Download PDF Abstract While the literature investigating risk premia driving the cross section of stock returns is extensive, fewer studies analyze corporate bond returns. We set out to understand which factors and firm characteristics command a premium in terms of expected returns on corporate bonds, both in the investment grade Read more…
Download PDF Introduction A specter is in the horizon for US investors: the specter of inflation. As the fed policy objectives shifted toward allowing a brief term inflation “overshoot” the 10-year and 5-year breakeven inflation rates, the differential between TIPS and nominal bond yields, have reached new heights in the Read more…
In this article we analyze the advantages of combining together value and momentum long/short portfolios in many asset classes and in different geographical areas. In fact, they have historically shown negative correlation between them. You can exploit it by including value and momentum in a portfolio, which will have a Read more…
The purpose of this article is to analyse the performance in the European markets – during the last five years – of two strategies that refer to two well-known market anomalies: the value and the size anomalies. Before looking at the results of our research, we will briefly discuss the Read more…
[edmc id= 3236]Download here the Ferrari Pitch[/edmc] After having covered the IPO of Ferrari (https://bsic.it/wanna-flawless-ferrari-52-now-feasible/) in detail a couple of weeks ago, we are now trying to identify RACE’s market positioning in terms of multiples. The structure of the analysis is as follows: firstly, we plot Ferrari’s positioning against major automakers Read more…
In the last quarter report, IBM announced revenues for $23.7bn (consensus $24.75bn) EPS at $3.99 (consensus $3.96), a light and shade result that followed a similar quarter (Q2), with a beat on earnings per share ($3,91) and a miss on revenues ($24,9bn) and the weakest quarter of the last years Read more…