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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Public lecture by Dr. George Athanassakos (30/5/16)
Athanassakos has been ranked among the top 10 researchers in Canada by research published in Financial Management and among 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.
The purpose of this article is first to examine whether a value premium exists following a mechanical screening process i.
Designmethodologyapproach – The study is based on a survey of CEOs of a large sample of Canadian companies and examines the relation of a number of explanatory variables, including stock price performance, to the probability of using VBM versus not using VBM via a regression analysis of qualitative choice, namely logit analysis. First, to determine whether there goerge value premium in our sample of Canadian non-interlisted and interlisted stocks for the period May 1, April 30, We find that PE based sortings produce better overall results than sortings based on PB.
Evidence is provided in favour of time diversification, while the current market Practice of athanassamos 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. Richard Ivey Building En Value School trataremos tus datos personales con el fin de atender tu consulta y ponernos en contacto contigo.
Our results are consistent with, but, in general, stronger than, those of other Canadian and US studies. 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.
Interlisted stocks have a higher value premium than non-interlisted stocks. Use “margin of safety” to do portfolio choices and limit risk beyond diversification.
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. Se ha dado de athanadsakos correctamente en nuestra newsletter. For more publications please see our Research Database. The other difference between interlisted atjanassakos non-interlisted firms is with regards to stock liquidity, debt to equity and market cap metrics, as well as to the fact that a typical size effect does not exist for interlisted stocks.
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.
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 Globe and MailCanada’s largest daily newspaper, and the Canadian Investment Review. Skip to Main Content. 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.
For both non-interlisted and interlisted stocks, we document a consistently strong value premium over the sample period, which persists in both bull and bear markets, as well as in recessions and recoveries for noninterlisted stocks, but less so for interlisted stocks.
This indicates that prior academic research was right in excluding negative multiple firms from their analysis. Warren Buffett “The first rule is not to lose money.
This paper sheds light on the individual characteristics associated with investment style. Prior to joining Ivey, Dr. The opposite is true for government of Canada bonds. This indicates that prior academic research was right in excluding negative multiple firms from their analysis as inclusion would have affected the homogeneity of their sample and would have diluted their findings and tests of significance. The paper provides support for the popular expression ‘Sell in May and Go Away’, as the average performance of risky securities is higher in the November to April period than the May to October period.
He has been ranked among the top 10 researchers in Canada and among the top 10 Canadian professors. Firms that are more visible to American investors are traded more heavily in the U.
Break out groups of students work on each valuation exercise athanasswkos class time for about an hour and a half. The observed high PE ratios may make most investors turn away from such investments, although the high PE ratios may be justified based on the option to great riches in the future and the lower risk associated with Internet ventures’ cash flows in the future given successful progression through early phases.
Moreover, our logit regression analysis shows that companies with better stock market performance exhibited higher likelihood of using EVA. We are able to construct a composite score indicator SCOREcombining various fundamental and market metrics, athanassalos enable us not only to separate the winners from the losers among value and growth stocks, but also to predict future returns of value and growth stocks.
A vast literature documents the importance of individual personality in explaining variation in choice, yet many questions remain regarding the determinants of investment choices.
It is not clear, however, whether the SCORE indicator performance is linked to risk as evidence is inconclusive. 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.
At the same time, firms that offer diverse risk characteristics are attractive to Americans. Research Publications To search for publications by a specific faculty member, select the database and then select the name from the Author drop down menu. The seminar spans 5 business days 35 hours and consists of 2 segments. geoorge
GEORGE ATHANASSAKOS – Among the top 10 researchers in Canada |
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. The second segment provides an opportunity to apply these principles by working on, discussing and demonstrating their application through a number of valuation of real life companies.
Second, to examine whether an additional screening to the first step of the value investing process can be employed to separate the good athanassaoks stocks from the bad ones. The second rule is not to forget the first rule. In this paper, we document the following: