Academic Finance Research and Insights

Do sell-side analysts say “buy” while whispering “sell”?

By |December 26th, 2024|Insider and Smart Money, Tommi Johnsen, Research Insights, Academic Research Insight, Other Insights|

Managers are more likely to vote for analysts who exhibit greater “say-buy/whisper-sell” behavior toward these man agers. This suggests that analysts reduce the accuracy of their public recommendations, thereby maintaining the value of their private advice to funds.

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Estimating Long-Term Expected Returns

By |December 16th, 2024|Elisabetta Basilico, Research Insights, Academic Research Insight, Other Insights, Macroeconomics Research|

This study addresses a critical gap in financial forecasting by improving the accuracy of long-term expected return (E(R)) predictions. By evaluating various frameworks and proxies out-of-sample, free from biases like look-ahead bias, it provides more reliable methods for investors to make informed decisions about asset allocations.

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Private Equity Versus Public Equity Returns

By |December 13th, 2024|Private Equity, Larry Swedroe, Research Insights, Other Insights|

Cliffwater found that private equity allocations by state pensions produced a 11.0% net-of-fee annualized return over the 23-year period ending June 30, 2023. Over the same period the CRSP 1-10 Index (U.S. total market) returned 7.2% and the MSCI All Country World ex USA Index returned 4.4%.

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