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Active Share Challenged


AQR Capital Management


"We evaluate the claim that

the Active Share predicts investment performance by considering theoretical arguments and via empirical analysis. We do not find strong economic motivations for why Active Share may correlate with performance. Active Share is as likely to correlate positively with performance as it is to correlate negatively. We conclude that neither theory nor data justify

the expectation that Active Share might help investors improve their returns."



Upvoted by expert peers: 53

Number of views: 241

Paper published: 01/2016


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Liquidity Crunch


Oaktree Capital


"Liquidity is ephemeral: it can come and go. The liquidity of an asset often depends on which way you want to go... and which way everyone else wants to go. Usually, just as a holder's desire to sell an asset increases, his ability to see it decreases. A high degree of concern over liquidity can push investors to avoid it to excess. Let's remember that liquidity isn't free. There's usually a cost, and it comes in the form of return forgone. I believe... investors [are] failing to understand [liquidity's] transitory nature.


Upvoted by expert peers: 41

Number of views: 164

Paper published: 03/2016


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Does Value Work?


The Brandes Institute


"Using data from 1980-2014, our study showed that over the long term, the value premium was evident across valuation metrics, regions, and market capitalizations. The value premium for U.S. large-cap stocks was the lowest among all segments. Small-cap stocks exhibited a higher value pemium than large-cap stocks for U.S. and non-U.S. markets. On the contrary, within emerging markets, the value premium was higher for large-cap stocks than it was for small-cap stocks."


Upvoted by expert peers: 62

Number of views: 270

Paper published: 02/2015

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Reations to Earnings


University of Chicago


"People often interpret information by contrasting it with what was recently observed. People perceive signals as higher or lower than their true values depending on wha was recently observed. Contrast effects in financial markets would imply that prices react not only to th absolute content of news, but also to a bias induced by the relative content of news. In this paper, we test whether contract effects distort market perceptions to firm earnings announcements. We find that the reaction to an earnings announcement is inversely related to the level of earnings surprise announced by large firms in the previous day. [Firms] may strategically time the release of...news..."



Upvoted by expert peers: 36

Number of views: 52

Paper published: 06/2015



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Long-Term Portfolio Guide




"Long-term investing is a frame of mind rather than a holding period... Institutions seeking to pursue true long-term investment strategies must first be founded on governance structures that support, even force, an attention to the long term. Long-term investors seek to establish the long-term intrinsic value of a security in order to buy at or below this value. Future market prices are the result, not the driver, of company fundamentals. Investment beliefs encourage decision-makers to ask the right questions and look at the right factors that are truly material to long-term value creation. In the long term, a

focus on avoiding non-recoverable loss delivers the best possible chance of weathering volatility."


Upvoted by expert peers: 45

Number of views: 93

Paper published: 03/2015



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Better Value Creators




"When it comes to bad ideas, finance certainly offers up an embarrassment of riches. [Jack] Welch said "Shareholder value is the dumbest idea in the world." Given the shortening lifespan of a corporate and the decreasing tenure of CEOs, the finding that many managers are willing to sacrifice long-term value for short-term gain probably shouldn't be a surprise. Only by focusing on being a good business are you likely to end up delivering decent returns to shareholders. Shareholder value maximization may actually have led to poorer corporate performance!"






Upvoted by expert peers: 32

Number of views: 73

Paper published: 12/2014



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