Friday, April 11, 2014

MoneyScience News

MoneyScience News

Vendor News: April 11, 2014 - SS&C GlobeOp Hedge Fund Performance Index: March performance -1.03%; Capital Movement Index: April net flows decline 0.48%

Posted: 11 Apr 2014 07:39 AM PDT

Blog Post: iMFdirect: Arab Economic Transformation Amid Political Transitions

Posted: 11 Apr 2014 07:38 AM PDT

By Masood Ahmedread more...

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Blog Post: TheAlephBlog: I'm Not in This for Love

Posted: 11 Apr 2014 07:32 AM PDT

Much as I appreciate those who like what I write at this blog, I don’t write to be loved.  I don’t write to be hated, either.  I am sensitive to what people think of me, but not to the degree that it changes what I write.read more...

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Vendor News: Infosys Board of Directors Commences Search for Mr. S.D. Shibulalâs Successor

Posted: 11 Apr 2014 07:30 AM PDT

Infosys Limited announced today that the Nominations Committee of the company’s Board of Directors has begun the search to select the successor to Mr. S.D. Shibulal, Chief Executive Officer (CEO) and Managing Director (MD).

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Blog Post: TheFinancialServicesClub: The Age of the Password is over

Posted: 11 Apr 2014 07:29 AM PDT

I saw a great but scary presentation this week from Kamran Meer, Chief IT Security Officer at Bank Alfalah, the sixth largest bank in Pakistan.read more...

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Published / Preprint: Do Security Analysts Speak in Two Tongues?

Posted: 11 Apr 2014 12:35 AM PDT

Why do security analysts issue overly positive recommendations? We propose a novel approach to distinguish strategic motives (e.g., generating small-investor purchases and pleasing management) from nonstrategic motives (genuine overoptimism). We argue that nonstrategic distorters tend to issue both positive recommendations and optimistic forecasts, while strategic distorters "speak in two...

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Published / Preprint: Investor Networks in the Stock Market

Posted: 11 Apr 2014 12:35 AM PDT

We study the trading behavior of investors in an entire stock market. Using an account level dataset of all trades on the Istanbul Stock Exchange in 2005, we identify investors with similar trading behavior as linked in an empirical investor network (EIN). Consistent with the theory of information networks, we find that central investors earn higher returns and trade earlier than peripheral...

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Published / Preprint: Household Debt and Social Interactions

Posted: 11 Apr 2014 12:35 AM PDT

Can concern with relative standing, which has been shown to influence consumption and labor supply, also increase borrowing and the likelihood of financial distress? We find that perceived peer income contributes to debt and the likelihood of financial distress among those who consider themselves poorer than their peers. We use unique responses describing perceived peer characteristics from a...

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Published / Preprint: Liquidity Shocks and Stock Market Reactions

Posted: 11 Apr 2014 12:35 AM PDT

We find that the stock market underreacts to stock-level liquidity shocks: liquidity shocks are not only positively associated with contemporaneous returns, but they also predict future return continuations for up to six months. Long-short portfolios sorted on liquidity shocks generate significant returns of 0.70% to 1.20% per month that are robust across alternative shock measures and after...

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Published / Preprint: Board Expertise: Do Directors from Related Industries Help Bridge the Information Gap?

Posted: 11 Apr 2014 12:35 AM PDT

We analyze the role of "directors from related industries" (DRIs) on a firm's board. DRIs are officers and/or directors of companies in the upstream/downstream industries of the firm. DRIs are more likely when the information gap vis-à-vis related industries is more severe or the firm has greater market power. DRIs have a significant impact on firm value/performance, especially when...

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Published / Preprint: The Year-End Trading Activities of Institutional Investors: Evidence from Daily Trades

Posted: 11 Apr 2014 12:35 AM PDT

At year-end, some allege that institutional investors try to mislead investors by placing trades that inflate performance (portfolio pumping) or distort reported holdings (window dressing). We contribute direct tests using daily institutional trades and find that year-end price inflation derives from a lack of institutional selling rather than institutional buying. In fact, institutional buying...

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Is Your Portfolio Set Up to Withstand Economic Uncertainty?

Posted: 19 Mar 2014 06:58 AM PDT

Is Your Portfolio Set Up to Withstand Economic Uncertainty?read more...

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Guest post: Do you have to be Abnormal to beat the Market ? By Peter Urbani, CEO KnowRisk Consulting

Posted: 05 Mar 2014 12:10 PM PST

In Mel Brooks's classic 1974 comedy, Young Frankenstein, the grandson of the original Dr Frankenstein (Gene Wilder) dispatches his faithful assistant Igor (brilliantly played by Marty Feldman) to steal a brain for his creation from a nearby laboratory. In his usual fashion Igor bungles it and brings back the wrong brain. When it becomes apparent that all is not well with the monster, Dr...

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