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Stephen Hannah

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Tag: mb5

Share Buybacks

Buybacks have usurped dividends as the main way listed US firms give money back to their owners, accounting for 60% of cash returns last year….
The repurchase revolution, The Economist, 12 Sep 2014

Posted on 13th September 201414th September 2014Categories Capital MarketsTags mb5

CAPE of Good Hope

As stock markets break new ground it’s only to be expected that arguments resurface about CAPE (cyclically-adjusted price-earnings ratios)…
Comments on Bob Shiller and CAPE, Marginal Revolution, 20 Aug 2014
Why is the Shiller CAPE So High? Philosophical Economics, 30 Aug 2014

Posted on 30th August 20144th September 2014Categories Capital MarketsTags mb5

Efficient Markets

Clifford Asness and David Liew present a review of where things stand on the Efficient Markets Hypothesis…
The Great Divide over Market Efficiency, Institutional Investor, 3 Mar 2014
While Tim Harford presents an overview of why “informed” investors may be in short supply…
How investors get it wrong, Financial Times, 28 Mar 2014

Posted on 28th March 20146th September 2014Categories Capital MarketsTags im11, im7, mb5

Money For Nothing

The costs of actively managed funds are higher than most investors realise…
Against the odds, The Economist, 22 Feb 2014

Posted on 22nd February 201428th March 2014Categories Capital MarketsTags mb5

2013 Nobel Thoughts

Trendspotting in asset markets…
Official Announcement from the Swedish Academy of Sciences, 14 Oct 2013
Americans Fama, Hansen, Shiller Win Nobel Prize In Economics For Stock Price Analysis, Forbes, 14 Oct 2013 Continue reading 2013 Nobel Thoughts

Posted on 20th October 20133rd January 2015Categories Capital MarketsTags mb5

Equity Market Valuation

Tobin’s q and the cyclically-adjusted price-earnings ratio (CAPE) are back in the news. The tentative conclusion is that US stocks are overvalued…
Measuring the gauges of US stock valuations, Financial Times, 1 Sep 2013
Clash of the Cape crusaders, Financial Times, 2 Sep 2013
Shiller P/E update, Gurufocus website

Posted on 2nd September 201316th February 2014Categories Capital MarketsTags mb5

Reshaping Risk-Return Expectations

How the aftermath of the financial crisis has inverted capital structures…
Enter the sci-fi world of central bank action, El-Erian, Financial Times, 10 Jul 2013

Posted on 10th July 201328th March 2014Categories Capital Markets, Monetary PolicyTags mb5

Buying High, Selling Low

A new paper suggests that investors do the opposite of what rational expectations models suggest they should do…
Irrationality, trend-following, and cats, The Economist, 14 Jan 2013

Posted on 14th January 201328th March 2014Categories Capital MarketsTags mb5

Equity Markets & Demography

Ageing populations spell danger for long-term equity returns…
The population conundrum, Financial Times, 23 Nov 2012
Boomer Retirement: Headwinds for US Equity Markets? FRBSF Economic Letter, 22 Aug 2011

Posted on 23rd November 20126th September 2014Categories Capital MarketsTags im2, im7, mb5

Getting an Edge

Price discrimination in the financial data markets…
Artificial dissemination, The Economist, 21 Sep 2012

Posted on 21st September 201228th March 2014Categories Pricing StrategiesTags mb5

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