The Handbook of Equity Market Anomalies: Translating Market Inefficiencies into Effective Investment Strategies - Rilegato

Rilegato

ISBN 10: 0470905905 ISBN 13: 9780470905906

Casa editrice: John Wiley & Sons Inc, 2011

Riassunto

Investment pioneer Len Zacks presents the latest academicresearch on how to beat the market using equity anomalies

The Handbook of Equity Market Anomalies organizes andsummarizes research carried out by hundreds of finance andaccounting professors over the last twenty years to identify andmeasure equity market inefficiencies and provides self-directedindividual investors with a framework for incorporating the resultsof this research into their own investment processes. Edited by LenZacks, CEO of Zacks Investment Research, and written by leadingprofessors who have performed groundbreaking research on specificanomalies, this book succinctly summarizes the most importantanomalies that savvy investors have used for decades to beat themarket.

Some of the anomalies addressed include the accrual anomaly, netstock anomalies, fundamental anomalies, estimate revisions, changesin and levels of broker recommendations, earnings-per-sharesurprises, insider trading, price momentum and technical analysis,value and size anomalies, and several seasonal anomalies. Thisreliable resource also provides insights on how to best use thevarious anomalies in both market neutral and in long investorportfolios. A treasure trove of investment research and wisdom, thebook will save you literally thousands of hours by distilling theessence of twenty years of academic research into eleven clearchapters and providing the framework and conviction to developmarket-beating strategies.

• Strips the academic jargon from the research and highlights theactual returns generated by the anomalies, and documented in theacademic literature
• Provides a theoretical framework within which to understand theconcepts of risk adjusted returns and market inefficiencies
• Anomalies are selected by Len Zacks, a pioneer in the field ofinvesting

As the founder of Zacks Investment Research, Len Zacks pioneeredthe concept of the earnings-per-share surprise in 1982 anddeveloped the Zacks Rank, one of the first anomaly-based stockselection tools. Today, his firm manages U.S. equities forindividual and institutional investors and provides investmentsoftware and investment data to all types of investors. Now, withhis new book, he shows you what it takes to build a quant processto outperform an index based on academically documented marketinefficiencies and anomalies.

Su questo libro

L'autore:

Leonard Zacks has been Chairman and CEO of Zacks Investment Research since 1978. Prior to that, he held several positions with A.G. Becker, a Chicago-based brokerage firm, including investment analyst, assistant to the president, and product development manager. Zacks was an associate at McKinsey & Company in New York and an analyst at the Rand Corporation in California. He holds a PhD in operations research from the Massachusetts Institute of Technology.

Dalla quarta di copertina:

Praise for The Handbook of Equity Market Anomalies

"Anomalies are characteristics of equities that might be used toget excess risk-adjusted returns. This volume explains anomaliesthat did work and some that savvy investors are using now."—EDWARD O. THORP, founder, Edward O. Thorp &Associates

"If you are seeking Alpha, there is no better single source thanThe Handbook of Equity Market Anomalies." —BLAIR HULL,founder, Hull Trading Company

"The book is a timely, thorough, and thoughtful survey of thevast finance and accounting academic literature on marketanomalies—a must-read for academics, PhD students, andpractitioners." —STANIMIR MARKOV, Associate Professor ofAccounting, The University of Texas at Dallas

"This compendium is extraordinarily thought-provoking. I amastonished by the breadth of its coverage." — PROFESSOR ELROYDIMSON, London School of Business; coauthor of Triumph of theOptimists

"This guide to an enormous amount of research is a must for anyinvestor attempting to exploit so-called anomalies in the stockmarket. The research leaves an open question: Are anomalous stockreturns a 'free lunch,' easily exploited, or is the investor justloading up on risk? This handbook brings the research to life forthe active investor and, by confronting this question, does so withthe appropriate caution so that the investor has some sense ofwhether these anomalous returns can be earned in real time."—Stephen Penman, George O. May Professor, Columbia BusinessSchool; and author of Accounting for Value

"In this handbook, seers of the profession provide a lucid,accessible summary of four decades of rigorous finance research onstock market anomalies to guide your investment strategies insearch of alpha. I particularly like the authors' balancedtreatment of the issues: while recognizing the competitive andchallenging task of beating the market, they are able to explainwhich strategies might work and why. This is a must-read for anyinstitutional or individual investor seeking to consistentlyoutperform the market." —S.P. Kothari, Deputy Dean and GordonY Billard Professor of Management, MIT Sloan School ofManagement

"This is an encyclopedic synopsis of academic research on stockreturn predictability. The reference lists alone are worth theprice of admission. Remarkable in its ability to combine academicrigor with lucid prose, it is a treasure trove of ideas for seriousinvestors. They wouldn't necessarily admit it, but manyprofessional asset managers will be reading this book—andthose not doing so, should be." —Charles M. C. Lee, JosephMcDonald Professor of Accounting, Robert and Marilyn Jaedicke

Faculty Fellow for 2010-2011, Stanford University

Su questa edizione

• Editore: John Wiley & Sons Inc
• Data di pubblicazione: 2011
• ISBN 10: 0470905905
• ISBN 13: 9780470905906
• Rilegatura: Copertina rigida
• Numero edizione: 1
• Numero di pagine: 334
• Redattore: Zacks Leonard