Practical analysis for investment professionals

Drivers of Value


Book Review: The Synergy Solution

Mark L. Sirower and Jeffery M. Weirens subject traditional analyses of M&A transactions to well-warranted scrutiny.

Causality Techniques in Investment Management: Five Key Findings

What are the most widely used causality tests in the equity markets?

Time-Varying Risk Premia: Cochrane’s “Discount Rates”

"Discount rates vary a lot more than we thought. Most of the puzzles and anomalies that we face amount to discount-rate variation we do not understand."

Options Markets: How Far Have Implied Transaction Costs Fallen?

Options trading's explicit costs have plummeted to near zero, but what about implied transaction costs?

Women and Money Making: What’s Your Business Model?

In celebration of International Women’s Day 2022, Barbara Stewart, CFA, shares how women in various countries and cultures think about business models.

Book Review: Trillions

Robin Wigglesworth has produced a book that is historical, entertaining, and thought-provoking.

Alternative Investments: Predictable Uncertainty in Private Markets

While analytical judgment is considered universal in science, in finance investment decisions are derived from mental heuristics.

Bridging the Fundamental–Quant Divide

Where is the common ground between quant and fundamental investing?

Book Review: Better than Alpha

This book provides the insights and tools investors need to improve their investing outcomes.

Book Review: How Novelty and Narratives Drive the Stock Market

This detailed stock market study attempts to extend Robert Shiller’s development of narrative economics.



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