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  • Thumbnail for Inefficient markets : seasonal investing in the United States stock market
    Inefficient markets : seasonal investing in the United States stock market by Rivero, Ian Joseph

    As the amount of money being circulated in the United States stock market increases, investors are presented with more opportunity to make a profit. Previous studies contradict one another on whether or not pattern recognition can yield above-average risk-adjusted returns in the market. The current study examines whether or not the Stock Broker's Almanac list of hot months can be implemented to identify a consistent pattern in the stock market. The numerical values collected for the stocks were tested and analyzed to determine whether the use of hot months is a profitable investment strategy in the stock market. Results indicate that seasonal investing may in fact be a successful strategy if properly applied to the United States stock market.

  • Thumbnail for Wine as an Investment: A Case Study of Bordeaux Wine
    Wine as an Investment: A Case Study of Bordeaux Wine by Edel, Nicholas

    High quality wine has become an increasingly interesting investment. The highest returns on wine investment are associated with Premier Crus from Bordeaux. This paper will address the determinants that impact their returns. Returns on wine will be predicted through weather variables, the maturation of the wine, quality scores and returns on the market. Wine returns will also be examined to judge their efficacy in diversifying an investor's portfolio for purposes of hedging.

  • Thumbnail for ESTIMATING THE EFFECTS OF MUTUAL FUND RATIOS ON MUTUAL FUND PERFORMANCE: IMPLICATIONS FOR LONG-TERM WEALTH ACCUMULATION
    ESTIMATING THE EFFECTS OF MUTUAL FUND RATIOS ON MUTUAL FUND PERFORMANCE: IMPLICATIONS FOR LONG-TERM WEALTH ACCUMULATION by Young, Ryan

    This study addresses the impact of mutual fund expenses on domestic large cap mutual fund performance, and quantifies this impact for investors. Using Morningstar data for all large ‘blend’ mutual funds from 2016, I implement Ordinary Least Squares Regression Analysis, and find that mutual funds do not on average earn back their fees. Investors looking to maximize investment returns should seek out mutual funds with low expense ratios.

  • Thumbnail for A TEST OF BENJAMIN GRAHAM’S STOCK SELECTION CRITERIA ON THE CONTEMPORARY U.S. STOCK MARKET
    A TEST OF BENJAMIN GRAHAM’S STOCK SELECTION CRITERIA ON THE CONTEMPORARY U.S. STOCK MARKET by Stern, Jordan

    This paper examines if Benjamin Graham’s 10 stock selection criteria can be used to generate returns that are significantly greater than the returns of the modern U.S. stock market. In order to assess performance, 15 portfolios are generated using certain combinations of Graham’s criteria. Data is selected from all U.S. stock exchanges between the years of 2006 and 2010, and portfolios are held for two-year periods. Ordinary least squares regressions are performed using a risk adjustment model derived from the capital asset pricing model (CAPM). The study finds that of the 15 Ben Graham portfolios created, only five significantly outperform the market. The significant portfolios are distributed across different years and combinations of criteria, indicating that no set of criteria performs better than the rest. The results suggest that Graham’s selection criteria no longer yield excess risk-adjusted returns in the current U.S. market. It is worth noting that despite only five portfolios producing significant positive returns, 14 portfolios performed higher than the market on a risk-adjusted basis. This finding demonstrates that perhaps untested combinations of criteria, studied over a larger period of time, could produce contrary results.

  • Thumbnail for Demographic and Socioeconomic Factors That Affect an Individual’s Financial Risk Tolerance
    Demographic and Socioeconomic Factors That Affect an Individual’s Financial Risk Tolerance by Seu, Risa

    I use the 2016 Survey of Consumer Finance (SCF) from the Federal Reserve and examine the impact of demographic and socioeconomic variables on people’s financial risk willingness, as well as percentage of stocks, bonds, and mutual funds. I compare the results of these regressions to infer what variables allow people to be more risk tolerant. The results show that being Black/Hispanic and having financial dependents decreases people’s financial risk tolerance. On the other hand, people in the categories never married, greater income, higher education, positive outlook of the economy for the next five years, and work in the finance industry have greater risk tolerance than their counterparts.

  • Thumbnail for The risk of abandoning fundamental valuation
    The risk of abandoning fundamental valuation by Satchwell, Jake McClaine

    The Dot-Com bubble of the late 1990s offers insight into the mentality of investors and money managers. The goal of this paper is to design a model utilizing fundamental valuation variables and determine its effectiveness at predicting price changes in U.S. equities during the 1996-2000 Dot-Com bubble. A successful model will provide insight into how investors can best navigate the turbulent financial waters brought on by the boom of a financial bubble and the following decline once the bubble has burst.

  • Thumbnail for ESTIMATING THE EFFECTS OF MUTUAL FUND RATIOS ON MUTUAL FUND PERFORMANCE: IMPLICATIONS FOR LONG-TERM WEALTH ACCUMULATION
    ESTIMATING THE EFFECTS OF MUTUAL FUND RATIOS ON MUTUAL FUND PERFORMANCE: IMPLICATIONS FOR LONG-TERM WEALTH ACCUMULATION by Young, Ryan

    This study addresses the impact of mutual fund expenses on domestic large cap mutual fund performance, and quantifies this impact for investors. Using Morningstar data for all large ‘blend’ mutual funds from 2016, I implement Ordinary Least Squares Regression Analysis, and find that mutual funds do not on average earn back their fees. Investors looking to maximize investment returns should seek out mutual funds with low expense ratios.

  • Thumbnail for ECONOMIC TRANSFORMATION OF DETROIT THROUGH REAL ESTATE
    ECONOMIC TRANSFORMATION OF DETROIT THROUGH REAL ESTATE by Gooch, Trevor John

    An exploratory study of Detroit’s economic trends with a focus on Real Estate with relationship to crime rates. This paper looks not only at the past but the present and future of Detroit’s success and what the city needs to do in order to ensure that it is a top destination city in America. Their population has been on a steady decline since the deindustrialization of the United States, while crime rates have sky rocketed since the start of the 21st Century. Their real estate market has been sub-par compared to similar Rust Belt cities but is showing signs of increasing which will hopefully separate Detroit from its’ gloomy past.