Titlebook: Econophysics and Capital Asset Pricing; Splitting the Atom o James Ming Chen Book 2017 The Editor(s) (if applicable) and The Author(s) 2017

compassion

The Low-Volatility Anomalyhis should be designated as the first law of finance. Investors otherwise would never be induced to commit capital to risky assets. In reality, low-volatility stocks offer abnormally high returns relative to their riskier counterparts. By undermining conventional assumptions about the relationship b

prolate

苦澀

MUT

The Equity Premium Puzzleloped economies, the equity risk premium is considerable. Yet puzzles persist. Despite that premium, why do so many potential investors avoid holding stocks? Stock market nonparticipation is a major contributory to social insecurity, particularly in the USA, where many aging households are financial

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Beta’s Cash Flow and Discount Rate Components in the economy-wide discount rate. By analogy to cholesterol, these components may be regarded as “bad” and “good.” Whereas “good” beta resulting from unexpectedly negative discount-rate news may be mitigated by later macroeconomic developments, “bad” beta resulting from shocks to cash flow dictate

Rodent

高深莫測

Short-Term Price Continuation Anomaliesient markets should assimilate all publicly available information affecting a firm’s cash flow. But two forms of short-term price continuation persist: post-earnings announcement drift (PEAD) and momentum. Although both forms of drift have invited explanations rooted in behavioral finance, PEAD in p

correspondent

征兵

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