GEORGE ATHANASSAKOS PDF

George Athanassakos is a Professor of Finance and the Ben Graham Chair in Value Investing at Ivey Business School. He has been ranked among the top by Dr. George Athanassakos, Professor of Finance, Ben Graham Chair in Value Investing and Director, Ben Graham Centre of Value Investing – Ivey Business. Dr. George Athanassakos. Professor of Finance Ben Graham Chair in Value Investing & Founder & Managing Director, Ben Graham Centre for Value Investing.

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We find a consistently strong and pervasive value premium over the sample period. Interlisted stocks have a higher value premium than non-interlisted stocks. We document strong seasonality in excess returns of Canadian stocks and government bonds.

While investors understand the benefits of international diversification, as they are attracted to stocks that are different e. Originalityvalue – To our knowledge, this study serves as the first widespread evaluation of VBM methods in Canada and their effect on company and stock price performance.

We find that firms with negative multiples are indeed different than firms with positive athanaasakos that a gorge relatively small number of firms with negative multiples experience high forward stock returns even though the majority of them does not resulting in a large difference between mean and median returns and b the small firm-low liquidity effect observed in positive multiple firms is not as clearly observed in the case of negative multiple firms.

Results show that investment outcomes at short horizons can be quite different from outcomes at longer horizons. He is recipient of teaching awards — his teaching ratings are amongst the highest given at the University, irrespective of whether the seminars taught were in Canada or abroad.

Seasonality is also observed in the value premium. The stocks of AMEX firms, high business risk firms and firms that report extraordinary items experience worse returns than the rest of the US stocks in our sample.

The purpose of this paper is two-fold.

Public lecture by Dr. George Athanassakos (30/5/16) | Athens University of Economics and Business

Value stocks, on average, beat growth stocks even when using the very mechanical screening of the search process. Moreover, our logit regression analysis shows that companies with better stock market performance exhibited higher likelihood of using EVA. The paper investigates two questions a whether there is value premium in a sample of Canadian non-interlisted stocks for the period May 1, April 30,and b whether an additional step to screening for possibly undervalued stocks can be employed to separate the good stocks from the bad ones, as not all low PE stocks are worth investing in.

Richard Ivey Building Our results are consistent with, but, in general, stronger than, those of other Canadian and US studies.

George Athanassakos – The Globe and Mail

We document a consistently strong value premium in all markets examined, which persists in both bull and bear markets, as well as in recessions and recoveries. The paper also shows that a PE based search process does a better job in identifying value stocks and arriving at more consistent athhanassakos sizeable value premium than athanaszakos search process based on PBVs. The purpose of this article is first to examine whether a value geirge exists following a mechanical screening process i.

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We find that a strong and pervasive value premium exists in Canada over our sample periods that persists in bull and bear markets and during recessionsrecoveries. SCORE portfolios give better results for sortings based on PE and when we employed a cross section – time series medians approach.

For more publications please see our Research Database. The second rule is not to forget the first rule. Finally, the paper shows that the difference we observe in value and growth stock return seasonality is not driven by size, but it is rather a pure value effect. We were able to construct a composite score indicator SCOREcombining various fundamental and market metrics, which enabled us to predict future stock returns and separate the winners from the losers among value and growth stocks.

We document a consistently strong value premium over our sample period, which persists in both bull and bear markets, as well as in recessions and recoveries. His books include Derivatives Fundamentals and Equity Valuation: The purpose of this paper is two-fold a to determine whether there is value premium in our sample of US stocks for the period May 1, April 30,and b to examine whether an additional screening to the first step of the value investing process can be employed to separate the outperforming value and growth stocks from the underperforming ones.

We document a consistently strong value premium over the May 1, April 30, sample period, which persists in both bull and bear markets, as well as in recessions and recoveries.

Professor George Athanassakos offers a nine-point checklist for value investors

Prior to joining Ivey, Dr. In the second half of the year, however, the opposite is true. We find that firms with negative multiples are indeed different than firms with positive multiples in that a a relatively small number of firms with negative multiples experience high forward stock returns even though the majority of them does not resulting in a large difference between mean and median returns and b the value, size, liquidity and business risk premiums behave differently for negative vs.

He has prepared studies on the Canadian capital markets and industry analyses for Greece and Canada.

Results remain robust out of sample. Purpose – The purpose of this paper is to determine the extent to which Canadian companies have embraced value-based management VBM methods, identify the characteristics of these companies and of the executives gelrge for the introduction of VBM in their organisations and assess the stock price performance of the companies that use Goerge vs.

Our results are consistent with, but, in general, stronger than, those of other US studies. Link s to publication: Finally, we examine the seasonal behavior of aggregate fund flows into stocks and government of Canada bonds to complement the returns based tests of the gamesmanship hypothesis.

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It is geroge clear, however, whether the SCORE indicator performance is linked to risk as evidence is inconclusive. Athanassakos has also written articles for the Financial Post and currently writes, as a guest columnist, about investments and economic and financial topics in The Atjanassakos and MailCanada’s largest daily newspaper, and the Canadian Investment Review.

Using separately AMEX, NASDAQ and NYSE stock market data for the periodthe purpose of this paper is to examine whether negative multiple firms are different from positive ones by examining the performance of negative PE or PB firms and how this performance compared with the most widely examined positive multiples firms.

This article attempts to demonstrate that Internet venture valuations are not subject to different valuation standards and rules, even though one needs to expand on the traditional valuation approach to make it applicable to internet valuations. All robustness tests substantiate and consolidate the support for the gamesmanship hypothesis. Furthermore, this article demonstrates that value investors do add value, in the sense that their process of selecting truly undervalued stocks, via in-depth security valuation of the possibly undervalued stocks and arriving at their investment decision using the concept of ‘margin of safety’, produces positive excess returns over and above the naive approach of simply selecting low PEPBV ratio stocks.

Athanassakos has been ranked among the top 10 researchers in Canada by research published in Financial Management and athanzssakos the top 10 Canadian professors by the Globe and Mail. We also find that the return of a portfolio strategy that buys sells stocks that rank low high in the composite score indicator has significant explanatory power in an asset pricing model framework. Usted ya se ha pre-inscrito, gracias.

Recent research suggests that biology plays a significant role in determining investment style.

Rules to identify potentially undervalued stocks. Evidence is provided in favour of time diversification, while the current market Practice of life cycle investing is not fully supported as stocks continue to exhibit more favourable risk-return payoffs than other asset classes, even at shorter time intervals.

Public lecture by Dr. George Athanassakos (30/5/16)

Results are stronger for interlisted than noninterlisted stocks. Second, to examine whether an additional screening to the first step of the value investing process can be employed to separate the good value stocks from the bad ones. Accede mediante Facebook Accede mediante Twitter Accede mediante mail.

Firms that are georg visible to American investors are traded more heavily in the U. We find that PE based sortings produce better overall results than sortings based on PB. In this paper, we document the following: The statistical analysis that follows the tabulation of survey results indicates companies that used EVA had a better stock price performance than those not using EVA.