Investing Research Articles

For an illiquid asset class such as art, many individual assets do not trade within commonly used return measurement intervals (such as a year). When a relatively few works of art account for most of the trading, measured returns derive mostly from these few works. If the returns for frequently and seldom traded art differ,… Keep Reading

Do emerging markets still deserve their reputation as a portfolio-diversifying asset class? In the October 2013 version of their paper entitled “Emerging Equity Markets in a Globalizing World”, Geert Bekaert and Campbell Harvey examine whether, given the dramatic globalization of the past 20 years, it still make sense to classify country equity markets as “developed”… Keep Reading

Do funds that have Ph.D. holders in key positions outperform those that do not? In their October 2013 paper entitled “What a Difference a Ph.D. Makes: More than Three Little Letters”, Ranadeb Chaudhuri, Zoran Ivkovich, Joshua Pollet and Charles Trzcinka investigate whether institutional money management firms that rely on key personnel holding Ph.D. degrees outperform… Keep Reading

Do stocks of firms that initiate buybacks (open market stock repurchases) tend to appreciate due to elevated takeover risk? In the October 2013 draft of their paper entitled “The Timing and Source of Long-run Returns Following Repurchases”, Leonce Bargeron, Alice Bonaime and Shawn Thomas investigate the timing and source of the abnormal return associated with… Keep Reading

Is there exploitable feedback between stock returns and behaviors of associated options due to concentration of informed traders in one market or the other? In the October 2013 version of their paper entitled “The Joint Cross Section of Stocks and Options”, Byeong-Je An, Andrew Ang, Turan Baliand and Nusret Cakici investigate lead-lag relationships between stock… Keep Reading

Is producing real estate (farmland, timberland, energy delivery infrastructure and commercial properties) a good investment? In his May 2013 paper entitled “The Performance of Direct Investments in Real Assets: Natural Resources, Infrastructure and Commercial Real Estate”, Martijn Cremers investigates the performance of direct investments in natural resources (farmland and timberland), energy infrastructure Master Limited Partnerships… Keep Reading

Do equity analyst stock recommendations have the same post-publication predictive value worldwide? In the September 2013 version of their paper entitled “Where are the World’s Best Analysts?”, Campbell Harvey, Sam Radnor, Khalil Mohammed and William Ferreira assess the ability of equity analysts by global region (Asia ex-Japan, Japan, Europe ex-UK, the UK and the U.S.)… Keep Reading

Are other precious metals more effective than gold as safe havens from turmoil in stock and bond markets? In their September 2013 paper entitled “Time Variation in Precious Metal Safe Haven Status — Evidence from the USA”, Brian Lucey and Sile Li compare and contrast the effectiveness of four precious metals (gold, silver, platinum and… Keep Reading

Is platinum as good as gold? In the September 2013 version of their paper entitled “Analysis of the Investment Potential of Platinum Group Metals”, James Ross McCown and Ron Shaw evaluate the investment value of platinum group metals (platinum, palladium, rhodium, iridium, ruthenium and osmium). Using daily spot prices for platinum group metals, gold and… Keep Reading

Do expert investment consultants advising institutions recommend outperforming funds? In their September 2013 paper entitled “Picking Winners? Investment Consultants’ Recommendations of Fund Managers”, Tim Jenkinson, Howard Jones, and Jose Vicente Martinez analyze survey data to determine what factors drive consultant fund recommendations, what impact their recommendations have on fund flows and how well their recommendations… Keep Reading