Academic Research Insight: Surprise! Seeking Alpha Opinions Have Investment Value

By | 2018-01-16T11:56:26+00:00 January 16th, 2018|Basilico, Academic Research Insight|

Wisdom of the Crowds: The Value of Stock Opinions Transmitted Through Social Media Hailiang Chen, Prabuddha De, Yu Jeffrey Hu, Byoung Hyoun Hwang Review of Financial Studies, forthcoming A version of this paper can be found here [...]

The History of ETFs: Perspectives from ETF Legends, Reggie Browne and Arlene Rockefeller

By | 2018-01-11T11:30:02+00:00 January 11th, 2018|Interviews, ETF Investing|

ETFs have grown fast, yet there are still some opponents of the structure. However, the general story by ETF opponents has changed over the past 5 to 7 years. Opponents of ETF growth have gone [...]

DIY Asset Allocation Weights: January 2017

By | 2018-01-09T21:18:27+00:00 January 9th, 2018|Tool Updates|

Do-It-Yourself tactical asset allocation weights for the Robust Asset Allocation Index are posted here.[ref] Create a free account here if you want to access the site directly. The link is here. [/ref] Exposure Highlights:[ref]The information contained herein is [...]

The Value Effect and Macroeconomic Risk

By | 2018-01-09T09:26:25+00:00 January 9th, 2018|Larry Swedroe, Research Insights, Guest Posts, Value Investing Research|

It has been well-documented that value stocks have provided higher expected returns than growth stocks. However, there is a great debate about the source of that premium: Is it risk-based or is it related to [...]

Academic Research Insight: Yes, Departing Outside Directors Are Aware of Fraud Before They Resign

By | 2018-01-09T17:20:42+00:00 January 8th, 2018|Basilico, Academic Research Insight, Research Insights|

Go Before the Whistle Blows: An Empirical Analysis of Director Turnover and Financial Fraud Yanmin Gao, Jeong-Bon Kim, Desmond Tsang, Haibin Wu Review of Accounting Studies A version of this paper can be found here Want [...]

Academic Research Papers and Presentations Galore!

By | 2018-01-05T10:19:37+00:00 January 5th, 2018|Uncategorized|

It is that time of year again, the American Finance Association Annual Meeting is underway. The conference is in Philadelphia, starting today (January 5) and running through Sunday (January 7). This 3-day conference has 73 sessions, [...]

Predicting Stock Returns Using Firm Characteristics

By | 2018-01-03T13:40:05+00:00 January 4th, 2018|Factor Investing, Research Insights|

A few weeks ago, we did a deep dive into the factors versus characteristics debate. One of the reasons we've brought up this debate is due to the fact that "factor" loadings (from regressions) are [...]

Academic Research Insight: The Importance of Financial Literacy

By | 2018-01-02T09:38:04+00:00 January 2nd, 2018|Basilico, Academic Research Insight|

Employees Financial Literacy and Retirement Plan Behavior: A Case Study Robert Clark, Annamaria Lusardi, Olivia Mitchell Economic Inquiry, forthcoming A version of this paper can be found here Want to read our summaries of academic finance papers? [...]

The Tax Efficiency of Long-Short Strategies

By | 2017-12-28T07:07:09+00:00 December 28th, 2017|Larry Swedroe, Research Insights, Tax Efficient Investing|

Conventional wisdom can be defined as ideas that are so accepted that they go unquestioned. Unfortunately, conventional wisdom is often wrong. Two great examples are that millions of people once believed the conventional wisdom that [...]

The Returns to Value Strategies When Valuation Spreads Are Wide (Deep Value)

By | 2017-12-20T21:43:21+00:00 December 21st, 2017|Larry Swedroe, Research Insights, Value Investing Research, Tactical Asset Allocation Research|

The academic research has generally found valuations, such as the earnings yield (E/P) (or the CAPE 10 earnings yield) and valuation spreads, have predictive value in terms of future returns. The higher the earnings yield, [...]

Book Review — Market Timing with Moving Averages

By | 2017-12-20T09:53:01+00:00 December 20th, 2017|Trend Following, Trend-Following Course, Research Insights, Book Reviews|

Trend-following is something I've struggled with for years -- always felt like voodoo magic and data-mining. That said, I finally came around to appreciating the practice after a ton of research replication efforts, independent research. [...]

Cybersecurity Series: Penetration Testing for Financial Advisors

By | 2017-12-19T11:25:28+00:00 December 19th, 2017|Investment Advisor Education, Cyber Security Programs|

Cybersecurity is much like boxing, combat, or discussing finances with your spouse: You can train all you want, but you never really know your true grit until you face your adversary face to face. [...]

Academic Research Insight: Industry Herding by Short Sellers Signals that Conditions are Changing

By | 2017-12-18T11:13:07+00:00 December 18th, 2017|Basilico, Academic Research Insight, Research Insights|

Do short sellers exploit industry information? Zsuzsa R. Huszár, Ruth S.K. Tan, Weina Zhang Journal of Empirical Finance A version of this paper can be found here Want to read our summaries of academic finance papers? [...]

Podcast: The Future of ETFs and ETF Market Making (Wes and Ryan)

By | 2017-12-18T10:22:59+00:00 December 18th, 2017|Podcasts|

Here is a link to our podcast on Behind the Markets. Ryan Kirlin and Wes speak with Reggie Browne, Senior Managing Director of the ETF Group at Cantor Fitzgerald, about what's new in the ETF space. [...]