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Institute, Brandes - 2011

In 1994, Josef Lakonishok, Andrei Shleifer, and Robert Vishny published a landmark study investigating the performance of value stocks relative to glamour securities in the United States over a 26-year period. Their research concluded that value stocks tended to outperform glamour stocks by wide...

Persistent link: https://www.econbiz.de/10013121790

Global, Local, and Contagious Investor Sentiment

Baker, Malcolm P. - 2012

We construct investor sentiment indices for six major stock markets and decompose them into one global and six local indices. In a validation test, we find that relative sentiment is correlated with the relative prices of dual-listed companies. Global sentiment is a contrarian predictor of...

Persistent link: https://www.econbiz.de/10013117002

Sovereign Wealth Funds’ Internationalization Strategies : The Use of Investment Vehicles

Murtinu, Samuele - 2016

In this work, we study the strategies driving cross-border sovereign wealth fund (SWF) investments worldwide. In particular, we investigate how SWFs internationalize their activities, studying whether the use of investment vehicles as signal of passive investment approach to access foreign...

Persistent link: https://www.econbiz.de/10013004732

Impact of COVID-19 Pandemic on Global Economy

Abba Ahmed, Bello - 2020

This paper examined the effect of COVID-19 pandemic on the global economy. The study employed an analytical approach reviewing the most recent literature COVID-19 global Statistics, oil price, policy responses and stock market. It was discovered that COVID-19 has spread to well over 200...

Persistent link: https://www.econbiz.de/10014091301

Value vs. Glamour : A Global Phenomenon

Institute, Brandes - 2015

In previous versions of our Value vs. Glamour study we have explored the historical performance of stocks based on their fundamental characteristics and quantified a value premium. Results have shown that over the long term, unpopular “value” stocks, those that are associated with companies...

Persistent link: https://www.econbiz.de/10013009927

Global Market Inefficiencies

Bartram, Söhnke M. - 2020

Using point-in-time accounting data, we estimate monthly fair values of 25,000 stocks from 36 countries. A trading strategy based on deviations from fair value earns significant risk-adjusted returns (“alpha”) in most regions, especially the Asia Pacific, that are unrelated to known...

Persistent link: https://www.econbiz.de/10012851719

The Global Menu of Funds

Betermier, Sebastien - 2020

We analyze the names of over 39,000 equity mutual funds sold in 77 countries between 1931 and 2016 in order to provide an aggregate perspective on the global evolution of mutual fund offerings. Despite the previously documented high degree of fund proliferation, we find that country-level fund...

Persistent link: https://www.econbiz.de/10012848001

One Global Village? Competition in the International Active Fund Management Industry

Feldman, David - 2020

We introduce an international active fund management model in which competing managers have heterogeneous incentives (effort productivities, costs) for searching domestic/foreign investment opportunities. In equilibrium, the domestic/foreign incentives heterogeneity gives rise to a novel...

Persistent link: https://www.econbiz.de/10012850222

Catering Through Globalization : Cross-border Expansion and Misallocation in the Global Mutual Fund Industry

Cheng, Si - 2020

Efficient financial globalization should reward high-skilled financial institutions and punish low-skilled institutions …. We show that the globalization of the mutual fund industry in the beginning of the century has exhibited the opposite … pattern: low-skilled companies can benefit from globalization by catering to the demand of unsophisticated investors for …

Persistent link: https://www.econbiz.de/10012852435

Commonality in Mutual Fund Flows and Global Market Integration

Nguyen, Anh Tuan; Rakowski, David A. - 2022

We examine global integration in the market for asset management, as indicated by the correlation of mutual fund flows across domiciles. We observe no leading role for the US relative to flows in other domiciles. We do observe a strong global factor in MF flows, and global integration is linked...

Persistent link: https://www.econbiz.de/10013307925

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