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Leverage and Varying Metrics of Firm Performance
By Preston Jiateng Huang This paper sets out to examine the effect of leverage on company performance. Drawing on the methodology of key prior research, this study finds that leverage has a consistent negative effect on firm growth; by contrast, no such negative impact was found on return on equity. Importantly, such patterns hold throughout […]
The Investment Cost of Currency Crises in Emerging Markets: An Empirical Treatment from 1994-2015
By Eric Ramoutar Currency crises – large and sudden depreciations in the value of a country’s currency – have been an unfortunate by-product of increased financial openness over the last half century. This study extends the already vast literature on the impact of currency crises by estimating how currency crises affect domestic investment in emerging […]
Do Vanguard ETF Investors Make Good Decisions? – Testing the Bogle Hypothesis
By Meng Xie John Bogle, the founder of Vanguard, is a notable opponent of frequent ETF trading. We test his hypothesis that Vanguard investors are not trading ETFs intelligently. A comparison of dollarweighted and time-weighted returns is the typical method used for assessing investor timing. We instead employ Sharpe’s style analysis techniques to compare the […]
A Case Study on the Informational Role of Futures Markets: Can Weather Futures Forecast Electricity Consumption?
by Ying Chiat Ho Abstract This paper provides a case study on the informational role of futures prices by investigating the ability of Cooling Degree Day (CDD) futures prices to forecast electricity consumption for New York State. I develop a cross-sectional model relating electricity consumption with the cumulative CDDs in a month for New York […]
Assessing the Performance of Actively Managed Global Funds
by Luyuan Fan Abstract It has been widely debated whether managed funds outperform their index counterparts. Many scholars have carried out empirical testing for U.S. managed funds, but few have examined global funds. This study compares the total returns and risk-adjusted returns for 29 largest global funds with that of a basket of Vanguard indexes […]
