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Special Report on

Industry Excess Return

industry excess return special research report Photo by
Stock prices, especially those with high price-earnings ratios, are usually based on future expectations, which often originate from the recommendations of security analysts. A security analyst (aka sell-side analyst ) is a person who works for a brokerage, bank, or mutual fund, who studies specific companies, usually within a sector, publishes financial reports on those companies, and makes buy-sell-hold recommendations about the companies’ securities. The recommendations consist of 5 categories: The designations overweight , equal weight , and underweight are used in regards to portfolio weightings. Hence, a stock with an ...
Attractiveness in this context refers to the overall industry profitability. An "unattractive" industry is one in which the combination of these five forces acts to drive down overall profitability. A very unattractive industry would be one approaching "pure competition", in which available profits for all firms are driven down to zero. Three of Porter's five forces refer to competition from external sources. The remainder are internal threats. It is useful to use Porter's five forces in conjunction with SWOT analysis ( S trengths, W eaknesses, O pportunities, and T hreats). Porter referred to these ...
BAC to Break $30? | Stock Ideas |
I know some may think I'm some sort of loony tune, or might suspect I make outrageous claims just to attract attention. Quite the contrary: I do serious analytical work, and I take my reputation as an analyst very seriously. Why do I bring this up? In February, when Bank of America ( BAC ) was below $4, I wrote a report  in which I presented a model showing that Bank of America was probably worth at least $30. I was called everything from ignorant to a stooge of the government. On May 8, in an article entitled The Crisis is Over -- For Now , I shared the fact that I'd updated my model and believed that, based ... market research, surveys and trends
Investment research | Front Page - « Updated Gaylord Entertainment ...
Many have labeled me a Permabear, particularly my detractors and those in the media (who are decidedly not detractors but still paint a pessimistic bent on my outlooks, see sidebar below). I am nothing of the such. I am what will be soon be known as a realist, as opposed to being a pessimist or optimist. No, I am no Permabear. My proprietary investment style (see “ The Great Global Macro Experiment, Revisited “) Crain’s New York “His work is so detailed, so accurate, it’s among the best in the world,” says Eric Sprott, CEO of Sprott Asset Management, a Toronto firm that manages about $5 billion and subscribes to Mr. ... market research, surveys and trends


A new look at the impact of U.S. import barriers on corporate ...
billion, or almost half of consumer losses from all U.S. trade barriers. 1 ... cial import barriers covered just 8 percent of all U.S. imports and cost ..... industry's excess return for each event day t. Excess returns are then ... industry trends, business articles and survey research
10.6 percent between 1921 and 1938, more than double the average during the .... decline in exports (L 317 million in 1938 prices) was more than triple that in investment. .... industry's excess return on aggregate employment. ... industry trends, business articles and survey research
The Great Stock Myth
and Edward C. Prescott, economists then at Columbia University and the University of Minnesota, published a paper pointing out a strange anomaly they dubbed “the equity premium puzzle.” Since the late 19th century, stock investments in America had generated returns that were 6 percent higher than what economists call “the risk-free rate—the yield on an investment for which there is virtually no risk of losing your principal. The low-risk investments, such as short-term U.S. government debt, had yielded less than 1 percent.Those “excess” stock-market returns, which include both price ... market trends, news research and surveys resources
SunPower Reports Second-Quarter 2010 Results
Millions except per-share 2nd 1st data) Quarter 2nd Quarter Quarter ---------------------------- ------- ----------- ------- 2010 2009 2010 ---- ---- ---- GAAP revenue $384.2 $299.3 $347.3 ---------------------------- ------ ------ ------ GAAP gross margin 22.9% 13.6% 20.7% ----------------- ... market trends, news research and surveys resources


Industry return predictability: Does it matter out of sample?
account for the out-of-sample industry excess return predictability documented in Section 3.2. Consider principal component forecasts under the assumption ... technology research, surveys study and trend statistics
Coordinated Issue Utility Industry Excess Deferred Taxes and ...
Whether the taxpayer, a regulated public utility, may compute its Federal income tax liability under the provisions of section 1341(a) of the Internal Revenue Code (the Code) after making rate reductions ordered by the appropriate regulatory authority related to ‘excess deferred taxes’ created as a result of the lowering of the Federal statutory tax rate by the Tax Reform Act of 1986. BACKGROUND: "Excess" deferred taxes for investor owned public utilities were created when corporate tax rates were reduced in 1987. Excess deferred taxes are the portion of previously deferred taxes that, as a result of the reduction in ... technology research, surveys study and trend statistics
Momentum Strategies --- In Industry and Academia
At one point, momentum strategies had a very bad reputation in academia, even though they have always been a staple of currency and commodity traders. Certainly the weak form EMH tells us that momentum strategies can't possibly work. Nevertheless, the many of the world's currency and commodity traders spend most of their time doing little else. They consider fundamental arguments and flow-of-funds arguments, but in their heart, they are "the trend is your friend" kinds of people. Academia has been catching up for a while. It turns out that there are plenty of contexts and plenty of times where momentum trades stand up ...
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Which is the better way to return cash to shareholders? Divadends ...
IMHO, it depends on the industry that you are in ... if the company has accumulated cash through normal business operations and the cash flow is predictable, dividends is a better option, as it rewards shareholders in a steady and predictable way. Dividend cuts give a very negative signal, it is better to be conservative in dividend payouts. For other situations, stock buybacks may be better, as the management can control the timing of the buybacks as well as the price. Regards. posted 4 months ago Academic theory (which assumes no frictions) suggests indifference between the two. See Modigliani Miller. But you're right. ...
How do I figure out my tax refund for owning a home? - Yahoo! Answers
My husband and I are considering buying a home for the first time and I've heard about the tax break we'd get, but I'm not sure if there's a way to predict what refund we would get. It would greatly help in making our decision to buy or continue renting. If we're in the 25% tax bracket (combined income is $93,000) and pay 6.5% interest on a $160,000 mortgage loan, approximately how much should we get back? Merely owning a home does not guarantee you any refund. You only get a refund if your tax liability is less than your withholdings. Buying a home MAY reduce your tax liability a ...