Volume 11, Number 4, Fourth Quarter 2013 The Behavior Gap Simple Ways to Stop Doing Dumb Things with Money Carl Richards Reviewed by Javier Estrada View PDF… Read more
Fourth Quarter (2013)
Analyst Forecasts: It Pays to Be Off!
Gilles Hilary and Charles Hsu Volume 11, Number 4, Fourth Quarter 2013 We show that analysts who display more consistent forecast errors have a greater effect on stock prices than analysts who provide more accurate but less consistent forecasts. This result leads to three implications. First, consistent analysts are less likely to be demoted to… Read more
Stress-Testing Portfolio-Specific Risk
Jason D. Fink, Kristin E. Fink and Hui H. Sono Volume 11, Number 4, Fourth Quarter 2013 We establish a relationship between the idiosyncratic risk of portfolios and a parsimonious group of market variables. Because we are able to summarize idiosyncratic risk with this small group of variables, we are able to design stress-tests that… Read more
What Drives the Value Premium? Risk Versus Mispricing: Evidence From International Markets
Denis B. Chaves, Jason Hsu, Vitali Kalesnik and Yoseop Shim Volume 11, Number 4, Fourth Quarter 2013 Value stocks outperform growth stocks. The academic literature provides two competing interpretations on what drives the value premium: exposure to risk factors or mispricing of securities. Existing empirical studies, which are largely based on U.S. data, have not… Read more
The Evolving Structure of the Private Equity and Venture Capital Industry
Mark A. Wolfson… Read more
INSIGHTS: Finance Professionals in the Financial Crisis: Values, Fairness and Culture
Meir Statman Volume 11, Number 4, Fourth Quarter 2013 Finance professionals have expressed their views on values, fairness, and culture in the great debate about the global financial crisis and its aftermath. Yet, their positions remain precarious because they stand accused of instigating the crisis, because their views on values, fairness, and culture are not… Read more
PRACTITIONER’S DIGEST
Volume 11, Number 4, Fourth Quarter 2013 View PDF… Read more
CASE STUDIES: Farming and Futures
Jack L. Treynor Volume 11, Number 4, Fourth Quarter 2013 View PDF… Read more