(University of Texas at Austin, Texas Advanced Computing Center) Researchers used the Wrangler supercomputer at the Texas Advanced Computing Center to uncover the root cause of the 'beta anomaly' -- a discrepancy between the expected return on high-risk assets and their actual return. The team found that investors who are attracted to the lottery-like characteristics of these stocks push their prices higher than theory would predict, thereby lowering their future returns.
from EurekAlert! - Social and Behavioral Science http://ift.tt/2mQyUgY
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