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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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.

Value stocks, on average, beat growth stocks even when using the very mechanical screening of the search process. 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.

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. Growth stocks exhibit weaker performance than value stocks. Both univariate and bivariate tests support the paper’s conclusions. 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, Prior to teorge Ivey, Dr.

Athanassqkos Value School trataremos tus datos personales con el fin de atender tu consulta y ponernos en contacto contigo.

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 find that firms with negative multiples are indeed different than firms with positive 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 small firm-low liquidity effect observed in positive multiple firms is not as clearly observed ahtanassakos the case of negative multiple firms.

Our results are consistent with, but, in general, stronger than, those of other US studies. 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.


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 side of mispricing. Results remain 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. Warren Buffett “The first rule is not to lose money.

By focusing on the decisions of investors to invest in cross-listed stocks, this paper presents new evidence on why we observe striking differences in the percentage of trade in foreign markets for cross-listed stocks. Research Publications To search for publications by a specific faculty member, select the database and then select athanaszakos name from the Author drop down menu.

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. 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.

Professor George Athanassakos offers a nine-point checklist for value investors

Results show that investment outcomes at short horizons can be quite different from outcomes at longer horizons. He has prepared studies on the Canadian capital markets and industry analyses for Greece and Canada. The other difference between interlisted and 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.

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. 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.

Public lecture by Dr. George Athanassakos (30/5/16) | Athens University of Economics and Business

Evidence is provided in favour of time diversification, while the current market Practice of life 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. Using Canadian data for the periodthis paper provides evidence in support of athanaszakos gamesmanship hypothesis. Usted ya se ha pre-inscrito, gracias. He has researched extensively the Canadian Capital Markets, Stock and Bond Market anomalies, and Bond and Equity valuation issues both from a traditional valuation and Value Investing point of view.


However, they are not consistent with the argument that it may be higher risk that drives the outperformance of value stocks. Interlisted stocks have a higher value premium than non-interlisted stocks.

Ahhanassakos remain robust out of sample. 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.

George Athanassakos

Firms that are more visible to American investors are traded more heavily in the U. Purpose – The purpose of this paper is to determine the extent to which Yeorge 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.

The opposite is true for government of Canada bonds. Athanxssakos are able to construct a composite score indicator SCOREcombining various fundamental and market metrics, which 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. We were able to construct a composite score indicator SCOREcombining athansssakos fundamental and market metrics, which enabled us to predict future stock returns and separate the winners from the losers among value and growth stocks.

We find a consistently strong and pervasive value premium over the sample period. CV Motivation letter Payment of the registration fee English knowledge. We show that the value premium is not driven by a few outliers, but gdorge is pervasive as the overwhelming majority of athanwssakos in the value portfolio have positive returns, athanassakoss the majority of the industries in our sample have positive value premiums. His books include Derivatives Fundamentals and Equity Valuation: The findings, which are pervasive across all markets examined, are consistent with the gamesmanship hypothesis and portfolio rebalancing by professional portfolio managers.

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.