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Access to Finance

Sunday, 26 April 2015. Predicting Mutual Fund Performance Using (Legal) Inside Information. How does an investor choose which mutual fund to invest in? She’ll want a measure of the fund manager’s skill, and the most natural measure is his past performance. But, a ton of research has systematically found that past performance doesn’t predict future performance – it’s irrelevant in choosing a mutual fund. How can this be? But an influential 2004 paper. What’s the problem here? As an example, take Morris Sm...

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Access to Finance | alexedmans.blogspot.com Reviews
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Sunday, 26 April 2015. Predicting Mutual Fund Performance Using (Legal) Inside Information. How does an investor choose which mutual fund to invest in? She’ll want a measure of the fund manager’s skill, and the most natural measure is his past performance. But, a ton of research has systematically found that past performance doesn’t predict future performance – it’s irrelevant in choosing a mutual fund. How can this be? But an influential 2004 paper. What’s the problem here? As an example, take Morris Sm...
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Access to Finance | alexedmans.blogspot.com Reviews

https://alexedmans.blogspot.com

Sunday, 26 April 2015. Predicting Mutual Fund Performance Using (Legal) Inside Information. How does an investor choose which mutual fund to invest in? She’ll want a measure of the fund manager’s skill, and the most natural measure is his past performance. But, a ton of research has systematically found that past performance doesn’t predict future performance – it’s irrelevant in choosing a mutual fund. How can this be? But an influential 2004 paper. What’s the problem here? As an example, take Morris Sm...

INTERNAL PAGES

alexedmans.blogspot.com alexedmans.blogspot.com
1

Access to Finance: January 2015

http://alexedmans.blogspot.com/2015_01_01_archive.html

Sunday, 25 January 2015. Dangers of Using a Company-Wide Discount Rate. Any Finance 101 class will emphasize that the appropriate discount rate for a project depends on the project’s own characteristics, not the firm as a whole. If a utilities firm moves into media (e.g. Vivendi), it should use a media beta - not a utilities beta - to calculate the. However, a survey found that 58% of firms use a single company-wide. For all projects, rather than a. We often wonder whether textbook finance theory is rele...

2

Access to Finance: June 2014

http://alexedmans.blogspot.com/2014_06_01_archive.html

Thursday, 26 June 2014. The Effect of the 2014 World Cup on Stock Markets So Far. The 2014 World Cup is now over. After Argentina's loss in the final, its market was up 0.2%, underperforming the world index which rose by 0.6%. Germany's index rose 1.2% - the biggest gainer among the major European indices. Thanks to everyone who followed this post as the World Cup unfolded. A series of three interviews that I did on CNN on the effect of the 2014 World Cup on stock markets is here. Indeed, Commerzbank was...

3

Access to Finance: Reforming CEO Pay - The Dangers of Short-Term Incentives

http://alexedmans.blogspot.com/2014/10/reforming-ceo-pay-dangers-of-short-term.html

Sunday, 12 October 2014. Reforming CEO Pay - The Dangers of Short-Term Incentives. This post originally appeared on LinkedIn. Executive pay is a high-profile topic about which almost everyone has an opinion. Many shareholders, workers, and politicians believe that the entire system is broken and requires a substantial overhaul. But, despite being well-intentioned, their suggested reforms may not be targeting the elements of pay that are most critical for shareholder value and society. Article entitled &#...

4

Access to Finance: January 2014

http://alexedmans.blogspot.com/2014_01_01_archive.html

Tuesday, 28 January 2014. Davos in a Nutshell. General upbeat mood, as tail risks (e.g. likelihood of collapse of Euro) have been significantly reduced. But, more a feeling of relief (absence of negative news that people feared this time last year) than optimism (presence of definitively positive news). Europe looks solid only compared to recent poor performance. Euro-area GDP growth at 1% is still anemic, and uneven across the Euro-zone: concentrated in the poorest countries. European Parliament electio...

5

Access to Finance: How Corporate Credit Ratings Induce Short-Termism

http://alexedmans.blogspot.com/2014/10/how-corporate-credit-ratings-induce.html

Saturday, 25 October 2014. How Corporate Credit Ratings Induce Short-Termism. Credit rating agencies were under particular scrutiny in the recent financial crisis, as critics argue they gave too high ratings to securities that turned out to be toxic. One potential culprit is the "issuer-pays" model, where it is the company being rated that pays for credit ratings, which may encourage rating agencies to be overly-generous to win business. But, a recent paper. By my new LBS colleague Taylor Begley. Simple ...

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Access to Finance

Sunday, 26 April 2015. Predicting Mutual Fund Performance Using (Legal) Inside Information. How does an investor choose which mutual fund to invest in? She’ll want a measure of the fund manager’s skill, and the most natural measure is his past performance. But, a ton of research has systematically found that past performance doesn’t predict future performance – it’s irrelevant in choosing a mutual fund. How can this be? But an influential 2004 paper. What’s the problem here? As an example, take Morris Sm...

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