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Special Report on

SSRN-Value and Growth Investing

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updates the landmark 1994 study by Josef Lakonishok, Andrei Shleifer, and Robert Vishny investigating the performance of value stocks relative to that of glamour securities in the United States over a 26-year period. Lakonishok, Shleifer, and Vishny found that value stocks tended to outperform glamour stocks by wide margins, but their earlier research did not include the glamour-driven markets of the late 1990s and early 2000s. The paper asks, “What effect might this period have on their conclusions?” To answer that question, The Brandes Institute updated the research through to June 2008, examining the comparative ...
(buys and sells) the fund's investments in accordance with the fund's investment objective. In the U.S., a fund registered with the Securities and Exchange Commission (SEC) under both SEC and Internal Revenue Service (IRS) rules must distribute nearly all of its net income and net realized gains from the sale of securities (if any) to its investors at least annually. Most funds are overseen by a board of directors or trustees (if the U.S. fund is organized as a trust as they commonly are) which is charged with ensuring the fund is managed appropriately by its investment adviser and other service organizations and ...
Can Individual Investors Outperform? | Fusion Investing and Analysis
by the usually brilliant Jeff Miller at A Dash of Insight pushed my buttons. Jeff normally takes great care with his assertions and goes to great lengths to back them up with credible evidence, but in this case he leads off with an apples to oranges example. Many studies have shown that individual investors, managing their own accounts, do about 5% worse than they would if simply buying an index fund.  The top investment managers have regularly beaten the averages, so it is a big spread. I commented You’re comparing average investors with top managers. While I know that was merely an introduction and not central to your ... market research, surveys and trends
The Sources of Value
It is one of the established 'facts' of finance that value outperforms growth over reasonable time horizons (see Chapters 22-34 of Behavioural Investing). However, which of the component sources of return generate this performance? In a new paper Fama and French explore the composition of returns for value and growth stocks. They start by decomposing returns into dividends and capital gains. The chart below shows the results they uncovered using US data since 1963 with value and growth defined by price to book/size quintile intersections. It is worth noting that Fama and French perform their analysis in nominal terms ... market research, surveys and trends


Investing in Private Equity Funds: A Survey
Electronic copy of this paper is available at: ... Furthermore, fundraising is growing fast—from $5 billion in 1980 to $400 ... In the late 80s, following the birth and rapid growth of leveraged buyouts ..... (they represent a high 20 percent of value invested), and as pointed out in ... industry trends, business articles and survey research
InvestingMinds Articles » Investing and Saving
Are you sold on gold? The precious metal outperformed every major equity index in the world in 2008. The question is, can gold-and other precious metals-keep on flying? Or would buying today be buying high and selling low? Precious metals have always been intriguing to investors because they tend to hold their value. In times of geopolitical crisis or currency devaluation, for example, the value of paper money might fluctuate, but a hard asset will always be worth something. As a result, historically, precious metals have been considered  a “safe haven” in times of economic and financial instability.   That brings us ... industry trends, business articles and survey research
Is performance worth the price?
At the end of 2006, less than 1% of the funds in the population are able to outperform their passive benchmarks, after deducting transaction costs and expenses. Laurent Barras, Desautels Faculty of Management, Financial Post · Tuesday, Jun. 29, 2010 How many mutual funds can consistently outperform the broad stock market? And does it make sense to try to identify these successful funds? These are essential questions that individual investors or pension funds face when they make investment decisions. Unfortunately, addressing these issues is difficult, as one can only rely on past returns to determine future performance among ... market trends, news research and surveys resources
Research Desk responds: Is unemployment insurance stimulative?
"... there is no evidence that indefinite extension of unemployment benefits has much of an economically stimulative effect, that I know of." I actually touched on this a couple of weeks ago, when I highlighted Mark Zandi of Moody's comparison of the per-dollar impact of various stimulus policies. Zandi used his econometric model to estimate the effect on GDP, per dollar, of different elements in the 2009 stimulus package. Here's his explanation of the methodology: The first step divides the stimulus bill -- both its spending and tax cuts -- into various components. The second step is to derive multipliers ... market trends, news research and surveys resources


Style Investing: Incorporating Growth Characteristics in Value Stocks
classification ignores instances when value and growth investing strategies instead of being mutually exclusive can complement each other in selecting ... technology research, surveys study and trend statistics
Patent Reform
by accelerating the pace of growth and of job creation, will be a powerful and deficit-neutral ... Innovation thereby enhances the desirability of investing in ... 6846, 1998), available at SSRN: or ... called “patent premium” (i.e., the incremental value realized on an invention by ... technology research, surveys study and trend statistics
References for Investment Philosophy
Fama, E.F. and K.R. French, 1998, Value versus Growth: The International Evidence, ..... Fund Performance and Investment Style, Working paper, SSRN. ...
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How do YOU valuate a stock? Which tools do you use? What kind of ...
When we say value, it defines the appropriate price for an investor to pay or receive...And to decide that price we have fundamental analyis/dcf approach that make use of cash flow projections...We have Technical analysis, which highlights trends for that particular asset in the past..Relative valuation, which estimates price based on peers' performance. The basic premise of valuation is based on assumptions which makes fair value price to differ with each analysis..Also the value depends on the time horizon..Even I am not willing to hold the asset for more than 6 months, DCF approach does not make any sense as I am not ...
Economics: currency, precious coins, commodity money
Basically a B.Sc (Physics) from the University of Madras, India. Started the career in production engineering under German and Italian experts. MBA in Management from IIM, Ahmedabad (India). Ph.D (Management) from the University of Bomaby (the first ever awarded in this subject). Headed the computer centres of Multi nationals; "Data Processing expert" of the Commonwealth, London (To implement World Bank and UNDP Computer softwares); "Consultant Adviser" to the Caribbean Development Bank (CDB), Barbados. Associated with Nobel Laureate in Economic Science-1979, Arthur Lewis (Past President of CDB) & 4 more on ...