1. Frasi
  2. Autori
  3. Eugene Fama

Frasi di Eugene Fama

Eugene Francis Fama è un economista e accademico statunitense, noto per il suo lavoro sulla teoria del portafoglio e l'asset pricing. Wikipedia  

✵ 14. Febbraio 1939
Eugene Fama photo
Eugene Fama: 6   frasi 0   Mi piace

Eugene Fama: Frasi in inglese

“If active managers win, it has to be at the expense of other active managers. And when you add them all up, the returns of active managers have to be literally zero, before costs. Then after costs, it's a big negative sign”

Help us translate this quote
Eugene Fama

Cited in: Lawrence Delevingne. " Nobel winner Fama: Active management 'never' good. http://www.cnbc.com/id/102014057" at cnbc.com. 19 Sept. 2014.

“Although size and book to market equity seem like ad hoc variables for explaining average stock returns, we have reason to expect that they proxy for common risk factors in returns.”

Help us translate this quote
Eugene Fama

Origine: Common risk factors in the returns on stocks and bonds, 1993, p. 7

“Firms that have a high BE/ME (a low stock price relative to book value) tend to have low earnings on assets. Conversely, low BE/ME (a high stock price relative to book value) is associated with persistently high earnings.”

Help us translate this quote
Eugene Fama

Origine: Common risk factors in the returns on stocks and bonds, 1993, p. 8

“If assets are priced rationally, variables that are related to average returns, such as size and book-to-market equity, must proxy for sensitivity to common (shared and thus undiversifiable) risk factors in returns. The time-series regressions give direct evidence on this issue. In particular, the slopes and R2 values show whether mimicking portfolios for risk factors related to size and [book-to-market] capture shared variation in stock and bond returns not explained by other factors.”

Help us translate this quote
Eugene Fama

Origine: Common risk factors in the returns on stocks and bonds, 1993, p. 4-5

“The question is when is good? The answer is never.”

Help us translate this quote
Eugene Fama

Cited in: Lawrence Delevingne. " Nobel winner Fama: Active management 'never' good. http://www.cnbc.com/id/102014057" at cnbc.com. 19 Sept. 2014.

“The empirical successes of [the three-factor model] suggest that it is an equilibrium pricing model, a three-factor version of Merton’s (1973) intertemporal CAPM (ICAPM) or Ross’s (1976) arbitrage pricing theory (APT). In this view, SMB and HML mimic combinations of two underlying risk factors or state variables of special hedging concern to investors.”

Help us translate this quote
Eugene Fama

Origine: Common risk factors in the returns on stocks and bonds, 1993, p. 57

Autori simili

Joseph Stiglitz photo
Joseph Stiglitz 5
economista e saggista statunitense
Milton Friedman photo
Milton Friedman 56
economista statunitense
Stephen Leacock photo
Stephen Leacock 8
scrittore, economista
Ludwig von Mises photo
Ludwig von Mises 21
filosofo, economista
John Maynard Keynes photo
John Maynard Keynes 45
economista britannico
Warren Buffett photo
Warren Buffett 33
imprenditore e economista statunitense
John Nash photo
John Nash 8
matematico ed economista statunitense
Friedrich August von Hayek photo
Friedrich August von Hayek 28
economista premio nobel per l'economia britannico
Max Weber photo
Max Weber 18
economista, sociologo, filosofo e storico tedesco
Steven Weinberg photo
Steven Weinberg 6
fisico statunitense