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Author: Lily H. Fang Publisher: ISBN: Category : Languages : en Pages : 51
Book Description
Using 1994-2009 data, we examine the relation between analysts' star status and their recommendation values. For investors with private, advance access to analyst recommendations (e.g., institutions), trading on All-American (AA) analysts' buy and sell recommendations yields significantly better risk-adjusted returns than trading on non-AAs' recommendations. For investors without such access (e.g., individuals), only top-rank AAs make significantly more profitable buy recommendations than others. AAs outperform non-AAs both before and after they are elected, and the performance differential does not reverse. Reg-FD, Rule 2711, and the Global Settlement did not significantly erode the performance differential between AAs and non-AAs. Furthermore, election to top-AA ranks predicts performance in buy recommendations even among analysts with high ex-ante election probabilities. Collectively, these results suggest that skill differences among analysts exist and AA election reflects institutional investors' ability to evaluate and benefit from elected analysts' superior skills. Public investors' opportunity to profit from the stars' opinions exists, but is limited due to their timing disadvantage.
Author: Lily H. Fang Publisher: ISBN: Category : Languages : en Pages : 51
Book Description
Using 1994-2009 data, we examine the relation between analysts' star status and their recommendation values. For investors with private, advance access to analyst recommendations (e.g., institutions), trading on All-American (AA) analysts' buy and sell recommendations yields significantly better risk-adjusted returns than trading on non-AAs' recommendations. For investors without such access (e.g., individuals), only top-rank AAs make significantly more profitable buy recommendations than others. AAs outperform non-AAs both before and after they are elected, and the performance differential does not reverse. Reg-FD, Rule 2711, and the Global Settlement did not significantly erode the performance differential between AAs and non-AAs. Furthermore, election to top-AA ranks predicts performance in buy recommendations even among analysts with high ex-ante election probabilities. Collectively, these results suggest that skill differences among analysts exist and AA election reflects institutional investors' ability to evaluate and benefit from elected analysts' superior skills. Public investors' opportunity to profit from the stars' opinions exists, but is limited due to their timing disadvantage.
Author: Cheng Few Lee Publisher: World Scientific ISBN: 9811202400 Category : Business & Economics Languages : en Pages : 5053
Book Description
This four-volume handbook covers important concepts and tools used in the fields of financial econometrics, mathematics, statistics, and machine learning. Econometric methods have been applied in asset pricing, corporate finance, international finance, options and futures, risk management, and in stress testing for financial institutions. This handbook discusses a variety of econometric methods, including single equation multiple regression, simultaneous equation regression, and panel data analysis, among others. It also covers statistical distributions, such as the binomial and log normal distributions, in light of their applications to portfolio theory and asset management in addition to their use in research regarding options and futures contracts.In both theory and methodology, we need to rely upon mathematics, which includes linear algebra, geometry, differential equations, Stochastic differential equation (Ito calculus), optimization, constrained optimization, and others. These forms of mathematics have been used to derive capital market line, security market line (capital asset pricing model), option pricing model, portfolio analysis, and others.In recent times, an increased importance has been given to computer technology in financial research. Different computer languages and programming techniques are important tools for empirical research in finance. Hence, simulation, machine learning, big data, and financial payments are explored in this handbook.Led by Distinguished Professor Cheng Few Lee from Rutgers University, this multi-volume work integrates theoretical, methodological, and practical issues based on his years of academic and industry experience.
Author: Yonca Ertimur Publisher: ISBN: Category : Languages : en Pages : 40
Book Description
We examine the contemporaneous relation between earnings forecast accuracy and recommendation profitability to assess the effectiveness with which analysts translate forecasts into profitable recommendations. We find that, after controlling for expertise, more accurate analysts make more profitable recommendations, albeit only for firms with value-relevant earnings. Next, we show that conflicts of interest from investment banking activities affect the relation between accuracy and profitability. In the case of buy recommendations, more accurate forecasts are associated with more profitable recommendations only for the nonconflicted analysts. For hold recommendations, higher levels of accuracy are associated with higher levels of profitability for conflicted analysts, provided these recommendations are treated as sells. Finally, we find that regulatory reforms aimed at mitigating analyst conflicts of interest appear to have improved the relation between accuracy and profitability. Specifically, the integrity of buy and hold recommendations has improved and the change is more pronounced for analysts expected to be most conflicted.
Author: Saini, Kavita Publisher: IGI Global ISBN: 1668476983 Category : Political Science Languages : en Pages : 261
Book Description
There is now a plethora of internet of things (IoT) devices on the market that can connect to the internet and the desired environment to produce sufficient and reliable data that is required by the government administration for a variety of purposes. Additionally, the potential benefits of incorporating artificial intelligence (AI) and machine learning into governance are numerous. Governments can use AI and machine learning to enforce the law, detect fraud, and monitor urban areas by identifying problems before they occur. The government can also use AI to easily automate processes and replace mundane and repetitive tasks. AI, IoT, and Blockchain Breakthroughs in E-Governance defines and emphasizes various AI algorithms as well as new internet of things and blockchain breakthroughs in the field of e-governance. Covering key topics such as machine learning, government, and artificial intelligence, this premier reference source is ideal for government officials, policymakers, researchers, academicians, practitioners, scholars, instructors, and students.
Author: Yasuyuki Fuchita Publisher: Brookings Institution Press ISBN: 0815729820 Category : Business & Economics Languages : en Pages : 216
Book Description
A Brookings Institution Press and Nomura Institute of Capital Markets Research publication Developed country capital markets have devised a set of institutions and actors to help provide investors with timely and accurate information they need to make informed investment decisions. These actors have become known as "financial gatekeepers" and include auditors, financial analysts, and credit rating agencies. Corporate financial reporting scandals in the United States and elsewhere in recent years, however, have called into question the sufficiency of the legal framework governing these gatekeepers. Policymakers have since responded by imposing a series of new obligations, restrictions, and punishments—all with the purpose of strengthening investor confidence in these important actors. Financial Gatekeepers provides an in-depth look at these new frameworks, especially in the United States and Japan. How have they worked? Are further refinements appropriate? These are among the questions addressed in this timely and important volume. Contributors include Leslie Boni (University of New Mexico), Barry Bosworth (Brookings Institution), Tomoo Inoue (Seikei University), Zoe-Vonna Palmrose (University of Southern California), Frank Partnoy (University of San Diego School of Law), George Perry (Brookings Institution), Justin Pettit (UBS), Paul Stevens (Investment Company Institute), Peter Wallison (American Enterprise Institute).
Author: Boris Groysberg Publisher: Stanford University Press ISBN: 0804787123 Category : Business & Economics Languages : en Pages : 200
Book Description
Wall Street Research: Past, Present, and Future provides a timely account of the dramatic evolution of Wall Street research, examining its rise, fall, and reemergence. Despite regulatory, technological, and global forces that have transformed equity research in the last ten years, the industry has proven to be remarkably resilient and consistent. Boris Groysberg and Paul M. Healy get to the heart of Wall Street research—the analysts engaged in the process—and demonstrate how the analysts' roles have evolved, what drives their performance today, and how they stack up against their buy-side counterparts. The book unpacks key trends and describes how different firms have coped with shifting pressures. It concludes with an assessment of where equity research is headed in emerging markets, drawing conclusions about this often overlooked corner of Wall Street and the industry's future challenges.
Author: Wesley R. Gray Publisher: John Wiley & Sons ISBN: 1118328078 Category : Business & Economics Languages : en Pages : 293
Book Description
A must-read book on the quantitative value investment strategy Warren Buffett and Ed Thorp represent two spectrums of investing: one value driven, one quantitative. Where they align is in their belief that the market is beatable. This book seeks to take the best aspects of value investing and quantitative investing as disciplines and apply them to a completely unique approach to stock selection. Such an approach has several advantages over pure value or pure quantitative investing. This new investing strategy framed by the book is known as quantitative value, a superior, market-beating method to investing in stocks. Quantitative Value provides practical insights into an investment strategy that links the fundamental value investing philosophy of Warren Buffett with the quantitative value approach of Ed Thorp. It skillfully combines the best of Buffett and Ed Thorp—weaving their investment philosophies into a winning, market-beating investment strategy. First book to outline quantitative value strategies as they are practiced by actual market practitioners of the discipline Melds the probabilities and statistics used by quants such as Ed Thorp with the fundamental approaches to value investing as practiced by Warren Buffett and other leading value investors A companion Website contains supplementary material that allows you to learn in a hands-on fashion long after closing the book If you're looking to make the most of your time in today's markets, look no further than Quantitative Value.
Author: Lily H. Fang
Author: Lily H. Fang
Author: Lily H. Fang
Author: 
Author: Cheng Few Lee
Author: Yonca Ertimur
Author: 
Author: Saini, Kavita
Author: Yasuyuki Fuchita
Author: Boris Groysberg
Author: Wesley R. Gray