Correlation, Contagion & the Quant Crash – Fundamentally Driven Process vs. Pattern Recognition
Introduction Building a Synthetic Quant Fund, By Khandani & Lo The August 2007 “Quant Crash” Kailash Product Performance in Quant’s Darker Days: Lower Volatility & Leverage Post-Crash Performance Conclusion: ...
Turbulent Times – The (Tentatively) Temporary Inversion of Value Creation
We have read numerous press articles discussing the difficulties faced by several successful hedge funds
The Dividend Deception Part III – The Role of Dividend Growth in Equity Returns
Click here to download the Premium PDF Click here to download the Basic PDF Introduction Dissecting Dividend Payers Ranking Models Pick Winners Conclusions Exhibit ...
The Dividend Deception Part II – A Call for Active Management
In our last paper, The Dividend Deception: Understanding the Consequences of Cash Returns, we analyzed the highest dividend paying stocks in great detail.....
The Dividend Deception – Understanding the Consequences of Cash Returns
A client recently requested an update on how Low Volatility shares had fared since our November 2012 publication and asked if we thought high dividend paying firms offered investors a better place for risk averse investors to hide....
The Sphinx Guarding Technology Returns – The Complex Role of Valuation within IT
Introduction: Customer Complaint Department Cross Sectional Analysis: Valuation &
Proper Peers – A Process-Driven Approach to Selecting Comps
A Kailash Confession The (Possibly Black) Art of Peer Selection Regressions & Results An Enterprising Concept Single Stock Examples Appendix I: Regression Variables Grounded in Valuation Theory Appendix II: ...
Earnings Management: Identifying Accounting and Earnings Manipulators
The Accruals Anomaly A Fundamental Framework The Terrible 23 Toolbox Teacher Appendix “The results indicate that earnings performance attributable to the accrual component of earnings exhibits lower persistence than ...
The Defense Dilemma – Downside Protection for the Value Oriented
Introduction: Where’s a Bear to Hide A Simple Solution Too Much on the Table – The Core Correction Conclusion: Defensive Model Debut Appendix: Avoiding Intuition Introduction: Where’s a Bear ...
Pecuniary Power: Excess Cash (and Cheap Debt) as a Catalyst? Activism Lite Part III?
Introduction, Quantifying the Issue The Case for Cash Alone The Benefits of Borrowing Conclusion: Sanity Check “All this cash is dammed up at these companies, we are the catalyst ...
Activism Lite: A Case for Meeting Management, Part II
Prior Management Behavior & Outcomes Momentum, Credit Quality & Size, Helping Identify Future Outperformers Putting It All Together: Stock Selection Prior Management Behavior & Outcomes As explained in Part ...
Activism Lite: A Case for Meeting Management, Part I The Role of Reductions in Debt on Equity Returns
Introduction: A Nod to the Academics Deleveraging & Excess Returns How Debt Reduction Works Valuation and Deleveraging, Enhancing Outcomes Stock Issuance & Returns Conclusion Introduction: A Nod to the ...
