Twelve months ago, financial professionals gathered in Chicago to discuss important economic trends — including sovereign debt, hedge funds, and the global middle class — that would shape the year ahead. Read more
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Despite numerous studies attempting to link volatility to changing fundamentals, research shows that investor emotions are the root cause of the vast majority of these price changes, according to C. Thomas Howard. Read more
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The efforts of some financial institutions to quantify value at risk (VaR) and other uncertainties, and to establish an effective culture of risk management, have blown up spectacularly at both an organizational and a portfolio level. Read more
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A sharp sell-off in Japanese stocks and indications that the US Federal Reserve will consider tapering its monthly bond purchases combined to drag global equity indices lower in recent weeks. Whether the pullback is merely a hiccup in the market’s continued advance or the start of something more will, in large part, depend on the economic news flow and, in turn, the response of central bankers. Read more
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Gary B. Gorton challenges much of the conventional wisdom regarding financial crises and laments the tendency of mathematics to crowd history out of the study of economics. Read more
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Discussing his most recent research, Roger Ibbotson argues that liquidity should be given equal standing with size, value/growth, and momentum as an investment style. Read more
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Some of the most popular articles from last month include pieces that scrutinize financial charts, the Bank of Japan’s policies, and the recent moves of some of the most famous portfolio managers. Read more
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A concise introduction to IPOs for the uninitiated, this book is also an excellent resource for finance professors wishing to supplement investment textbooks that touch only briefly on the IPO process, professionals at the outset of their careers who contemplate moving into IPO investing, and owners of new businesses. Read more
Leave a CommentNearly 38% of global respondents to this week’s poll think the behavioral biases of investors are the primary cause of investment bubbles, while 33% of those polled believe responsibility lies with central banks and their easy money policies. Excessive leverage (19%) and government policies (7%) were less favored responses. Read more
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In the first quarter of 2013, institutional investors added to their equity holdings in the healthcare sector while reducing their exposure to the technology stocks. Among the most widely held stocks, portfolio managers as a group added to positions in Citigroup (C), Johnson & Johnson (JNJ), Microsoft (MSFT), and BlackRock (BLK), and trimmed positions in Apple (AAPL), Oracle (ORCL), Pfizer (PFE), and Coca-Cola (KO). Read more
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