolio Managers and the January Effect: Theory and Evidence”, Review of Financial Economics, Vol. 4, No. 1, Fall,pp. 79-91.
Ackert, L.F., and G. Athanassakos, 2005, “The Relationship Between Short Interest and Stock Returns in the Canadian Market”, Journal of Banking and Finance, Vol. 29, Issue 7 (July), pp. 1729-1749.
Ackert, L.F., and G. Athanassakos, 2003, “A Simultaneous Equations Analysis of Analysts’ Forecast Bias, Analyst Following, and Institutional Ownership”, Journal of Business Finance and Accounting, Vol. 30, No. 7-8, September, pp. 1017-1042.
Ackert, L.F., and G. Athanassakos, 2001, “Visibility, Institutional Preferences and Agency Considerations”, Journal of Psychology and Financial Markets, Vol. 2, No. 4, pp. 201-209.
Ackert, L.F., and G. Athanassakos, 2000, “Institutional Investors, Analyst Following, and the January Anomaly”, Journal of Business Finance and Accounting, Vol. 27, No. 3&4,May, pp. 469-485.
Ackert, L.F., and G. Athanassakos, 1997, “Prior Uncertainty, Analyst Bias, and Subsequent Abnormal Returns”, Journal of Financial Research, Vol. 20, No. 2, Summer,pp. 263 – 273.
Alles, L., and G. Athanassakos, 2006, “The Effect of Investment Horizons on Risk, Return and End of Period Wealth for Major Asset Classes in Canada”, Canadian Journal of Administrative Sciences, Vol. 23, No. 2, June, pp. 138-152.
Anderson, K., and C. Brooks, 2006, “The Long-Term Price-Earnings Ratio”, Journal of Business Finance & Accounting, Vol. 33, No. 7-8, September/October, pp. 1063-1086.
Arnott, R., J. Hsu, and P. Moore, 2005, “Fundamental Indexation”, Financial Analysts Journal, Vol. 61, No. 2, March/April, pp. 83-99.
Bauman, W. S., C. M. Conover, and R. E. Miller, 1999, “Investor Overreaction in International Stock Markets”, The Journal of Portfolio Management, Vol. 25, No. 4, Summer, pp. 102-110.
Bauman, W. S., and R. E. Miller, 1997, “Investor Expectations and the Performance of Value Stocks Versus Growth Stocks”, The Journal of Portfolio Management, Vol. 23, No. 3, Spring, pp. 57-68.
Bauman, W. S., and R. J. Dowen, 1994, “Security Analyst Forecasts and the Earnings Yield Anomaly”, Journal of Business Finance and Accounting, Vol. 21, No. 2, March, pp. 283-291.
Bauman, W. S., and R. J. Dowen, 1986, “A Fundamental Multi-Factor Asset Pricing Model”Financial Analysts Journal, Vol. 42, No. 4, July/August, pp. 45-51.
Bauman, W. S. and R. J. Dowen, 1986, “The Relative Importance of Size, P/E, Neglect”,The Journal of Portfolio Management, Vol. 12, No. 3, Spring, pp. 30-34.
Bauman, W. S., and R. J. Dowen, 1984, “A Test of the Relative Importance of Popularity and Price-Earnings Ratio in Determing Abnormal Returns”, Journal of The Midwest Finance Association, Vol. 13, pp. 34-47.
Brandes Institute, The. Collection of research papers.
Conover, M. C., J. C. Banko, and G. R. Jensen, 2006, “The Relationship between the Value Effect and Industry Affiliation”, Journal of Business, forthcoming, Vol. 79, No. 5.September.
Conover, M. C., W. S. Bauman, and D. R. Cox, 2002, “Are the Best Small Companies the Best Investments?”, Journal of Financial Research, Vol. 25, No. 2, Summer, pp. 169–186.
Conover, M. C., W. S. Bauman, and R. E. Miller, 2001, “The Performance of Growth Stocks and Value Stocks in the Pacific Basin”, Review of Pacific Basin Financial Markets and Policies, Vol. 4, No. 2, June, pp. 95-108.
Conover, M. C., W. S. Bauman, and R. E. Miller, 1998, “Growth versus Value and Large-Cap versus Small-Cap Stocks in International Markets”, Financial Analysts Journal,Vol.52, No. 2, March-April, pp. 75-89.
de Zwart, G., J. van der Hart, and D. van Dijk, 2005, “The Success of Stock Selection Strategies in Emerging Markets: Is it Risk or Behavioral Bias?”, Emerging Markets Review, Vol. 6, No. 3, September, pp. 238-262.
de Zwart, G., and D. van Dijk, 2008, “The Inefficient Use of Macroeconomic Information in Analysts’ Earnings Forecasts in Emerging Markets”, ERIM Report Series Reference No. ERS-2008-007, March 2008.
Doukas, J. – Click here to view published papers
Fama, E. – Click here to view published papers
French, K., and E. F. Fama, 2007, “Disagreement, Tastes, and Asset Pricing”, Journal of Financial Economics, Vol. 83, pp. 667-689.
French, K., and E. F. Fama, 2006, “The Value Premium and the CAPM”, Journal of Finance, Vol. 61, pp. 2137-2162.
French, K., and E. F. Fama, 1998, “Value versus Growth: The International Evidence”,Journal of Finance, Vol 53, No 6, December 1998.
French, K., and E. F. Fama, 1995, “Size and Book-to-Market Factors in Earnings and Returns”, Journal of Finance, Vol 50, No 1, March 1995.
French, K., and E. F. Fama, 1993, “Common Risk Factors in the Returns on Stocks and Bonds”, Journal of Financial Economics, Vol. 34, Issue 1, pp. 3-56.
French, K., and E. F. Fama, 1992, “The Cross-Section of Expected Stock Returns”,Journal of Finance, Vol. 47, Issue 2, pp. 427-65.
Griffin, J., and M. Lemmon, “Does Book-to-Market Equity Proxy for Distress Risk?”, 2002, Journal of Finance Vol. 57, pp. 2317-2336.
Griffin, J., 2002, “Are the Fama and French Factors Global or Country-Specific?” Review of Financial Studies Vol. 15, 783-803.
Guo, H. – Click here to view published papers
Hirshleifer, D., and K. Daniel, Subrahmanyam, A., 1998, “Investor Psychology and Security Market Under- and Over- Reactions”, Journal of Finance, lead article, December, pp. 1839-85.
Hirshleifer, D., and K. Daniel, Subrahmanyam, A., 2001, “Overconfidence, Arbitrage, and Equilibrium Asset Pricing”, Journal of Finance, Vol. 56, No. 3, June, pp. 73-84.
Hirshleifer, D., 2001, “Investor Psychology and Asset Pricing” Journal of Finance, Vol. 56, No. 4, August, pp. 1533-1598.
Hirshleifer, D., and S. H. Teoh, 2003, “Limited Attention, Information Disclosure, and Financial Reporting”, Journal of Accounting and Economics, Vol. 36, No. 1-3, December,pp. 337-386.
Hirshleifer, D., K. Hou, S. H. Teoh, and Y. Zhang, 2004, “Do Investors Overvalue Firms with Bloated Balance Sheets?”, Journal of Accounting and Economics, Vol. 38, No. 1-3, December, pp. 297-331.
Ho, K. – Click here to view published papers
Holthausen, R. W. and M. E. Zmijewski, 2012, “Valuation with Market Multiples: How to Avoid Pitfalls When Identifying and Using Comparable Companies”, Journal of Applied Corporate Finance, Vol. 24, No. 3, pp. 26-38.
Houge, T. – Click here to view published papers
Ivkovi?, Z., C. Sialm, S. Weisbenner 2008, “Portfolio Concentration and the Performance of Individual Investors”, Journal of Financial and Quantitative Analysis, Vol. 43, pp. 613-655.
Kacperczyk, M., and A. Seru, 2007, “Fund Manager Use of Public Information: New Evidence on Managerial Skills”, Journal of Finance, Vol. 62, pp. 485-528.
Kacperczyk, M., C. Sialm, and L. Zheng, 2005, “On the Industry Concentration of Actively Managed Equity Mutual Funds”, Journal of Finance, Vol. 60, pp. 1983-2012.
Knewtson, H. S., R. W. Sias, and D. A. Whidbee., 2010, “Style Timing with Insiders”,Financial Analysts Journal, Vol. 66, No. 4., July/August.
Pantzalis, C. – Click here to view published papers
La Porta, R., 2002, “Expectations and the Cross-Section of Stock Returns”, Journal of Finance, December 1996. Reprinted in Harold M. Shefrin ed. Behavioral Finance, Blackwell Publishers Ltd., Northampton, Massachusetts.
La Porta, R., J. Lakonishok, A. Shleifer, and R. Vishny, 1997, “Good News for Value Stocks: Further Evidence on Market Efficiency”, Journal of Finance, Vol. 52, No. 2, June, pp. 859-874.
Li, F., R. Arnott, and K. Sherrerd, 2009, “Clairvoyant Value and the Value Effect”, The Journal of Portfolio Management, Vol. 35, No. 3, Spring, pp. 12-26.
Molodovsky, N. and J. Thomas, 1995, “A Theory of Price-Earnings Ratios”, Financial Analysts Journal, Vol. 51, No. 1, Jan-Feb, pp 29-43.
Mohanram, P., 2005, “Separating Winners from Losers among Low Book-to-Market Stocks using Financial Statement Analysis”, Review of Accounting Studies, Vol. 10, No.2-3, pp 133-170.
Novy-Marx, R. and T. M. Arnold, 2013, “The Other Side of Value: The Gross Profitability Premium”, CFA Digest, Vol. 43, No. 2, May, pp 105-107.
Phalippou, L. – Click here to view published papers
Piotroski , J. D. and E. C. So, 2013, “Identifying Expectation Errors in Value/Glamour Strategies: A Fundamental Analysis Approach”, Review of Financial Studies, Vol. 25, No. 9, May, pp. 2841-2875.
Piotroski , J. D., 2000, “Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers”, Journal of Accounting Research, Vol. 38, Supplement: Studies on Accounting Information and the Economics of the Firm, pp. 1-41.
Richardson, S. – Click here to view published papers
Schill, M., M. Cooper and H. Gulen, 2010, “The asset growth effect in stock returns”,Journal of Investment Management, Vol. 8, No. 3, pp. 65-79.
Shleifer, A. – Click here to view published papers
Subrahmanyam, A., 2007, “Behavioural Finance: A Review and Synthesis”, European Financial Management, Vol. 14, No. 1., pp. 12-29.
Viceira, L. – Click here to view published papers
Vincent, S. 2001 “Is Portfolio Theory Harming Your Portfolio?” JARAF, Vol. 6, No. 1, pp. 2-13.
Yang, J., H. Guo, R. Savickas, and Z. Wang, 2005, “Is Value Premium a Proxy for Time-Varying Investment Opportunities: Some Time Series Evidence”, Journal of Financial and Quantitative Analysis, Forthcoming.
Zhang, L., and R. Pertkova, 2005, “Is Value Riskier Than Growth?”, Journal of Financial Economics, Vol. 78, No. 1, pp. 187-202.
Zhang, L., 2005, “The Value Premium”, Journal of Finance Vol. 60, No. 1, pp. 67-103.
Zhang, L., J. F. Gomes, and L. Kogan, 2003, “Equilibrium Cross-Section of Returns”,Journal of Political Economy, Vol. 111, No. 4, August, pp. 693-732.

Studies and Research Papers

2) Working papers

Arnold, G., 2007, “Return Reversal in UK Shares”, January.
Arnold, G., 2007, “Financial Statement Analysis and Return Reversal”.
Arnold, G., 2007, “Testing Benjamin Graham’s Net Current Asset Value Strategy in London”, January.
Athanassakos, G., 2014, “Are negative P/E ratio firms different than positive P/E firms? The case of interlisted vs. non-interlisted firms in Canada”, April.
Athanassakos, G., 2013, Separating winners from losers among value and growth stocks in different US exchanges: 1969-2011, December.
Bhattacharya, U., and N. E. Galpin, 2005, “Is Stock Picking Declining Around the World?”, November.
Billett, M., Z. Jiang, and L. Rego, 2010, “Does Customer Sentiment Contribute to Investor Sentiment: Glamour Brands and Glamour Stocks?”, May.
Blazenko, G., 2009, “Value Versus Growth in Dynamic Equity Investing”, December.
Boyle, P., L. Garlappi, R. Uppal, and T. Wang, 2009, “Keynes Meets Markowitz: The Tradeoff between Familiarity and Diversification”, February.
Cohen, R., C. Polk, and B. Silli, 2010, “Best Ideas”, May.
Daniel, K. and T. J. Moskowitz, 2013, “Momentum Crashes”, September.
Doukas, J. – Click here to view working papers
Fama, E. – Click here to view working papers
Fong, W. M., 2008, “Investigating the Risk Argument for the Value Premium”, December.
Frazzini, A., D. Kabiller, and L. H. Pedersen, 2012, “Buffett’s Alpha”, May.

French, K., and E. F. Fama, 2007, “Average Returns, B/M, and Share Issues”, April.
French, K., and E. F. Fama, 2007, “Migration”, February.
French, K., and E. F. Fama, 2005, “The Anatomy of Value and Growth Stock Returns”, September.
French, K., and E. F. Fama, 2006, “Dissecting Anomalies”, December.
Gray, W., and A. Kern, 2010, “Do Fund Managers Identify and Share Profitable Ideas?”.
Gray, W., and A. Kern, 2008, “Fundamental Value Investors: Characteristics and Performance”, December.
Hirshleifer, D., and S. H. Teoh, 2005, “Limited Investor Attention and Stock Market Misreactions to Accounting Information”, November.
Hirshleifer, D., S. H. Teoh, and K. Hou, 2005, “Accruals and Aggregate Stock Market Returns”, November.
Hirshleifer, D., S. H. Teoh, and K. Hou, 2006, “Accruals and NOA Anomalies: Risk or Mispricing?”, March.
Hirshleifer, D., S. H. Teoh, and S. S. Lim, 2006, “Driven to Distraction: Extraneous Events and Underreaction to Earnings News”, May.
Ho, K. – Click here to view working papers
Houge, T. – Click here to view working papers
Hsu, J., R. Arnott, J. Liu, and H. Markowitz, 2009, “Can Noise Create the Size and Value Efects?”, January.
Huij, J., and W. de Groot, 2011, “Is the Value Premium Really a Compensation for Distress Risk?”.
Linnainmaa, J., R. Ball, J. Gerakos, V. Nikolaev, 2014, “Deflating Profitability”, May.
Mamun, A., N. Visaltanachoti, and B. Jacobsen, 2005, “Seasonal, Size and Value Anomalies”, August.
Novy-Marx, R., 2014, “The Quality Dimension of Value Investing”, May.
Pantzalis, C. – Click here to view working papers
Phalippou, L. – Click here to view working papers
Pontiff, J., R. D. McLean, 2013 “Does Academic Research Destroys Return Predictability?”, May.
Richardson, S. – Click here to view working papers
Shleifer, A. – Click here to view working papers
Siegel, S. and F. Yu. 2013, “Value vs. Growth Investing – Why do Different Investors Have Different Styles?”, December.
Viceira, L. – Click here to view working papers
Walkshäusl, C., 2009, “Fundamental Indexing Around the World”
Wong, W-K., 2009, “Financial Astrology: Mapping the Presidential Election Cycle in US Stock Markets”, January.
Xi, L., and Sullivan, R., 2010, “The Limits to Arbitrage Revisited: The Accrual and Asset Growth Anomalies.”, December.
Xi, L., and Sullivan, R., 2010, “Why Low-Volatility Stocks Outperform: Market Evidence on Systematic Risk versus Mispricing”, December.
Yan, Z., 2009, “When Two Anomalies Meet: Post-Earnings-Announcement Drift and Value-Glamour Anomaly”, September.
Yang, J., and X. Su, 2006, “Are Value and Growth More Predictable than the Market?”, March.
Zhang, L., L. Chen, and R. Petkova, 2006, “The Expected Value Premium”, presented at AFA, last updated in September 2006 [revision of NBER working paper #12183, Ross School of Business working paper #1049], September.
Zhang, L., and N. Liu, 2006, “Is the Value Spread a Useful Predictor of Returns?”, presented at WFA, last updated in September 2006 [revision of NBER working paper #11326, Ross School of Business working paper #1051], September.
Zhang, L., H. Gulen, and Y. Xing, 2004, “Value versus Growth: Movements in Economic Fundamentals”, presented at AFA, August.
Zhang, L. – Click here for more information on Lu Zhang’s research

Studies and Research Papers

3) Practitioner research

Athanassakos, G., “Pessimism over economic growth has the smart money buying bonds”, The Globe and Mail (Report on Business), July 22, 2014, p. B10. The article also appeared in Globe Investor Magazine Online under the title “Follow the smart money into bonds, not stocks”.
Athanassakos, G., “Is the bull market over? Signs aren’t good”, The Globe and Mail (Report on Business), July 2, 2014, p. B9. The article also appeared in Globe Investor Magazine Online under the title “Is the bull market over? Signs are not encouraging”.
Athanassakos, G., “A nine-point checklist for value investors”, Globe Investor Magazine Online , May 29, 2014.
Athanassakos, G., “Why Public Support Won’t Save the Auto Industry”, The Canadian Investment Review, April 9, 2014.
Athanassakos, G., “Value investing: Why aren’t there more like Warren Buffett and Prem Watsa?”, The Globe and Mail (Report on Business), April 8, 2014, p. B13. The article also appeared in Globe Investor Magazine Online under the title “Value investing works. Why isn’t it more popular?”. It was also published by India Infoline and Banking Frontiers.
Athanassakos, G., “How Overvalued Are Equity Markets”, The Canadian Investment Review, March 25, 2014.
Athanassakos, G., “Stop Stressing About Stock Options”, The Canadian Investment Review, February 19, 2014.
Athanassakos, G., “Has globalization turned against us?”, Globe Investor Magazine Online , February 18, 2014.
Athanassakos, G., “The Worst Investment Ever”, The Canadian Investment Review, January 22, 2014.
Athanassakos, G., “How to Choose Undervalued Stocks”, The Canadian Investment Review, January 7, 2014.
Athanassakos, G., “How to play the stock market’s January Effect”, The Globe and Mail (Report on Business), December 31, 2013, p. B8. The article also appeared in Globe Investor Magazine Online under the same title.
Athanassakos, G., “The case for the much-maligned stock picker”, The Globe and Mail (Report on Business), November 29, 2013, p. B12. The article also appeared in Globe Investor Magazine Online under the same title.
Athanassakos, G., “Do Good Companies Make Good Investments?”, The Canadian Investment Review, November 25, 2013.
Athanassakos, G., “What happens when easy money ends?”, The Globe and Mail (Report on Business), October 14, 2013, p. B11. The article also appeared in Globe Investor Magazine Online under the same title.
Athanassakos, G., “The human psychology behind value investing”, FTAdviser.com, August 12, 2013.
Athanassakos, G., “Forward vs. trailing P/E ratios: Which metric has better predictive power when it comes to stock returns”, The Canadian Investment Review, July 31, 2013.
Athanassakos, G., “Why contrarians may want to bet on real return bonds”, The Globeand Mail (Report on Business), June 20, 2013, p. B14. The article also appeared in Globe Investor Magazine Online under the same title.
Athanassakos, G., “Which U.S. Stocks Will Outperform?”, The Canadian Investment Review, June 12, 2013.
Athanassakos, G., “Does the Market Reward Negative P/E Firms?”, The Canadian Investment Review, May 2, 2013.
Athanassakos, G., “Is Ontario the New Greece? A warning to Canadians who think it can’t happen here”, The Canadian Investment Review, April 18, 2013.
Athanassakos, G., “Relax, this stock market boom is not a bubble – unless rates rise”,The Globe and Mail (Report on Business), March 29, 2013, p. B9. The article also appeared in Globe Investor Magazine Online under the same title.
Athanassakos, G., “Buffetted: Why the world’s greatest investor changed his strategy”,The Globe and Mail (Report on Business), March 5, 2013, p. B17. The article also appeared in Globe Investor Magazine Online under the same title.
Athanassakos, G., “U.S. Value Stocks: Separating Winners From Losers”, The Canadian Investment Review, February 21, 2013.
Athanassakos, G., “A Matter of Character”, The Canadian Investment Review, February 7, 2013.
Athanassakos, G., “The five traits of highly successful value investors”, The Globe and Mail (Report on Business), January 29, 2013, p. B13. The article also appeared in Globe Investor Magazine Online under the same title.
Athanassakos, G., “How value helps you avoid the herd: A 101 guide to Ben Graham’s approach”, The Canadian Investment Review, January 10, 2013.
Athanassakos, G., “Why housing prices aren’t coming back”, The Globe and Mail (Report on Business), January 4, 2013, p. B8. The article also appeared in Globe Investor Magazine Online under the same title.
Athanassakos, G., “How Baby Boomers Ruined the World”, The Canadian Investment Review, December 24, 2012.
Athanassakos, G., “How is the U.S. economy doing? Even the Fed doesn’t know for sure”, The Globe and Mail (Report on Business), August 17, 2012, p. B12. The article also appeared in Globe Investor Magazine Online under the title “Why the Fed should be skeptical of GDP data”.
Athanassakos, G., “Why stocks wilt in the summer heat”, The Globe and Mail (Report on Business), July 31, 2012, p. B10. The article also appeared in Globe Investor Magazine Online under the same title.
Athanassakos, G., “Beware the value trap: Oil stocks are not the bargain they appear”,The Globe and Mail (Report on Business), July 18, 2012, p. B11. The article also appeared in Globe Investor Magazine Online under the title “Beware the value trap: Oil stocks are not as cheap as they look”.
Athanassakos, G., “When cheap isn’t good enough”, The Globe and Mail (Report on Business), June 8, 2012, p. B10. The article also appeared in Globe Investor Magazine Online under the title “Value stocks: When cheap isn’t good enough”.
Athanassakos, G., “Yardstick says it’s time to sell, but it may not measure up”, TheGlobe and Mail (Report on Business), May 22, 2012, p. B11. The article also appeared in Globe Investor Magazine Online under the title “Yardstick says ‘sell,’ but it may not measure up”.
Athanassakos, G., “Canada’s housing bubble: This time is not different”, The Globe and Mail (Globe Investor Magazine Online), February 23, 2012.
Athanassakos, G., “Can Canada go the way of Greece?”, The Globe and Mail (Globe Investor Magazine Online), December 1, 2011.
Athanassakos, G., “The Quick Way to Identify Value”, The Canadian Investment Review, November 16, 2011.
Athanassakos, G., “How to keep a lid on public debt”, The Globe and Mail (Globe Investor Magazine Online), October 28, 2011.
Athanassakos, G., “Germany wants to have it both ways”, The Globe and Mail (Report on Business), September 19, 2011, p. B10. The article also appeared in Globe Investor Magazine Online under the title “Germany wants to have it both ways on euro bonds”.
Athanassakos, G., “The contrarian case for active investing”, The Globe and Mail (Report on Business), August 30, 2011, p. B15. The article also appeared in Globe Investor Magazine Online under the same title.
Athanassakos, G., “Why we’re on a fast track to the 1970s”, The Globe and Mail (Report on Business), July 21, 2011, p. B11. The article also appeared in Globe Investor Magazine Online under the same title.
Athanassakos, G., “The cure for Greece? Bankruptcy and the drachma”, The Globe and Mail (Report on Business), June 8, 2011, p. B15. The article also appeared in Globe Investor Magazine Online under the same title.
Athanassakos, G., “Gold, producers’ stocks march to different drummers”, The Globe and Mail (Report on Business), May 7, 2011, p. B11. The article also appeared in Globe Investor Magazine Online under the same title.
Athanassakos, G., “Why Canada’s housing market is destined to slump”, The Globe and Mail (Report on Business), April 11, 2011, p. B8. The article also appeared in Globe Investor Magazine Online under the title “Signs point to a severe housing correction in Canada”.
Athanassakos, G., “Investors should beware the inflation mirage”, The Globe and Mail (Report on Business), March 30, 2011, p. B13. The article also appeared in Globe Investor Magazine Online under the same title.
Athanassakos, G., “The rising risk of an emerging market bubble”, The Globe and Mail (Report on Business), January 25, 2011, p. B18. The article also appeared in Globe Investor Magazine Online under the same title.
Athanassakos, G., “This stimulus plan dances to an old tune”, The Globe and Mail (Report on Business), December 21, 2010, p. B14. The article also appeared in Globe Investor Magazine Online under the title “We’ve seen quantitative easing before – and it didn’t work”.
Athanassakos, G., “The ingenious U.S. currency ploy”, The Globe and Mail (Globe Investor Magazine Online), November 9, 2010.
Athanassakos, G., “Gold Bugs are right to fear inflation”, The Globe and Mail (Report on Business), October 13, 2010, p. B17.
Athanassakos, G., “Rating emerging markets and higher risk stocks”, The Globe and Mail (Report on Business), August 12, 2010, p. B10.
Athanassakos, G., “The tyranny of the capital markets”, The Globe and Mail (Report on Business), July 19, 2010, p. B8.
Athanassakos, G., “When growth beats value, it’s time to get out of the market”, The Globe and Mail (Report on Business), April 29, 2010, p. B18.
Athanassakos, G., “Stock picking becomes an essential art”, The Globe and Mail (Report on Business), March 12, 2010, p. B13. An excerpt from this article appeared in the Canada-UK Chamber newsletter, May-June 2010 edition edition, p. 6.
Athanassakos, G., “After bonds’ extended run, long-term outlook less rosy”, The Globe and Mail (Report on Business), February 10, 2010, p. B20.
Athanassakos, G., “Sooner or later, our economy will have to ‘reset’”, The Globe and Mail (Report on Business), January 13, 2010, p. B12.
Athanassakos, G., “If we skirt a double-dip, it could be a very happy new year for stock returns”, The Globe and Mail (Report on Business), December 14, 2009, p. B13.
Athanassakos, G., and J. Potvin, “Commodities as a global currency”, The Globe and Mail (Report on Business), November 3, 2009, p. B11.
Athanassakos, G., “Passive investment or active growth management? Value beats them both”, The Globe and Mail (Report on Business), September 22, 2009, p. B11. The article also appeared in Globe Investor Magazine Online under the title “Another reason why value investing beats all other strategies”.
Athanassakos, G., “Why ‘Sell in May’ principle just won’t go away”, The Globe and Mail (Report on Business), August 17, 2009, p. B7.
Athanassakos, G., “Value Investing reveals the risk behind diversification”, The Globe and Mail (Report on Business), May 22, 2009, p. B11. The article also appeared in Globe Investor Magazine Online under the title “The best way to handle risk is to be a value investor”.
Athanassakos, G., “It is the risk takers who will benefit from the turmoil“, The Globe and Mail (Report on Business), February 25, 2009, p. B13.
Athanassakos, G., “If history is your guide, stocks are best bet for retirement strategy“,The Globe and Mail (Report on Business), December 17, 2008, p. B13.
Athanassakos, G., “Confusion reigns with deflation-inflation conundrum” , The Globe and Mail (Report on Business), November 6, 2008, p. B11. The article also appeared in Globe Investor Magazine Online under the title “Deflation versus inflation: The battle is raging” on November 5, 2008.
Athanassakos, G., “This Time, Panic won’t Lead to a Depression”, The Globe and Mail(Report on Business), October 21, 2008, p. B18. The article also appeared in Globe Investor Magazine Online under the title “The Panic of 2008” on October 20, 2008.
Athanassakos, G., “Risk-Free Investing Bears Dangerous Consequences”, The Globe and Mail (Report on Business), May 28, 2008, p. B13. The article also appeared in Globe Investor Magazine Online under the title “Risk is no longer what it once was” on May 26, 2008.
Athanassakos, G., “Bond investor alert: Inflation beast lurks in the shadows”, The Globe and Mail (Report on Business), February 29, 2008, p. B10.
Athanassakos, G., “Value Versus Growth” (abridged version), The Globe and Mail (Report on Business), January 31, 2008, p. B15. The full version of this article appeared in Globe Investor Magazine Online under the title “Why value investors have the better returns” on January 30, 2008.
Athanassakos, G., “Bad News – the Recession is Already Here”, The Globe and Mail(Report on Business), January 9, 2008, p. B12.
Athanassakos, G., and D. Parkinson, “The possible turnaround of poor performers”, TheGlobe and Mail (Report on Business), August 28, 2007, p. B11.
Athanassakos, G., “Catch-22: Inflation v. growth”, The National Post (Financial Post),August 16, 2007, p. FP13.
Athanassakos, G., “This Cycle is Different? Yeah, right”, The National Post (Financial Post), July 26, 2007, p. FP13.
Athanassakos, G., and S. Adams, “Finding cheap stocks before Bay Street does”, TheGlobe and Mail (Report on Business), May 17, 2007, p. B21.
Athanassakos, G., “Lampert knows value premium when he sees it – you should too“, The Globe and Mail (Report on Business), Aug. 16, 2006, p. B10.
Athanassakos, G., “Happy New Year”, Canadian Investment Review, Summer 2006, Vol. 19, No. 2, pp. 49-50.
Athanassakos, G., “Seasonality and the Impact on Securities“, The Globe and Mail (Report on Business), June 7, 2006, p. B15.
Athanassakos, G., “The January Effect: Not always, but often“, The Globe and Mail (Report on Business), February 1, 2006, p. B14.
Athanassakos, G., “For BCE Shareholders, Conversion to a Trust is the Logical Step“, The Globe and Mail (Report on Business), December 14, 2005, p. B13.
Bradley, T., “Forget boring: It’s time to be wary“, The Globe and Mail (Report on Business), March 7, 2011, p. B12.
Bradley, T., “Safe investing? Be careful what you wish for“, The Globe and Mail (Report on Business), February 18, 2011, p. B15.
Bradley, T., “Temperament, not technique, is key for managers“, The Globe and Mail (Report on Business), August 22, 2009, p. B7.
Bradley, T., “Focusing too much on the short term can lead to a short career“, The Globe and Mail (Report on Business), February 7, 2009, p. B8.
Bradley, T., “Small investors can also benefit from the Buffett doctrine”, The Globe and Mail (Report on Business), July 7, 2007, p. B8.
Brandes Institute, The – Click here to view papers
Heinzl, J., “Analyst recommend buying? Reach for the sell button”, The Globe and Mail (Report on Business) , April 29, 2008, p. B16.
Mandelman, A., “Post Modern Portfolio Theory: Investing by Math Alone Does not Add up”, Globe and Mail, August 1, 2009, p. B7.
Mandelman, A., “Upstart Quigo breaches mighty Google ‘moat’ — and I missed it,” Globe and Mail, March 1, 2008, p. B8.
Mandelman, A., “Bottom-picker tip: Wait for sings of sellers losing control,” Globe and Mail, May 19, 2007, p. B10.
Mandelman, A., “It’s the age-old dilemma. When to sell? Here’s my take,” Globe and Mail, April 7, 2007, p. B6.
Mandelman, A., “Technology catalyst AMD enters the midst of enemy camp,” Globe and Mail, December 23, 2006, p. B7.
Mandelman, A., “Desperation: The signpost for a keep bargain hunter,” Globe and Mail, December 9, 2006, p. B10.
Mandelman, A., “Pretend stock trading a perfect practice for the real world,” Globe and Mail, December 24, 2005, p. B7.
Mandelman, A., “The biggest and most costly mistake is not admitting to errors,” Globe and Mail, October 29, 2005, p. B17.
Mandelman, A., “Don’t make foolish decisions and you’re already well ahead,” Globe and Mail, October 14, 2005, p. B7.