Joao Gomes’ Post

Congratulations to Finance & Business Analytics @ Adelaide Business School academic Shunji Mei, and the co-authors Hasibul Chowdhury, Beiqi Lin, Kelvin J.K. Tan (from the The University of Queensland) and Lei Zhang (City University of Hong Kong) for their publication titled "Does Exchange-traded Fund Ownership Affect a Firm’s Expected Crash Risk?" in the European Accounting Review. The authors examine the effect of equity ownership by exchange-traded funds (ETFs) on the expected (ex ante) crash risk of the underlying securities. They find a positive relationship between ETF ownership and the firm’s expected crash risk. The findings suggest that ETFs increase #informationopacity, leading managers to withhold negative news, which in turn amplifies the anticipated #crashrisk. They also demonstrate a positive causal relationship between ETFs and expected crash risk by using the Russell 1000/2000 index reconstitution as an instrument for ETF ownership and ETF initiation as staggered exogenous shocks on ETF ownership. Moreover, this association becomes more noticeable when ETF ownership is broader, the ETF is larger, and the company’s information environment is more opaque. The article can be accessed using the following link: https://lnkd.in/gnJFgkzT #finance #research #university #businessschools #ETF

Research from The Johns Hopkins University - Carey Business School Business School suggests #LPs considering #largecapPEfunds may want to think twice. Expert analysis by Alex Lynn and @Adam Le #Privateequity’s #largestfunds have gotten to where they are through, among other considerations, the promise of better #returns than #publicmarkets. New research calls these #claims into question.  According to a study by Jeff Hooke, a senior finance lecturer who specialises in alternatives at Johns Hopkins Carey Business School, the industry’s brand-name #largecaps are facing two significant issues. 1. The first is that they deliver a rather #negligiblepremium to #publicmarkets; 2. the second is that they are holding onto a substantial proportion of #unsoldassets... That is one of many reasons why value-/faitb-based LPs should consider investing into impact-first innovative emerging fund managers such as Invisible Heart Ventures’ (IHV2) https://lnkd.in/ep3xWQTS

Congratulations my colleagues on Fidelity’s Quantitative Research and Investments (QRI) team for publishing an article in the Journal of Beta Investment Strategies on systematic and factor investing. Reach the full article here: https://bit.ly/3TJ0GuI

Congratulations to the newly appointed members of the Advisory Council and Editorial Board of the Financial Analysts Journal, a leading journal for investment industry professionals from the Research and Policy Center. Their wealth of experience spanning global investment management and academia promises invaluable insights, and on behalf of CFA Institute, I’d like to welcome them aboard. Read more about the recent Financial Analysts Journal appointments: https://bit.ly/3vDcTZs #CFAInstitute #FinanceLeadership #InvestmentManagement

WM Nexus Summer Round Table Discussions- Spotlight on Equities   We are pleased to announce the line up for our Spotlight on Equities Round Table Discussions on 27 June. We have fabulous speakers with a specific focus on equities:   Will Dobbs from Charles Stanley – equity specialist – moderating and providing an equities market overview Bill Smead from Smead Capital Management – industry veteran with 43 years experience at some of the leading managers – discussing US Value Kaushik Suresh and Michael McBrinn from Generation Investment Management, founded by Al Gore and David Blood and specialising in providing both sustainability and financial returns – covering Asian Equities with an impact lens M Burguet from Marlowe Capital – Portfolio Manager at Marlowe Capital, a macro investment fund focused on banks equities, specialist on macro dynamics applied to the financial sector and research associate at the Systemic Risk Centre of the a London School of Economics - focusing on the macroeconomic situation in the western world and its impact on banks   The Summer Round Tables are for an exclusive guest list of UHNWs, Family Offices, Wealth Managers & Family Office Advisors. For more information, please message us. #equities #asianequities #impactinvesting #USValueEquities #banking #macroeconomics #economicrecovery #familyoffices #wealthmanagement #privateclient #investmenttrends

Want to gain valuable insight from one of New Zealand's largest and most prestigious investment firms? Want to learn more advanced quantitative techniques in stock valuation? Well, come along to Craigs Stock Pitching - Part 2, running from 6:00pm onward on the 9th of May in OGGB Case Room 3 (260-055) Building on from the first tutorial in our Stock Pitching series, this is an excellent chance to learn and hear directly from representatives at Craigs and how they analyse a stock from a more numbers-based and measurable point-of-view. This tutorial will provide a deep dive into quantitative stock analysis, in particular, examining the DCF (Discounted Cash Flow) valuation method. We intend to break down any technical barriers and gaps in knowledge that students may have, making the competition approachable for first-timers and returning participants alike, and so we highly recommend it, especially if you have no prior finance knowledge! Event details: When: 9th of May, 6:00- 8:00pm Where: OGGB Case Room 3 (260-055) Note: You do not need to be participating in the Craigs Stock Pitch Competition to attend this educational event.

Hello, Connections! I’m excited to share the second installment of my equity research summaries. This continues my journey of applying my financial analysis knowledge from CIMA and courses on stock and derivatives markets. I’m eager to further refine my research skills and present more intriguing investment options. Disclaimer: These summaries are not stock recommendations. Always conduct your own research before investing. #equityresearch #investing #stockmarket

Terrific work, Antti Petajisto. Your study clearly underscores the need for accelerated tax-neutral diversification strategies for concentrated stock positions. Brooklyn Investment Group's tax-managed 130/30 strategies can help.

Do private equity investors have an unfair advantage over their public market peers? It might seem like a controversial opinion, but a close examination of the key inputs into PE investor decision-making compared to their public market peers yields some fascinating insights. And it’s not just an academic consideration. Some of the largest investors in the world are aligning their public market investing with these private equity principles. You can learn the factors they have spotted that could boost their returns on the World Economic Forum : https://lnkd.in/eteDNRZ Which group has the more significant structural advantage, private or public market investors? #Investing #PrivateEquity #PublicMarkets

Nice article from BlackRock. Thanks to Andrew Ang for sharing it. My co-authors and I are almost complete a new paper which imposes empirical realism to trading (and back testing) corporate bond systematic strategies (we test over 200 strategies/factors). We develop software which incorporates the complex relationships between corporate bond trade size, bid-ask spreads, and trading delays. Of the 200 active factors/strategies we consider, only 3 generate net of cost alphas relative to a BlackRock passive bond market ETF. We intend to fully open source the software (and data where possible) along side the working paper. Much more to come very soon!