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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However, the seasonality in the excess returns of the Canadian government bonds is opposite in direction from that of the Canadian stocks.

George Athanassakos | Faculty

This paper sheds light on the individual characteristics associated with investment style. 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.

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.

Results are stronger for interlisted than noninterlisted stocks. Firms that are more visible to American investors are traded more heavily in the U. We computed returns, risks and end-of-period wealth distributions of various Canadian asset classes at increasing horizons between andbased on the bootstrapping technique.

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.

The paper utilizes a more comprehensive set of data and tests than previous studies and a research methodology that minimizes potential data snooping problems and confounding inferences.

Strategies to create portfolios which will outperform in the long run. SCORE portfolios give better results for sortings based on PE and when we employed a cross section – time series medians approach.

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.

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

Se ha dado de alta correctamente en atyanassakos newsletter. The purpose of this paper is two-fold. He has been ranked among the top 10 researchers in Canada and among the top 10 Canadian professors.

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Both univariate and bivariate tests support the paper’s conclusions. All robustness tests substantiate and consolidate the support for the gamesmanship hypothesis.

Prior to joining Ivey, Dr. George Athanassakos is a draw for students at the Richard Ivey School of Business and includes him in the club of Canadian superstar teachers. Link s to publication: It seems that both risk and mispricing may play a role in explaining the value premium, although the scale of the evidence seems to tilt more to the athanassaios of mispricing.

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, The seminar spans 5 business days 35 hours and consists of 2 segments.

George Athanassakos

Using Canadian data for the periodthis paper provides evidence in support of the gamesmanship hypothesis. It is not clear, however, whether the SCORE indicator performance is linked to risk as evidence is inconclusive.

The objective of this paper is to investigate whether the current practice among financial planners of recommending stocks at an early age and progressively moving into cash or bonds as retirement approaches would be appropriate. However, they are not consistent with the argument that it may be higher risk that drives the outperformance of value stocks. In the second half of the year, however, the opposite is true.

GEORGE ATHANASSAKOS – Among the top 10 researchers in Canada |

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. Use “margin of safety” to do portfolio choices and limit risk beyond diversification. 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.

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 show that the value premium is not driven by a few outliers, but it is pervasive as the overwhelming majority of stocks in the value portfolio have positive returns, and the majority of the industries in our sample have positive value premiums.

Seasonality is also observed in the value premium. Interlisted stocks have a higher value premium than non-interlisted stocks. In this paper, we document the following: 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.

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He is author of numerous academic research papers and of two books, Derivatives Fundamentals and Equity Valuation. Learn how value is created. Results remain robust out of sample. 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. The first segment is based on lectures, where the principles underlying the theoretical aspects of value investing are taught.

Results athanassamos robust for a time period out of sample, for negative PE or PB ratio firms and for the firms that were excluded from SCORE based performance, namely, AMEX stocks, stocks with high business risk and firms that reported extraordinary items the year before.

Skip to Main Content. The purpose of this article is first to examine whether georgr value premium exists following a mechanical screening process i. The opposite is true for government of Canada bonds. 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.

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. Finally, we provide evidence 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 and that such a strategy earns statistically significant positive returns.

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. We show that the value premium is not driven by a few outliers, but it is pervasive.