University of Auckland Investment Club’s Post

Alhumdulillah! 🙏 I am thrilled to share that I have successfully defended my PhD thesis today! 🎓✨ My research delves into the intricate relationship between Financial Reporting Quality (FRQ) and Investment Efficiency, across developed, emerging, frontier, and other markets. It uncovers how country-level investor protection, financial constraints, and managerial risk-taking significantly shape this relationship. The study spanned data from 21,741 publicly listed firms across 36 countries, covering 41 industries over a period of 25 years. Key insights show that better FRQ positively impacts investment efficiency in both over- and under-investment scenarios. Furthermore, this impact strengthens under conditions of higher investor protection, greater financial constraints, and reduced managerial risk-taking. I'm deeply grateful for all the support throughout this journey especially Dr. Nabeel Safdar, Dr. Saadia Irfan, and I'm excited about what comes next as I contribute these findings to the global conversation on financial reporting and investment efficiency. #PhD #FinancialResearch #InvestmentEfficiency #FinancialReporting #InvestorProtection #RiskManagement #OverInvestment #UnderInvestment #EmergingMarkets #DevelopedMarkets #FrontierMarkets #NUST #NBS

After five years in which abundant government support kept the global wheels turning, it's important to focus on the key themes shaping the global landscape in the coming months. Learn about the 3 key themes for Q4 from Henk-Jan Rikkerink, Fidelity’s Global Head of Solutions & Multi Asset in the comment section. #FidelityInternational #InvestmentOutlook #InvestmentTrends #macroeconomics #investing #CH Marketing Communication - For professional investors only - Capital at risk

Our #investment process is guided by a hundred years of empirical data, decades of academic research by renowned economists and the practices of leading institutional investors. https://buff.ly/3RnFCX6

Explore Moody's Senior Economist Ermengarde Jabir PhD's compelling analysis with her "By the Numbers" article recently published alongside The Moody's CRE Market Pro collaboration with Site to do Business in the summer issue of The CCIM Institute Connections [pp. 28-29]: https://lnkd.in/g_c8xAWR Delve into key economic trends and market insights, uncovering the factors driving commercial real estate into a transformative phase and the proactive solutions in place to navigate this shift.

We are pleased to announce the first recipients of our research grants for junior researchers in the field of behavioral finance. The selection committee evaluated many high-quality submissions and selected sixteen proposals for funding. Today, we introduce five of these. Congratulations to the recipients! We wish you luck with your projects and look forward to keeping you all updated on the outcomes they will achieve. Memory and Uncertainty Attitudes towards Cryptocurrencies - Giovanni Burro How does financial advice affect beliefs and investments? - Monika Burckhardt Financial Advice and Sustainable Investments - Philip Schnorpfeil Executive Social Skills and Company Performance - Daniel Evans Self-fulfilling Illusions - Johan de Jong

Congratulations to my colleagues Mikheil Esakia and Felix Goltz for winning the distinguished 2023 Graham and Dodd Award of Excellence, what an incredible achievement!   At the heart of this thoughtful research paper they propose a methodology to build equity portfolios that target exposure to macroeconomic risks, namely short-term interest rates, term spread, credit spread and expected inflation, by applying forward-looking macroeconomic variables. To do so, they apply a set of robust measurement tools to estimate stock-level macro exposures out of sample, i.e. verifying the validity on long-term data points not used for the initial estimation.   This concept not only provides investors with an invaluable framework to understand unintended exposure to macroeconomic risks within their existing equity portfolios, but furthermore, allows investors to construct dedicated stock-level equity portfolios, aiming to protect themselves from sudden changes in economic conditions, such as surprises in interest rates.   Access to the research 👉 https://lnkd.in/drmPsi-r   Follow us Scientific Beta

Video tutorial: Macro-quantamental indicators An introduction to the current industry standard (JPMaQS). Free trials for institutional investors via J.P. Morgan. Special targeted access for academic research. https://lnkd.in/ehtGHtCq

🌟 𝗧𝗵𝗲 𝗘𝘃𝗼𝗹𝘂𝘁𝗶𝗼𝗻 𝗼𝗳 𝗠𝗮𝗿𝗸𝗲𝘁 𝗘𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆: 𝗞𝗲𝘆 𝗣𝗼𝗶𝗻𝘁𝘀 🌟 𝟭𝟵𝘁𝗵 𝗖𝗲𝗻𝘁𝘂𝗿𝘆 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻𝘀: Reuter's pigeon service for rapid information transfer. 🐦 Telegraph invention by Samuel F. B. Morse, accelerating real-time info flow. 📡 𝗘𝗮𝗿𝗹𝘆 𝟮𝟬𝘁𝗵 𝗖𝗲𝗻𝘁𝘂𝗿𝘆 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀: Charles Conant highlighted markets' role in accurate pricing and economic decisions. 💡 𝗠𝗶𝗱-𝟮𝟬𝘁𝗵 𝗖𝗲𝗻𝘁𝘂𝗿𝘆 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁: 𝗘𝘂𝗴𝗲𝗻𝗲 𝗙𝗮𝗺𝗮 formalized the Efficient Market Hypothesis (EMH), asserting that stock prices reflect all available information. 📈 𝗣𝗼𝘀𝘁-𝟮𝟬𝟬𝟴 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗖𝗿𝗶𝘀𝗶𝘀: EMH faced scrutiny as asset prices sometimes deviated from fundamental values. 📉 Textbooks and scholars revised their stance, acknowledging market imperfections. 📚 𝗖𝘂𝗿𝗿𝗲𝗻𝘁 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴: EMH is seen as a useful but imperfect model, balancing market rationality with psychological influences. ⚖️ Understanding the evolution of market efficiency is crucial for navigating the complex world of investing. #finance #market #investment

When it comes to academic research, impact can take many forms. Our latest Core Insights article on award winning research by Cesare Robotti, Philippe Mueller, and Alexander Dickerson at University of Warwick - Warwick Business School is a great example. They identified crucial flaws in the data that researchers used to create a new four-factor model for predicting returns in the corporate bond market. The model had been widely cited by academics and used by the asset management industry - creating misleading information for investors. In other words, it had a negative impact. It has now been retracted. Meanwhile, the Warwick Business School paper has prompted a new wave of research contributing to the literature on corporate bonds. It recently won the prestigious FAMA-DFA Prize for its positive impact. Congratulations to everyone involved in this important research. You can read the Core Insights article here: 👉 https://lnkd.in/eK73AVj8 #CoreInsights #WarwickBusinessSchool #WBS #research #finance #markets #corporatebonds

Congratulations to UTS Finance Department PhD #graduate Dr Inji Allahverdiyeva. Her thesis was “Frauds in Finance: Prevalence, Determinants, and Consequences”. Inji has recently started as a Market Intelligence Data Analyst at Australian Securities & Investments Commission (ASIC). Inji deeply grateful to her co-author Dr Nihad Aliyev for his valuable contribution to her #dissertation. Inji would like to express her gratitude to her #PhD #supervisor, Professor Talis Putnins and her supervisory panel Profs. Kathy Walsh, Harald (Harry) Scheule, and David Michayluk. She would also thank her friends and colleagues Profs. Tony He and Isa Hafalir, and Dr Elif Incekara-Hafalir for giving valuable advice during her PhD. Thanks also go to A/Prof Christina Nikitopoulos, Dr Kristoffer Glover, and Andrea Greer who tirelessly supported and facilitated her academic journey. She extends her heartfelt appreciation to her fellow PhD colleagues and #friends, Ali Vergili, Aleksandra Erakhtina, Xinyi Deng, Vladislav Pyzhov, Chung Mai for their #friendship and shared experiences during this doctoral journey. Finally, she dedicates this dissertation to her family. She is full of gratitude to her mother Gulnara, her father Sehran, her sister Besti, her brother Toghrul, and her husband Nihad for their unconditional love. Download thesis: https://lnkd.in/gAqnPnu7 The #thesis investigates various aspects of #fraud in financial markets. The first study explores whether public #distrust of the #finance sector is justified. It estimates that up to one-third of U.S. financial advisers are prone to #misconduct, leading to client losses and reduced assets under management. The study also provides a list of characteristics to help consumers, advisory firms, and #regulators identify adviser misconduct. The second study shows that market manipulation has real #economic effects. Manipulation distorts stock price signals, making them less useful for firm managers evaluating #investment opportunities and reducing the sensitivity of firms' #investments to stock prices and operating performance. The third study estimates that about half of the tokens on major decentralized exchanges are #scams, causing around $1.5 billion in losses to #investors. The study also develops a scam index as an early warning tool to detect scams before investors are harmed and characterizes the #scammers, victims, and their interactions. The fourth study documents that experiencing a scam lowers investors' likelihood of falling for another, but it also reduces their future returns on non-scam investments. Overall, this thesis quantifies and characterizes different forms of fraud in finance. Understanding how frauds work, how common they are, and their consequences is crucial to developing a fair financial system that works for everyone. #financialmarkets #financialadvisers #marketmanipulation #marketmicrostructure #financialregulation #investing #decentralizedexchanges #financialsystem