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110. Institutional investors, analyst following, and the January anomaly

Author

Ackert, Lucy F. and Athanassakos, George

Subjects
Financial analysts -- Research, Institutional investments -- Research, Investment analysis -- Research, Banking, finance and accounting industries, Business
Abstract

Evidence shows that average stock returns are lower in January, particularly in small and low stock price firms. It is argued that this is due to gamesmanship, rather than tax loss selling.

Published
2000

117. Visibility, Institutional Preferences and Agency Considerations.

Author

Athanassakos, George

Subjects
PORTFOLIO management (Investments), INSTITUTIONAL investments, INVESTORS, INVESTMENT analysis, INVESTMENTS, FINANCIAL institutions
Abstract

We show that market frictions and agency considerations are important concerns when institutional investors make portfolio allocation decisions. For a sample of widely followed firms, institutional holdings increase with increases in visibility as measured by the number of analysts following the firm. We also report a significant seasonal pattern in institutional holdings consistent with the gamesmanship hypothesis, which asserts that institutions rebalance their portfolios in response to agency considerations. Finally, we find that excess returns are highly seasonal with performance, deteriorating when the following by financial analysts increases. "Followed" firms actually exhibit inferior market performance over the 1981-1996 sample period. [ABSTRACT FROM AUTHOR]

Published
2001

119. Visibility, Institutional Preferences and Agency Considerations

Author

Ackert, Lucy and Athanassakos, George

Abstract

We show that market frictions and agency considerations are important concerns when institutional investors make portfolio allocation decisions. For a sample of widely followed firms, institutional holdings increase with increases in visibility as measured by the number of analysts following the firm. We also report a significant seasonal pattern in institutional holdings consistent with the gamesmanship hypothesis, which asserts that institutions rebalance their portfolios in response to agency considerations. Finally, we find that excess returns are highly seasonal with performance, deteriorating when the following by financial analysts increases. "Followed" firms actually exhibit inferior market performance over the 1981-1996 sample period.

Published
2001
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120. What do value investors believe in? Value investing is a strategy that involves buying undervalued stocks. These are the three key principles you'll need to know.

Author

ATHANASSAKOS, GEORGE

Subjects
VALUE investing (Finance), STOCKS (Finance), INVESTMENTS, INVESTMENT policy, SECURITIES
Abstract

The article offers information related to value investing, that is a strategy that involves buying undervalued stocks. Topics discussed include ways in which value investing implies a portfolio containing a small number of stocks; things to consider while buying value stocks; and difference between value investing and modern portfolio theory.

Published
2022

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