23 setembro 2019
22 setembro 2019
Tatuagem e Valor presente
The NPV theorem (Net Present Value) says that an investment earns more than the opportunity cost of capital required to fund it if, and only if, the discounted stream of profit is positive. It follows that individuals with higher discount rates will make fewer investments (in education, health, or reputation) than those with lower discount rates.
For many jobs, employers may prefer individuals with lower discount rates as they would invest more in becoming better employees in the hope of earning future promotion. As a consequence, a signal, even a noisy one, about an individual's discount rate might be valuable to certain employers.
In fact, tattoos may signal high discount rates:
We show that, according to numerous measures, those with tattoos, especially visible ones, are more short-sighted and impulsive than the non-tattooed.
And this has a predictable consequence:
Survey and experimental evidence documents discrimination against tattooed individuals in the labor market and in commercial transactions
Leia mais em Tatuagem e classe média, direitos autorais na tatuagem, desconto hiperbólico, entre outros
21 setembro 2019
Gerenciamento de receita garantido
Ao solicitar o documento, as empresas garantem que quem está viajando é a pessoa que comprou a passagem. Isto garante a sobrevivência do gerenciamento de receita - e o lucro obtido - pelas empresas: passagens ficam mais caras quando a data da viagem é mais perto. O governo termina por trabalhar para as empresas, com a justificativa de "segurança". Por este raciocínio, um terrorista teria mais incentivo em cometer um crime se pudesse viajar com outro nome.
20 setembro 2019
Fracasso do Value Investing
Resumo:
The business press claims that the long-standing and highly popular value investing strategy— investing in low-valued stocks and selling short high-valued equities—lost its edge since 2007. The reasons for this putative sudden demise of value investing elude investors and academics, making it a challenge to assess the likelihood of the return of value investing to its days of glory. Based on extensive data analysis we show that the strategy has, in fact, been unprofitable for almost 30 years, barring a brief resurrection following dotcom bust. We identify two major reasons for the demise of value: (1) accounting deficiencies causing systematic misidentification of value, and particularly of glamour (growth) stocks, and (2) fundamental economic developments which slowed down significantly the reshuffling of value and glamour stocks which drove the erstwhile gains from the value strategy. We end up by speculating on the likelihood of the resurgence of value investing, which seems low.
Lev, Baruch Itamar and Srivastava, Anup, Explaining the Demise of Value Investing (August 25, 2019).
The business press claims that the long-standing and highly popular value investing strategy— investing in low-valued stocks and selling short high-valued equities—lost its edge since 2007. The reasons for this putative sudden demise of value investing elude investors and academics, making it a challenge to assess the likelihood of the return of value investing to its days of glory. Based on extensive data analysis we show that the strategy has, in fact, been unprofitable for almost 30 years, barring a brief resurrection following dotcom bust. We identify two major reasons for the demise of value: (1) accounting deficiencies causing systematic misidentification of value, and particularly of glamour (growth) stocks, and (2) fundamental economic developments which slowed down significantly the reshuffling of value and glamour stocks which drove the erstwhile gains from the value strategy. We end up by speculating on the likelihood of the resurgence of value investing, which seems low.
Lev, Baruch Itamar and Srivastava, Anup, Explaining the Demise of Value Investing (August 25, 2019).
Scholar está concentrando as citações
Assinar:
Postagens (Atom)
Postagens
