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Security Analysis: An Investment Perspective


Time: 10:00 am-11:30 am, Dec. 17th, 2021

Platform: Zoom

Speaker: Kewei Hou

(Ohio State University)

Link: https://us06web.zoom.us/j/83034958277?pwd=emkyd0NTQVhiR2xKbGpUZVNnekQwZz09

Meeting ID: 830 3495 8277

Passcode: inse



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.





Professor Kewei Hou is the Ric Dillon Endowed Professor in Investments at Fisher College of Business, The Ohio State University. His primary research interest is in the area of empirical asset pricing with a specialization in the predictability of asset returns. His articles have been published in the Journal of FinanceJournal of Financial EconomicsReview of Financial StudiesJournal of Accounting and EconomicsReview of FinanceJournal 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 Ph.D. in Finance from the University of Chicago Booth School of Business in 2002.