The Rocky Road to Economic Liberalization in China
China's banks are being buffeted by the winds of change. Earlier this month, the Shanghai Composite had its longest losing streak in 19 years, which [...]
The Law of Large Numbers and Casino Earnings
"…Even the stupidest man knows by some instinct of nature…that the greater the number of confirming observations, the surer the conjecture." - Jacob Bernoulli In [...]
Speaking on Behavioral Finance near Cleveland, OH
Would love to see everyone. http://www.aaii.com/localchapters/pdfs/Cleveland%20140115.pdf
The Psychology of Scarcity: Part 1 of 2
"…The inconveniences of a real scarcity cannot be remedied; they can only be palliated.” - Adam Smith, Chapter V, The Wealth of Nations As Adam [...]
DeLong and Krugman: Legitimate BitCoin Bashers or Political Punditry?
Brad DeLong and Paul Krugman have joined in the bitcoin conversation: Watching Bitcoin, Dogecoin, Etc... http://equitablegrowth.org/2013/12/28/1466/watching-bitcoin-dogecoin-etc Bitcoin is Evil: http://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/?_r=0 DeLong starts his tirade with [...]
Economic Calendar 12/30 to 1/03
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High Payout Ratios Predict Higher Earnings Growth–Huh?
Every quarter, boards across America wrestle with the complex question of dividend policy. Perhaps the company has excess cash that should be paid out as [...]
Macro Call! Gulf Coast Refiners Entering a Golden Age
The evolution of new horizontal drilling and fracking techniques has revolutionized production of oil in the U.S. The huge volume of light sweet production coming [...]
87,337th ranked blog in the United States
Well, it doesn't like such an achievement if you never pay attention to website rankings, but an Alexa rank of < 100,000 is a sign [...]
Weekly Economic Calendar 12/23 to 12/27
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AlphaBet ETFs
Vanguard's attempt at satire. Vanguard is expanding its ETF lineup with the introduction of the AlphaBet series of ETFs, an innovation in the ever-growing ETF [...]
Is Volatility for Misguided Geeks?
Warren Buffett doesn’t like it when people use volatility to measure risk. He succinctly describes his criticism: We bought The Washington Post Company at a [...]
What is Behavioral Finance?
Behavioral finance means a lot of things to a lot of people. In this short piece I'll outline what "behavioral finance" means to academic researchers. [...]
So what exactly is a “bubble” anyway?
In the aftermath of the financial crisis, the term “bubble” has come into wide use in the financial press. The stock market bubble: The leveraged [...]
Understanding the Relationship between Stock Prices and Earnings
Stock Prices and Earnings: A History of Research Patricia M. Dechow, Richard G. Sloan, and Jenny Zha A version of the paper can be found here. [...]
Financial News: Satisfying Your Need for Coherence
“Wall Street dips after data clouds view on Fed” was a headline from Reuters today. Sounds good, right? Think again. Daniel Kahneman, in his book, [...]
Systematically Executing a Value Investment Philosophy
https://www.nantucketproject.com/wes-gray-from-concept-to-reality The story of our quantitative value algorithm as told at the Nantucket Project: [youtube url="http://youtu.be/3I9y2D5-Ol4"]
International Shareholder Yield is Live!
Meb and team launched an international version of his shareholder yield ETF. Very cool. I'm most impressed with the logo--last time I saw an elephant [...]
Weekly Economic Calendar 12/9 to 12/13
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