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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Results are stronger for interlisted than noninterlisted stocks.
Richard Ivey Building He has researched extensively the Canadian Capital Markets, Stock and Bond Market anomalies, and Bond and Equity valuation athaanassakos both from a traditional valuation and Value Investing point of view. 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. We are able to construct a composite score indicator SCOREcombining various fundamental and market metrics, which enables us to predict future stock returns and separate the winners from the losers among value stocks.
Public lecture by Dr. George Athanassakos (30/5/16) | Athens University of Economics and Business
Interlisted stocks have a higher value premium than non-interlisted stocks. This paper sheds further light on the value premium by providing out-of-sample tests using Canadian data over the period and a search process that involves both PE and PBV ratios.
Findings – The study finds that value-based management methods are widely used in Canada, with the likelihood of usage being higher for larger companies with younger and more educated executives with an accountingfinance background. We show that there are distinct differences between US exchanges which means that papers that aggregate all US exchanges under one umbrella may dilute findings qthanassakos bias conclusions. Prior to joining Ivey, Dr.
The paper also shows that a PE based search process does a better job in identifying value stocks and arriving at more consistent and sizeable value premium than a search process based on PBVs. 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.
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.
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.
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. All robustness tests substantiate and consolidate the support for the gamesmanship hypothesis. Using Canadian data for the periodthis paper provides evidence in support of the gamesmanship hypothesis. 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.
Rules to identify potentially undervalued stocks. First, to determine whether there is value premium in our sample of Canadian non-interlisted and interlisted stocks for the period May 1, April 30, 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 responsible for the introduction of VBM in their organisations and assess the stock price performance of the companies that use VMB vs.
While investors understand the benefits of international diversification, as they are attracted to stocks that are different e. We find that PE based sortings produce better overall results than sortings based on PB.
Learn how value is created. This paper sheds light on the individual characteristics associated with investment style. In this paper, we document the following: The findings, which are pervasive across all markets examined, are consistent with the gamesmanship hypothesis and portfolio rebalancing by professional portfolio managers. 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.
In terms of explaining the drivers of the value premium, having looked at this question from many angles, we conclude that the evidence is mixed. Designmethodologyapproach – The study is based on a survey of CEOs of a large sample of Canadian companies and examines the relation athanassa,os 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.
It seems that both risk and mispricing may play a role in sthanassakos the value premium, although the scale of athanawsakos evidence seems to tilt more to the side of mispricing.
Results show that investment outcomes at short horizons can be quite different from outcomes at longer horizons. Our results are consistent with, but, in general, stronger than, those of other US studies.
However, the seasonality in the excess returns of the Canadian government bonds is opposite in direction from that of the Canadian stocks. CV Motivation letter Payment of the registration fee English knowledge.
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. Originalityvalue – To our knowledge, this study serves as athanassakod first widespread evaluation of VBM georgr in Canada and their effect on company and stock price performance.
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 athanassakos losers among value and growth stocks. 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.
Moreover, our logit regression analysis shows that companies with better stock market performance exhibited higher likelihood of using EVA. Firms that are more visible to American investors are traded more heavily in the U. The purpose of this article is first to examine whether a value premium exists geprge a mechanical screening process i.
Public lecture by Dr. George Athanassakos (30/5/16)
In the second half of the year, however, the opposite is true. This indicates athanasdakos prior academic research was right in excluding negative multiple firms from their analysis. 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 paper extends this analysis to both value and growth stocks. The value premium, in general, remains positive and statistically significant over time.
Strategies to create portfolios which will outperform in the long run. Growth stocks exhibit weaker athnaassakos than value stocks. Recent research suggests that biology plays a significant role in determining investment style. This is because while portfolio managers seem to rebalance aggressively into value stocks at the beginning of the year, they switch out of growth stocks more aggressively in the second half of the year, thus negating the argument that value stocks bear more risk that growth stocks.
Practical implications – The study implies that the lower usage of EVA in Canada, especially at the corporate level, provides some explanation for georfe stock market under-performance of the Canada market tahanassakos the USA in the s.