Ownership stakes and the markets that price them.
11 topics · 12 curated works
No prior grounding assumed.
The Superinvestors of Graham-and-Doddsville
Warren E. Buffett · 1984
Argues that the concentrated outperformance of several unrelated Graham-and-Dodd-trained investors is not survivorship-biased luck but evidence that…
+1 more at this level
Primary sources and full treatments.
The Long-Run Performance of Initial Public Offerings
Jay R. Ritter · 1991
Documents that firms going public significantly underperform comparable seasoned firms over the following three years, arguing IPO investors are…
+9 more at this level
12 works
Warren E. Buffett
Argues that the concentrated outperformance of several unrelated Graham-and-Dodd-trained investors is not survivorship-biased luck but evidence that buying below intrinsic value works.
U.S. Securities and Exchange Commission, Division of Trading and Markets
Surveys the empirical evidence on where and how US stock trades actually occur, arguing that competition among fragmented venues has kept trading costs low without harming price discovery.
Jay R. Ritter
Documents that firms going public significantly underperform comparable seasoned firms over the following three years, arguing IPO investors are systematically too optimistic at issue.
Josef Lakonishok, Andrei Shleifer & Robert W. Vishny
Argues that glamour stocks underperform value stocks not because they are safer but because investors naively extrapolate past growth, and contrarian strategies exploit the correction.
Andrew W. Lo, Harry Mamaysky & Jiang Wang
Runs chart patterns through a nonparametric statistical test and finds several, including head-and-shoulders and double tops, carry real if modest predictive information about future returns.
link checked 17 Sept 2026Joseph D. Piotroski
Shows that a simple nine-signal financial-statement score can separate future winners from losers among cheap stocks, arguing fundamental analysis still earns returns within value portfolios.
Mark L. Mitchell & Todd C. Pulvino
Shows merger-arbitrage returns behave like a written put option on the market, earning steady premiums in normal times but suffering sharply in market downturns.
Paul Asquith, Parag A. Pathak & Jay R. Ritter
Finds that stocks with the most binding short-sale constraints earn abnormally low subsequent returns, arguing short-selling costs help explain persistent overpricing rather than sentiment alone.
Alon Brav, Wei Jiang, Frank Partnoy & Randall S. Thomas
Finds that hedge fund activist campaigns are followed by improved operating performance and higher returns, arguing activism functions as a governance mechanism rather than short-term value extraction.
Aswath Damodaran
Argues that most published 'value investing' rules are simplified screens rather than the discipline Graham intended, and that value investing properly requires estimating intrinsic value directly.
Eugene F. Fama
Surveys fifty years of asset pricing research built on two pillars -- the efficient markets hypothesis and formal models of expected returns -- and argues the two must be tested jointly, since there is no way to test market efficiency without also assuming some model of equilibrium returns.
link checked 17 Sept 2026Clifford S. Asness, Andrea Frazzini & Lasse Heje Pedersen
Defines quality as safe, profitable, growing, well-managed companies and shows a portfolio long quality and short junk earns significant risk-adjusted returns across markets.