时    间：2022年4月19日（周二）9:30-11:00

地    点：Zoom会议 

会议号：847 0290 2050   密码：524936

主    题：Security Analysis: An Investment Perspective

主讲人：侯恪惟教授 俄亥俄州立大学菲舍尔商学院

摘   要：The investment CAPM, in which expected returns vary cross-sectionally with investment, profitability, and expected growth, provides an economic foundation for Graham and Dodd (1934, Security Analysis). The q5 model goes a long way in explaining prominent security analysis strategies, such as Frankel and Lee’s (1998) intrinsic-to-market value, Piotroski’s (2000) fundamental score, Greenblatt’s (2005) “magic formula,” Asness, Frazzini, and Pedersen’s (2019) quality-minus-junk, Bartram and Grinblatt’s (2018) agnostic analysis, Penman and Zhu’s (2014, 2018) fundamental strategies, and Ball, Gerakos, Linnainmaa, and Nikolaev’s (2020) retained earnings-to-market, as well as best-performing active, discretionary value funds, such as Warren Buffett’s Berkshire.

主讲人简介：Professor Kewei Hou’s primary research interest is in the area of empirical asset pricing with a specialization in the predictability of asset returns. He has published in the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Accounting and Economics, Review of Finance, Journal of Financial and Quantitative Analysis, and Management Science.

Professor Hou is an Editor of the Journal of Empirical Finance, Associate Editor of the Journal of Banking and Finance and Asia-Pacific Journal of Financial Studies, Faculty Research Fellow of the Charles A. Dice Center for Research in Financial Economics and the China Academy of Financial Research, and the recipient of research grants from the Institute for Quantitative Research in Finance (Q-Group), INQUIRE-Europe, INQUIRE-UK, BSI GAMMA Foundation, Chicago Quantitative Alliance, and Research Grants Council (RGC) of Hong Kong. Professor Hou joined the Ohio State University Fisher College of Business in 2001. He received his B.S. in Electrical Engineering from the University of Science and Technology of Chi

金融与财务学系

2022-4-11