By Gary G. Schlarbaum, Robert L. Hagin, Barr Rosenberg, Meir Statman, Kenneth N. Levy Bruce I. Jacobs, Jeffrey L. Skelton, H. Russell Fogler, Preston W. Estep, Eric H. Sorensen, Dean LeBaron, Wayne H. Wagner, Michael L. McCowin Paul H. Aron
Advancements in fairness securities markets have pressured many traders to reconsider their fairness funding innovations. This complaints addresses the increasing inspiration of industry potency in addition to the improvement of funding concepts that try to reap the benefits of obvious industry inefficiencies.
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Short-term losses were more valuable as tax shelters than long-term losses before the 1986 tax reform. Therefore, it should have been optimal for taxable investors to sell their losers just prior to their becoming long-term in nature, rather than waiting until year-end-an artificial calendar date-to transact. But investors do not necessarily behave as rationally as conventional theory postulates. Behavioral models, like those put forth by Meir Statman, may hold the key to TABLE 3. January vs. 08* * 10% significance for Jan versus Non-Jan ** 1% significance for Jan versus Non-Jan Source: Jacobs Levy Equity Management understanding some of the anomalous pricing behavior we have discussed.
A stock that goes up brings not only profits, but also pride. The responsibility that brings profits and the joy of pride when a decision turns out to be right, however, also brings losses and the pain of regret when it turns out to be wrong. Investors trade because they want to experience the joy of pride that accompanies a gain. The problem with trading is that decisions might turn out to be wrong and inflict the pain of regret. Investors try to increase the amount of pride and reduce the amount of regret through several devices.
First, let us examine the evolution of common stock strategies, with particular attention to the influence of academic thought. Prior to 1970, the investment norm was traditional security analysis and stock picking. But by 1970, the notion of the random walk and the efficient market hypothesis (EMH) was being disseminated; by 1977, the EMH had substantial empirical support. At that time, indexed funds were a revolutionary product and a natural outgrowth of the efficient market hypothesis. By 1978, however, there was growing empirical evidence of contradictions to the efficient market hypothesis.
Equity Markets and Valuation Methods by Gary G. Schlarbaum, Robert L. Hagin, Barr Rosenberg, Meir Statman, Kenneth N. Levy Bruce I. Jacobs, Jeffrey L. Skelton, H. Russell Fogler, Preston W. Estep, Eric H. Sorensen, Dean LeBaron, Wayne H. Wagner, Michael L. McCowin Paul H. Aron