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buy-and-hold return
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614 documents for buy-and-hold return
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Stop loss strategies can prevent investors from holding their losing investments too long by automatically prompting the sales of losing investments. We examine the impacts of stop loss strategies on the return and risk of individual common stocks. Our results indicate that these strategies neither reduce nor increase investors' losses relative to a buy-and-hold strategy once we extend security returns from past realizations to possible future paths. One unique stop loss mechanism, nevertheless, helps investors to reduce investment risk. These findings suggest that may come largely from risk reduction rather than return improvement.
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NEW YORK - A quick scan of the mutual-fund world shows few portfolio managers have been able to beat the Standard & Poor's index with any sort of consistency. But if you take a look at those who have, you'll find they share some of the same characteristics. As it turns out, the top actively managed performers borrow some of the traits that give index funds an edge, including low turnover, which cuts transaction costs; boosting total return; and long-term buy-and-hold strategies. Using the database of fund-tracker Morningstar Inc., Michael Mauboussin, chief investment strategist at Legg Mason Capital Management in Baltimore, searched for long-term winners.
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We examine the individual and joint relation of discretionary accounting accruals, underwriter reputation, and venture capital backing with the long-run performance of initial public offerings (IPOs). We find that although correlated to some extent, these variables do not manifest the same underlying phenomena in their relation to IPOs' performance. The confluence of the variables is more important than using any one of them individually to identify IPOs that exhibit abnormal long-run stock returns. The combination of their negative aspects helps identify extreme underperformers. We also identify a set of winner IPOs by combining the positive aspects of the three variables.
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NEW YORK - A quick scan of the mutual fund world shows few portfolio managers have been able to beat the Standard & Poor's index with any sort of consistency. If you take a look at those who have, however, you'll find they share some of the same characteristics. As it turns out, the top actively managed performers borrow some of the traits that give index funds an edge, including low turnover, which cuts transaction costs, boosting total return, and long-term buy-and-hold strategies. Using the database of fund-tracker Morningstar Inc., Michael Mauboussin, the chief investment strategist at Legg Mason Capital Management in Baltimore, searched for long-term winners.
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It is widely accepted and known that macroeconomic cycle conditions directly affect the returns and cycle conditions of commercial real estate (Pyhrr, Roulac and Born, 1999). As macroeconomic conditions improve or deteriorate, fundamental demand for commercial real estate will react, thus affecting returns, and often, prices. The authors analyses show that a bottom in real estate prices and returns can occur after the bottom of the macroeconomic cycle occurs; as such, investors can profit by using all available economic and real estate information to make buy and sell decisions. This article examines these questions by simulating the performance of a real estate investor who invests in the National Council of Real Estate Investment Fiduciaries (NCREIF) Property Index (referred to as the...
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The main goal of this study is to analyze a sample of self-underwritten Initial Public Offerings (IPOs) where the going public process is conducted without the participation of any investment bank or underwriter at all. We test the hypothesis that the major incentive to self-underwrite is to maximize the proceeds from the IPO.The firms in this study are considered self-underwritten if and only if they explicitly describe their own IPO as such in the registration statement and the prospectus. This definition is completely new, since most previous academic papers have considered as those where the issuer is an investment bank that also participates in its own IPO. The main conclusion of this study is that there are no significant differences on the level of underpri...
... IPOs experience a mean initial return of 10.8 percent, which is more, though not statist...
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LONDON/NEW YORK (Reuters) - Commodity investments could near half a trillion dollars by the end of 2011 as the return of $100 oil and a broad-based rally heighten interest in the asset class to levels not seen since 2008. But the wave of money now hitting commodities is more sophisticated and discerning than its predecessor three years ago. Investors are increasingly looking for active management rather than "buy-and-hold" plays, which left many counting their losses after the financial crisis hit.
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Using the variance ratio test, we reject the random walk null hypothesis for class A and class B stock market indexes traded on the Shanghai and Shenzhen stock exchanges. Consistent with this result, we find that the ARIMA forecasting model generates more accurate forecasts as compared to the naïve model based on the random walk assumption. We also observe significant positive returns for individual stocks after transaction costs on buy trades generated by the contrarian version of three commonly used technical trading rules: the moving average crossover rule, the channel breakout rule, and the Bollinger band breakout rule.
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... factors that should affect normal returns are developed in Section III. Section IV presents ...
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... on the basis of their ability to generate returns not just relative to competitors but vis-a-vis a c...
