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Perspective

SNAFU: Situation Normal, All-FANGed Up

Cliff tackles a story making the rounds about stock market performance in 2015. Was it, in fact, very “narrow” and driven by the “FANG” stocks (Facebook, Amazon, Netflix and Google)?

Podcast

Taking Stock of Stock Myths

There is risk in every investment. This episode delves into three specific kinds of equity risks that tend to weigh on investors: home bias, market timing and inflation.

Journal Article

Managerial Decisions and Long-Term Stock-Price Performance

A rapidly growing literature claims to refute the efficient-market hypothesis by producing large estimates of long-term abnormal returns following major corporate events.

Chief Investment Quarterly

Buffett's One Choice Buffet

We challenge an assertion in Warren Buffett's latest annual letter and emphasize the need for diversification for pensions and endowments.

Journal Article

Who You Know Matters: Venture Capital Networks and Investment Performance

Many financial markets are characterized by strong relationships and networks, rather than arm’s-length, spot-market transactions.

Journal Article

Why Are Earnings Kinky? An Examination of the Earnings Management Explanation

An empirical regularity documented by Hayn (1995) is that there is a ‘‘kink’’ in the earnings distribution: too few firms report small losses and too many firms report small profits.

Journal Article

Why Not 100% Equities

In a 1994 article “College and University Endowment Funds: Why Not 100% Equities?” Richard H.

Journal Article

Demand-Based Option Pricing

Index and equity options are notoriously difficult to price.

Journal Article

Political Risk in Emerging and Developed Markets

The often-observed link between dramatic political events and large market moves suggests that political risk can affect stock returns.

Journal Article

The Role of Shorting, Firm Size and Time on Market Anomalies

The pervasiveness, robustness and magnitude of return premia associated with size, value and momentum has made them the focal point for discussions of market efficiency, etc.