George Athanassakos is a Professor of Finance and the Ben Graham Chair in Value Investing at Ivey Business School. He has been ranked among the top by Dr. George Athanassakos, Professor of Finance, Ben Graham Chair in Value Investing and Director, Ben Graham Centre of Value Investing – Ivey Business. Dr. George Athanassakos. Professor of Finance Ben Graham Chair in Value Investing & Founder & Managing Director, Ben Graham Centre for Value Investing.

Author: Basida Maulkis
Country: Guinea
Language: English (Spanish)
Genre: Automotive
Published (Last): 12 July 2014
Pages: 381
PDF File Size: 16.93 Mb
ePub File Size: 5.6 Mb
ISBN: 913-5-69318-424-7
Downloads: 19607
Price: Free* [*Free Regsitration Required]
Uploader: Kazracage

We show that the value premium is not driven by a few outliers, but it is pervasive as the overwhelming majority of stocks in the value portfolio have positive returns, and the majority of the industries in our sample have positive value premiums. We find that firms with negative multiples are indeed different than firms with positive multiples in that a a relatively small number of firms with negative multiples experience high forward stock returns even though the majority teorge them does not resulting in a large difference between heorge and median returns and b the value, size, liquidity and business risk premiums behave differently for negative vs.

We show that the value premium is not driven by a few outliers, but it is pervasive. As a result, not only must negative PE firms be segregated from positive multiple firms, but also interlisted firms ought to be segregated from non-interlisted firms in related research as aggregation would undermine the clarity and generality of findings, affect the homogeneity of the sample and dilute findings and tests of significance.

Moreover, the paper also shows that there are key differences between interlisted and non-interlisted firms both in the positive and negative PE space. It is not clear, however, whether the SCORE indicator performance is linked to risk as evidence is inconclusive. Use “margin of safety” to do portfolio choices and limit risk beyond diversification.

SCORE portfolios give better results for sortings based on PE and when we employed a cross section – time series medians approach. Seasonality is also athanaassakos in the value premium. The second segment provides an opportunity to apply these principles by working on, discussing and demonstrating their application through a number of valuation of real life companies.

The athanassakow spans 5 business days 35 hours and consists of 2 segments. He is author of numerous academic research papers and of two books, Derivatives Fundamentals and Equity Valuation.


We find that PE based sortings produce better overall results than sortings based on PB. Learn how value is created. For both non-interlisted and interlisted stocks, we document a consistently strong value premium over the sample qthanassakos, which persists in both bull and bear markets, as well as in recessions and recoveries for noninterlisted stocks, but less so for interlisted stocks.

Purpose – The purpose of this paper is to determine the extent to which Canadian companies have embraced value-based management VBM methods, identify the characteristics of these companies and of the executives responsible for the introduction of VBM in their organisations and assess the stock price performance of the companies that use VMB vs.

The objective of this paper is to investigate whether the current practice among financial planners of recommending stocks at an early age and progressively moving into cash or bonds as retirement approaches would be appropriate. The purpose of this paper is two-fold a to determine whether there is value premium in our sample of US stocks for the period May 1, April 30,and b to examine whether an additional screening to the first step of the value investing process can be employed to separate the outperforming value and growth stocks from the underperforming ones.

Professor George Athanassakos offers a nine-point checklist for value investors

Growth stocks exhibit weaker performance than value stocks. He has prepared studies on the Canadian capital markets and industry analyses for Greece and Canada.

However, they are not consistent with the argument that it may be higher risk that drives the outperformance of value stocks.

En Athanqssakos School trataremos tus datos personales con el fin de atender tu consulta y ponernos en contacto contigo. The purpose of this article is first to examine whether a georgr premium exists following a mechanical screening process i. This article attempts to demonstrate that Internet venture valuations are not subject to different valuation standards and rules, even though one needs to expand on the traditional valuation approach to make it applicable to internet valuations.

This paper sheds further light on the value premium by providing out-of-sample tests using Canadian data over the period and a search process that involves both PE and PBV ratios. Richard Ivey Building The opposite is true for government of Canada bonds.

We find that a strong and pervasive value premium exists in Canada over our sample periods that persists in bull and bear markets and during recessionsrecoveries. A vast literature documents the importance athanawsakos individual personality in explaining variation in choice, yet many questions remain regarding the determinants of investment choices.


We find a consistently strong and pervasive value premium over the sample period. Skip to Main Content.

George Athanassakos

The second rule is not to forget the first rule. Finally, we provide evidence that the return of a portfolio strategy that buys sells stocks that rank low high in the composite score indicator has significant explanatory power in an asset pricing model framework and that such a strategy earns statistically significant positive returns. Se ha dado de alta correctamente en nuestra newsletter. We document a consistently strong value premium over the May 1, April 30, sample period, which persists in both bull and bear wthanassakos, as well as in recessions and recoveries.

His books include Derivatives Fundamentals and Equity Valuation: Recent research suggests that biology plays a significant role in determining investment style.

Athanassakos has also written articles for the Financial Post and currently writes, as a guest columnist, about investments and economic and financial topics in The Globe and MailCanada’s largest daily newspaper, and the Canadian Investment Review. Link s to publication: Both univariate and bivariate tests support the paper’s conclusions.

George Athanassakos | Faculty

The paper extends this analysis to both value and growth stocks. Accede mediante Facebook Accede mediante Twitter Accede mediante mail.

Using separately interlisted and non-interlisted Canadian stock market data for the periodthe main purpose of this paper is to examine whether negative PE stocks are really different than positive PE firms, and whether negative PE stocks outperform, on average, the universe of positive PE stocks.

He is recipient of teaching awards — his teaching ratings are amongst the highest given at the University, irrespective of whether the seminars taught were in Canada or abroad. We are able to construct a composite score indicator SCOREcombining various fundamental and market metrics, which enables us to predict future stock returns gorge separate the winners from the losers among value stocks.

Usted ya se ha pre-inscrito, gracias.