Tuesdays are all about academic (and practitioner) literature at Abnormal Returns. You can check out last week’s edition including a look at how much the Covid vaccine was worth to the stock market.
Quote of the Day
"Organizational edge is not merely about the sum of individual talents but also how these talents are structured, integrated, and leveraged."
(Felix Narhi)
Asset allocation
- Bonds have some yield now, but that doesn't mean they are the best portfolio diversifier. (man.com)
- Risk parity is a solution in search of a problem. (rogersplanning.blogspot.com)
Crowding
- How crowding affects active investment returns. (alphaarchitect.com)
- How fund flows can drive stock returns. (caia.org)
Calls
- You'd be surprise how little companies talk about their employees on conference calls. (klementoninvesting.substack.com)
- Company filings exhibit a seasonal pattern. (papers.ssrn.com)
Research
- Are gambling and stock trading substitutes? (acadian-asset.com)
- The market is made up of people. Those people have (limited) memories. (mrzepczynski.blogspot.com)
- As the size effect, so goes the relative performance of equal-weighted indices. (spglobal.com)
- How stock-based compensation and share buybacks affect stock returns. (morganstanley.com)
- Assessing a momentum model using U.S. industry sectors. (papers.ssrn.com)
- Estimating transaction costs in the foreign exchange market. (alphaarchitect.com)
- What causes innovative financial contracts to fail? (papers.ssrn.com)
- Americans don't hate billionaires, except when they do this... (nber.org)
