2238:
2228:
2218:
43:
2248:
1925:
760:
The passive strategy appeared to generate the market-beating return over periods of 10 years or more. This strategy may be risky for those who feel they might need to withdraw their money before a 10-year holding period, for example. Thus investment managers who employ a strategy that is less likely
196:
and similar investments. As these funds include various fees normally expressed in percent terms, the fund has to maintain an alpha greater than its fees in order to provide positive gains compared with an index fund. Historically, the vast majority of traditional funds have had negative alphas,
729:
In fact, to many investors, this phenomenon created a new standard of performance that must be matched: an investment manager should not only avoid losing money for the client and should make a certain amount of money, but in fact should make more money than the passive strategy of investing in
764:
Investors can use both alpha and beta to judge a manager's performance. If the manager has had a high alpha, but also a high beta, investors might not find that acceptable, because of the chance they might have to withdraw their money when the investment is doing poorly.
409:
748:
Besides an investment manager simply making more money than a passive strategy, there is another issue: although the strategy of investing in every stock appeared to perform better than 75 percent of investment managers (see
725:
which approximately represent the 500 most widely held equities and the largest 5000 securities respectively, accounting for approximately 80%+ and 99%+ of the total market capitalization of the US market as a whole.
717:, which seek to replicate the performance of investing in an entire market in the weights that each of the equity securities comprises in the overall market. The best examples for the US are the
730:
everything equally (since this strategy appeared to be statistically more likely to be successful than the strategy of any one investment manager). The name for the additional return above the
953:
2221:
662:
592:
914:
558:, the expected value of the alpha coefficient is zero. Therefore, the alpha coefficient indicates how an investment has performed after accounting for the risk it involved:
273:
627:
544:
253:
508:
475:
442:
2198:
706:
generation (i.e. better performance than the market) is impossible, and proponents of EMH posit that investors would benefit from investing in a low-cost,
668:
For instance, although a return of 20% may appear good, the investment can still have a negative alpha if it's involved in an excessively risky position.
2102:
946:
158:
over a selected period of time was 1% better than the market during that same period; a negative alpha means the investment underperformed the market.
925:
216:. This is useful for non-traditional or highly focused funds, where a single stock index might not be representative of the investment's holdings.
851:
808:
826:
1802:
1744:
939:
1184:
761:
to lose money in a particular year are often chosen by those investors who feel that they might need to withdraw their money sooner.
887:
126:
1209:
60:
2282:
64:
107:
208:
It is also possible to analyze a portfolio of investments and calculate a theoretical performance, most commonly using the
2287:
1203:
79:
2241:
2076:
1686:
1626:
1422:
1328:
264:
2064:
1412:
1380:
1284:
1238:
1221:
1174:
687:
672:
555:
212:(CAPM). Returns on that portfolio can be compared with the theoretical returns, in which case the measure is known as
209:
166:
86:
1775:
1197:
1191:
53:
2277:
2272:
2203:
2147:
1866:
1737:
2040:
1910:
1586:
1261:
900:
International
Association of CPAs, Attorneys, and Management (IACAM) (Free Business Valuation E-Book Guidebook)
93:
2050:
2045:
2009:
1870:
1540:
1401:
1296:
1179:
170:
2152:
1949:
1822:
1798:
1428:
75:
31:
2177:
1835:
1807:
1788:
1566:
1375:
861:
757:
up and down, and could be on a downward decline for many years before returning to its previous price.
404:{\displaystyle \mathrm {SCL} :R_{i,t}-R_{f}=\alpha _{i}+\beta _{i}\,(R_{M,t}-R_{f})+\varepsilon _{i,t}}
634:
564:
2231:
2082:
1994:
1830:
1812:
1730:
1701:
1621:
1386:
1370:
1333:
1215:
1158:
1126:
812:
754:
155:
2251:
2137:
1964:
1939:
1631:
1576:
1500:
1360:
1290:
1119:
1092:
836:
786:
599:
1480:
2162:
2107:
2019:
1671:
1646:
1606:
1591:
1510:
1449:
1407:
1151:
1061:
1051:
707:
519:
260:
256:
231:
174:
151:
1885:
1861:
1845:
1783:
1535:
1520:
1272:
883:
676:
213:
198:
2054:
1989:
1636:
1556:
1352:
1233:
1109:
1028:
984:
962:
547:
478:
445:
486:
453:
420:
100:
2193:
2097:
2087:
2035:
1959:
1954:
1890:
1875:
1711:
1706:
1641:
1616:
1551:
1525:
1505:
1464:
1459:
1454:
1439:
1434:
1322:
1248:
1136:
1023:
904:
731:
2092:
2072:
1840:
1793:
1666:
1661:
1561:
1546:
1307:
1302:
1267:
1066:
1033:
979:
971:
743:
699:
511:
162:
594:: the investment has earned too little for its risk (or, was too risky for the return)
192:
are widely available for purchase, alpha is commonly used to judge the performance of
2266:
2167:
2142:
2132:
2058:
1906:
1530:
1515:
1490:
1444:
1396:
1099:
1056:
1043:
994:
768:
These concepts not only apply to investment managers, but to any kind of investment.
722:
143:
2172:
2127:
2014:
1999:
1880:
1691:
1611:
1581:
1571:
1391:
1365:
1114:
1104:
1087:
1018:
1013:
989:
919:
856:
831:
691:
671:
In this context, because returns are being compared with the theoretical return of
182:
2004:
1944:
1924:
1696:
1676:
1656:
1651:
1596:
1485:
1417:
909:
193:
42:
1753:
1681:
1601:
1278:
1141:
750:
718:
714:
695:
267:(SCL), that is, the coefficient of the constant in a market model regression.
202:
189:
147:
17:
2157:
1770:
1317:
1312:
1227:
1146:
178:
664:: the investment has a return in excess of the reward for the assumed risk
1495:
1131:
675:
and not to a market index, it would be more accurate to use the term of
1339:
928:
Seeking Alpha - New York hedge fund creates value trading index options
713:
A belief in EMH spawned the creation of market capitalization weighted
1082:
27:
Risk-adjusted measure of the so-called active return on an investment
931:
1005:
899:
852:"Capitalization-Weighted Index: Definition, Calculation, Example"
694:
reflect all information, therefore stocks always trade at their
629:: the investment has earned a return adequate for the risk taken
1726:
935:
1722:
150:, the performance of that investment compared with a suitable
36:
734:
of the beta adjusted return of the market is called "Alpha".
173:
and is closely related to other important quantities such as
809:"Efficient Market Hypothesis (EMH): Definition and Critique"
637:
602:
567:
522:
489:
456:
423:
276:
234:
2186:
2120:
2028:
1982:
1973:
1932:
1899:
1854:
1821:
1769:
1760:
1473:
1348:
1247:
1167:
1075:
1042:
1003:
969:
67:. Unsourced material may be challenged and removed.
656:
621:
586:
538:
502:
469:
436:
403:
247:
827:"How Does an Efficient Market Affect Investors?"
1738:
947:
8:
753:), the price of the stock market as a whole
2222:Alternative investment management companies
2199:Standards Board for Alternative Investments
2247:
2103:Taxation of private equity and hedge funds
1979:
1766:
1745:
1731:
1723:
954:
940:
932:
642:
636:
607:
601:
572:
566:
527:
521:
494:
488:
461:
455:
428:
422:
389:
373:
354:
346:
340:
327:
314:
295:
277:
275:
239:
233:
220:Definition in capital asset pricing model
127:Learn how and when to remove this message
165:, is one of two key coefficients in the
154:. An alpha of 1% means the investment's
905:The financial-dictionary entry on alpha
777:
1803:fixed-income relative-value investing
7:
787:"5 Ways to Measure Mutual Fund Risk"
65:adding citations to reliable sources
201:to index funds and non-traditional
188:In modern financial markets, where
920:Alpha analysis for global equities
880:Investment Performance Measurement
284:
281:
278:
25:
2246:
2237:
2236:
2227:
2226:
2217:
2216:
1923:
1210:Electronic communication network
657:{\displaystyle \alpha _{i}>0}
587:{\displaystyle \alpha _{i}<0}
414:where the following inputs are:
41:
785:Banton, Caroline (2021-12-14).
52:needs additional citations for
379:
347:
1:
1204:Multilateral trading facility
910:Investopedia Alpha Definition
702:. This would mean consistent
622:{\displaystyle \alpha _{i}=0}
2077:security characteristic line
1627:Returns-based style analysis
1423:Post-modern portfolio theory
1329:Security characteristic line
835:. 2023-09-15. Archived from
265:security characteristic line
2065:Capital asset pricing model
1784:Capital structure arbitrage
1381:Efficient-market hypothesis
1285:Capital asset pricing model
1222:Straight-through processing
688:Efficient market hypothesis
554:It can be shown that in an
539:{\displaystyle \beta _{iM}}
248:{\displaystyle \alpha _{i}}
210:capital asset pricing model
167:capital asset pricing model
2304:
1867:Commodity trading advisors
1198:Alternative Trading System
915:Five Technical Risk Ratios
850:Hayes, Adam (2024-03-05).
741:
29:
2212:
2204:Managed Funds Association
2148:High-net-worth individual
1921:
882:. New York: Wiley, 2003.
2041:Arbitrage pricing theory
1262:Arbitrage pricing theory
255:) is a parameter in the
2153:Institutional investors
2046:Assets under management
1871:managed futures account
1541:Initial public offering
1402:Modern portfolio theory
1297:Dividend discount model
1180:List of stock exchanges
171:modern portfolio theory
2178:Sovereign wealth funds
1950:High-frequency trading
1799:Fixed income arbitrage
1429:Random walk hypothesis
658:
623:
588:
540:
504:
471:
438:
405:
249:
32:Alpha (disambiguation)
2283:Investment indicators
2020:Structured securities
1836:Distressed securities
1808:Statistical arbitrage
1794:Equity market neutral
1789:Convertible arbitrage
1567:Market capitalization
1376:Dollar cost averaging
683:Origin of the concept
659:
624:
589:
541:
505:
503:{\displaystyle R_{f}}
472:
470:{\displaystyle R_{M}}
439:
437:{\displaystyle R_{i}}
406:
250:
2288:Mathematical finance
2138:Financial endowments
2083:Fundamental analysis
1831:Shareholder activism
1813:Volatility arbitrage
1387:Fundamental analysis
1371:Contrarian investing
1334:Security market line
1239:Liquidity aggregator
1216:Direct market access
1127:Quantitative analyst
635:
600:
565:
520:
487:
454:
421:
274:
232:
156:return on investment
142:is a measure of the
76:"Alpha" finance
61:improve this article
30:For other uses, see
2252:List of hedge funds
2242:Hedge fund managers
2158:Insurance companies
2143:Fund of hedge funds
2051:Black–Scholes model
1965:Proprietary trading
1940:Algorithmic trading
1907:Fund of hedge funds
1632:Reverse stock split
1577:Market manipulation
1501:Dual-listed company
1361:Algorithmic trading
1291:Capital market line
1093:Inter-dealer broker
448:(on the portfolio),
197:which has led to a
2108:Technical analysis
1672:Stock market index
1511:Efficient frontier
1450:Technical analysis
1408:Momentum investing
1230:(private exchange)
1120:Proprietary trader
1062:Shares outstanding
1052:Authorised capital
922:Free alpha look-up
690:(EMH) states that
654:
619:
584:
536:
500:
467:
434:
401:
257:single-index model
245:
175:standard deviation
161:Alpha, along with
2260:
2259:
2116:
2115:
1919:
1918:
1886:Long/short equity
1862:Convergence trade
1846:Special situation
1720:
1719:
1521:Flight-to-quality
1273:Buffett indicator
963:Financial markets
878:Bruce J. Feibel.
550:of the portfolio.
259:(SIM). It is the
226:alpha coefficient
199:flight of capital
137:
136:
129:
111:
16:(Redirected from
2295:
2278:Financial ratios
2273:Finance theories
2250:
2249:
2240:
2239:
2230:
2229:
2220:
2219:
2163:Investment banks
2010:Foreign exchange
1980:
1927:
1767:
1747:
1740:
1733:
1724:
1637:Share repurchase
1349:Trading theories
1234:Crossing network
1192:Over-the-counter
1029:Restricted stock
985:Secondary market
956:
949:
942:
933:
926:Traders Magazine
866:
865:
860:. Archived from
847:
841:
840:
823:
817:
816:
811:. Archived from
804:
798:
797:
795:
794:
782:
738:Relation to beta
663:
661:
660:
655:
647:
646:
628:
626:
625:
620:
612:
611:
593:
591:
590:
585:
577:
576:
556:efficient market
545:
543:
542:
537:
535:
534:
509:
507:
506:
501:
499:
498:
476:
474:
473:
468:
466:
465:
443:
441:
440:
435:
433:
432:
410:
408:
407:
402:
400:
399:
378:
377:
365:
364:
345:
344:
332:
331:
319:
318:
306:
305:
287:
254:
252:
251:
246:
244:
243:
132:
125:
121:
118:
112:
110:
69:
45:
37:
21:
2303:
2302:
2298:
2297:
2296:
2294:
2293:
2292:
2263:
2262:
2261:
2256:
2208:
2194:Fund governance
2182:
2112:
2036:Absolute return
2024:
1975:
1969:
1960:Program trading
1955:Prime brokerage
1928:
1915:
1895:
1891:Trend following
1876:Dedicated short
1850:
1817:
1774:
1762:
1756:
1751:
1721:
1716:
1707:Voting interest
1617:Public offering
1552:Mandatory offer
1526:Government bond
1506:DuPont analysis
1469:
1465:Value investing
1460:Value averaging
1455:Trend following
1440:Style investing
1435:Sector rotation
1350:
1344:
1323:Net asset value
1249:Stock valuation
1243:
1163:
1071:
1038:
1024:Preferred stock
999:
965:
960:
896:
875:
873:Further reading
870:
869:
849:
848:
844:
825:
824:
820:
807:Downey, Lucas.
806:
805:
801:
792:
790:
784:
783:
779:
774:
746:
740:
732:expected return
685:
638:
633:
632:
603:
598:
597:
568:
563:
562:
523:
518:
517:
490:
485:
484:
457:
452:
451:
446:realized return
424:
419:
418:
385:
369:
350:
336:
323:
310:
291:
272:
271:
235:
230:
229:
222:
133:
122:
116:
113:
70:
68:
58:
46:
35:
28:
23:
22:
15:
12:
11:
5:
2301:
2299:
2291:
2290:
2285:
2280:
2275:
2265:
2264:
2258:
2257:
2255:
2254:
2244:
2234:
2224:
2213:
2210:
2209:
2207:
2206:
2201:
2196:
2190:
2188:
2184:
2183:
2181:
2180:
2175:
2170:
2168:Merchant banks
2165:
2160:
2155:
2150:
2145:
2140:
2135:
2133:Family offices
2130:
2124:
2122:
2118:
2117:
2114:
2113:
2111:
2110:
2105:
2100:
2095:
2093:Securitization
2090:
2085:
2080:
2062:
2048:
2043:
2038:
2032:
2030:
2026:
2025:
2023:
2022:
2017:
2012:
2007:
2002:
1997:
1992:
1986:
1984:
1977:
1971:
1970:
1968:
1967:
1962:
1957:
1952:
1947:
1942:
1936:
1934:
1930:
1929:
1922:
1920:
1917:
1916:
1914:
1913:
1903:
1901:
1897:
1896:
1894:
1893:
1888:
1883:
1878:
1873:
1864:
1858:
1856:
1852:
1851:
1849:
1848:
1843:
1841:Risk arbitrage
1838:
1833:
1827:
1825:
1819:
1818:
1816:
1815:
1810:
1805:
1796:
1791:
1786:
1780:
1778:
1776:relative value
1764:
1758:
1757:
1752:
1750:
1749:
1742:
1735:
1727:
1718:
1717:
1715:
1714:
1709:
1704:
1699:
1694:
1689:
1684:
1679:
1674:
1669:
1667:Stock exchange
1664:
1662:Stock dilution
1659:
1654:
1649:
1644:
1639:
1634:
1629:
1624:
1619:
1614:
1609:
1604:
1599:
1594:
1589:
1587:Mean reversion
1584:
1579:
1574:
1569:
1564:
1562:Market anomaly
1559:
1554:
1549:
1544:
1538:
1533:
1528:
1523:
1518:
1513:
1508:
1503:
1498:
1493:
1488:
1483:
1481:Bid–ask spread
1477:
1475:
1471:
1470:
1468:
1467:
1462:
1457:
1452:
1447:
1442:
1437:
1432:
1426:
1420:
1415:
1410:
1405:
1399:
1394:
1389:
1384:
1378:
1373:
1368:
1363:
1357:
1355:
1346:
1345:
1343:
1342:
1337:
1331:
1326:
1320:
1315:
1310:
1308:Earnings yield
1305:
1303:Dividend yield
1300:
1294:
1288:
1282:
1276:
1270:
1265:
1259:
1253:
1251:
1245:
1244:
1242:
1241:
1236:
1231:
1225:
1219:
1213:
1207:
1201:
1195:
1194:(off-exchange)
1189:
1188:
1187:
1182:
1171:
1169:
1168:Trading venues
1165:
1164:
1162:
1161:
1156:
1155:
1154:
1144:
1139:
1134:
1129:
1124:
1123:
1122:
1117:
1107:
1102:
1097:
1096:
1095:
1090:
1079:
1077:
1073:
1072:
1070:
1069:
1067:Treasury stock
1064:
1059:
1054:
1048:
1046:
1040:
1039:
1037:
1036:
1034:Tracking stock
1031:
1026:
1021:
1016:
1010:
1008:
1001:
1000:
998:
997:
992:
987:
982:
980:Primary market
976:
974:
967:
966:
961:
959:
958:
951:
944:
936:
930:
929:
923:
917:
912:
907:
902:
895:
894:External links
892:
891:
890:
874:
871:
868:
867:
864:on 2024-05-10.
842:
839:on 2024-01-01.
818:
815:on 2024-05-13.
799:
789:. Investopedia
776:
775:
773:
770:
744:Beta (finance)
742:Main article:
739:
736:
684:
681:
677:Jensen's alpha
666:
665:
653:
650:
645:
641:
630:
618:
615:
610:
606:
595:
583:
580:
575:
571:
552:
551:
533:
530:
526:
515:
514:of return, and
512:risk-free rate
497:
493:
482:
464:
460:
449:
431:
427:
412:
411:
398:
395:
392:
388:
384:
381:
376:
372:
368:
363:
360:
357:
353:
349:
343:
339:
335:
330:
326:
322:
317:
313:
309:
304:
301:
298:
294:
290:
286:
283:
280:
242:
238:
221:
218:
214:Jensen's alpha
135:
134:
49:
47:
40:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
2300:
2289:
2286:
2284:
2281:
2279:
2276:
2274:
2271:
2270:
2268:
2253:
2245:
2243:
2235:
2233:
2225:
2223:
2215:
2214:
2211:
2205:
2202:
2200:
2197:
2195:
2192:
2191:
2189:
2185:
2179:
2176:
2174:
2173:Pension funds
2171:
2169:
2166:
2164:
2161:
2159:
2156:
2154:
2151:
2149:
2146:
2144:
2141:
2139:
2136:
2134:
2131:
2129:
2128:Vulture funds
2126:
2125:
2123:
2119:
2109:
2106:
2104:
2101:
2099:
2096:
2094:
2091:
2089:
2086:
2084:
2081:
2078:
2074:
2070:
2066:
2063:
2060:
2059:delta neutral
2056:
2052:
2049:
2047:
2044:
2042:
2039:
2037:
2034:
2033:
2031:
2027:
2021:
2018:
2016:
2015:Money markets
2013:
2011:
2008:
2006:
2003:
2001:
1998:
1996:
1993:
1991:
1988:
1987:
1985:
1981:
1978:
1972:
1966:
1963:
1961:
1958:
1956:
1953:
1951:
1948:
1946:
1943:
1941:
1938:
1937:
1935:
1931:
1926:
1912:
1911:Multi-manager
1908:
1905:
1904:
1902:
1898:
1892:
1889:
1887:
1884:
1882:
1879:
1877:
1874:
1872:
1868:
1865:
1863:
1860:
1859:
1857:
1853:
1847:
1844:
1842:
1839:
1837:
1834:
1832:
1829:
1828:
1826:
1824:
1820:
1814:
1811:
1809:
1806:
1804:
1800:
1797:
1795:
1792:
1790:
1787:
1785:
1782:
1781:
1779:
1777:
1772:
1768:
1765:
1759:
1755:
1748:
1743:
1741:
1736:
1734:
1729:
1728:
1725:
1713:
1710:
1708:
1705:
1703:
1700:
1698:
1695:
1693:
1690:
1688:
1685:
1683:
1680:
1678:
1675:
1673:
1670:
1668:
1665:
1663:
1660:
1658:
1655:
1653:
1650:
1648:
1645:
1643:
1642:Short selling
1640:
1638:
1635:
1633:
1630:
1628:
1625:
1623:
1620:
1618:
1615:
1613:
1610:
1608:
1605:
1603:
1600:
1598:
1595:
1593:
1590:
1588:
1585:
1583:
1580:
1578:
1575:
1573:
1570:
1568:
1565:
1563:
1560:
1558:
1555:
1553:
1550:
1548:
1545:
1542:
1539:
1537:
1534:
1532:
1531:Greenspan put
1529:
1527:
1524:
1522:
1519:
1517:
1516:Financial law
1514:
1512:
1509:
1507:
1504:
1502:
1499:
1497:
1494:
1492:
1491:Cross listing
1489:
1487:
1484:
1482:
1479:
1478:
1476:
1474:Related terms
1472:
1466:
1463:
1461:
1458:
1456:
1453:
1451:
1448:
1446:
1445:Swing trading
1443:
1441:
1438:
1436:
1433:
1430:
1427:
1424:
1421:
1419:
1416:
1414:
1413:Mosaic theory
1411:
1409:
1406:
1403:
1400:
1398:
1397:Market timing
1395:
1393:
1390:
1388:
1385:
1382:
1379:
1377:
1374:
1372:
1369:
1367:
1364:
1362:
1359:
1358:
1356:
1354:
1347:
1341:
1338:
1335:
1332:
1330:
1327:
1324:
1321:
1319:
1316:
1314:
1311:
1309:
1306:
1304:
1301:
1298:
1295:
1292:
1289:
1286:
1283:
1280:
1277:
1274:
1271:
1269:
1266:
1263:
1260:
1258:
1255:
1254:
1252:
1250:
1246:
1240:
1237:
1235:
1232:
1229:
1226:
1223:
1220:
1217:
1214:
1211:
1208:
1205:
1202:
1199:
1196:
1193:
1190:
1186:
1185:Trading hours
1183:
1181:
1178:
1177:
1176:
1173:
1172:
1170:
1166:
1160:
1157:
1153:
1150:
1149:
1148:
1145:
1143:
1140:
1138:
1135:
1133:
1130:
1128:
1125:
1121:
1118:
1116:
1113:
1112:
1111:
1108:
1106:
1103:
1101:
1100:Broker-dealer
1098:
1094:
1091:
1089:
1086:
1085:
1084:
1081:
1080:
1078:
1074:
1068:
1065:
1063:
1060:
1058:
1057:Issued shares
1055:
1053:
1050:
1049:
1047:
1045:
1044:Share capital
1041:
1035:
1032:
1030:
1027:
1025:
1022:
1020:
1017:
1015:
1012:
1011:
1009:
1007:
1002:
996:
995:Fourth market
993:
991:
988:
986:
983:
981:
978:
977:
975:
973:
968:
964:
957:
952:
950:
945:
943:
938:
937:
934:
927:
924:
921:
918:
916:
913:
911:
908:
906:
903:
901:
898:
897:
893:
889:
888:0-471-26849-6
885:
881:
877:
876:
872:
863:
859:
858:
853:
846:
843:
838:
834:
833:
828:
822:
819:
814:
810:
803:
800:
788:
781:
778:
771:
769:
766:
762:
758:
756:
752:
745:
737:
735:
733:
727:
724:
723:Wilshire 5000
720:
716:
711:
709:
705:
701:
697:
693:
689:
682:
680:
678:
674:
669:
651:
648:
643:
639:
631:
616:
613:
608:
604:
596:
581:
578:
573:
569:
561:
560:
559:
557:
549:
531:
528:
524:
516:
513:
495:
491:
483:
480:
479:market return
462:
458:
450:
447:
429:
425:
417:
416:
415:
396:
393:
390:
386:
382:
374:
370:
366:
361:
358:
355:
351:
341:
337:
333:
328:
324:
320:
315:
311:
307:
302:
299:
296:
292:
288:
270:
269:
268:
266:
262:
258:
240:
236:
227:
219:
217:
215:
211:
206:
204:
200:
195:
191:
186:
184:
180:
176:
172:
168:
164:
159:
157:
153:
149:
145:
144:active return
141:
131:
128:
120:
109:
106:
102:
99:
95:
92:
88:
85:
81:
78: –
77:
73:
72:Find sources:
66:
62:
56:
55:
50:This article
48:
44:
39:
38:
33:
19:
18:Excess return
2068:
2005:Fixed income
1881:Global macro
1823:Event-driven
1692:Tender offer
1612:Public float
1582:Market trend
1572:Market depth
1392:Growth stock
1366:Buy and hold
1275:(Cap-to-GDP)
1256:
1115:Floor trader
1105:Market maker
1088:Floor broker
1076:Participants
1019:Golden share
1014:Common stock
990:Third market
879:
862:the original
857:Investopedia
855:
845:
837:the original
832:Investopedia
830:
821:
813:the original
802:
791:. Retrieved
780:
767:
763:
759:
747:
728:
712:
703:
692:share prices
686:
670:
667:
553:
413:
225:
223:
207:
194:mutual funds
187:
183:Sharpe ratio
160:
152:market index
139:
138:
123:
114:
104:
97:
90:
83:
71:
59:Please help
54:verification
51:
2232:Hedge funds
1995:Derivatives
1990:Commodities
1945:Day trading
1855:Directional
1754:Hedge funds
1697:Uptick rule
1677:Stock split
1657:Squeeze-out
1652:Speculation
1597:Open outcry
1486:Block trade
1418:Pairs trade
719:S&P 500
715:index funds
710:portfolio.
203:hedge funds
190:index funds
2267:Categories
2187:Governance
1761:Investment
1702:Volatility
1682:Stock swap
1602:Order book
1353:strategies
1279:Book value
1147:Arbitrager
1142:Speculator
793:2024-02-15
772:References
755:fluctuates
751:index fund
696:fair value
148:investment
117:March 2016
87:newspapers
2121:Investors
1771:Arbitrage
1318:Fed model
1313:EV/EBITDA
1228:Dark pool
1159:Regulator
1004:Types of
970:Types of
700:exchanges
640:α
605:α
570:α
525:β
387:ε
367:−
338:β
325:α
308:−
261:intercept
237:α
179:R-squared
1763:strategy
1647:Slippage
1607:Position
1592:Momentum
1496:Dividend
1175:Exchange
1132:Investor
721:and the
181:and the
169:used in
1983:Markets
1974:Related
1933:Trading
1536:Haircut
1340:T-model
1152:Scalper
972:markets
708:passive
263:of the
101:scholar
2055:Greeks
2000:Equity
1557:Margin
1425:(PMPT)
1287:(CAPM)
1137:Hedger
1110:Trader
1083:Broker
1006:stocks
886:
546:: the
510:: the
477:: the
444:: the
146:on an
103:
96:
89:
82:
74:
2098:Short
2088:Hedge
2069:alpha
1976:terms
1900:Other
1712:Yield
1687:Trade
1622:Rally
1543:(IPO)
1431:(RMH)
1404:(MPT)
1383:(EMH)
1336:(SML)
1325:(NAV)
1299:(DDM)
1293:(CML)
1264:(APT)
1257:Alpha
1224:(STP)
1218:(DMA)
1212:(ECN)
1206:(MTF)
1200:(ATS)
704:alpha
140:Alpha
108:JSTOR
94:books
2073:beta
2029:Misc
1547:Long
1351:and
1281:(BV)
1268:Beta
884:ISBN
673:CAPM
649:>
579:<
548:beta
224:The
163:beta
80:news
698:on
63:by
2269::
2075:/
2071:/
2057::
1909:/
1869:/
1801:/
854:.
829:.
679:.
205:.
185:.
177:,
2079:)
2067:(
2061:)
2053:(
1773:/
1746:e
1739:t
1732:v
955:e
948:t
941:v
796:.
652:0
644:i
617:0
614:=
609:i
582:0
574:i
532:M
529:i
496:f
492:R
481:,
463:M
459:R
430:i
426:R
397:t
394:,
391:i
383:+
380:)
375:f
371:R
362:t
359:,
356:M
352:R
348:(
342:i
334:+
329:i
321:=
316:f
312:R
303:t
300:,
297:i
293:R
289::
285:L
282:C
279:S
241:i
228:(
130:)
124:(
119:)
115:(
105:·
98:·
91:·
84:·
57:.
34:.
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
