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Bad Timing - Individual and Institutional Investors, Advisors and Consultants

Chapter 11 Notes - The Footnotes in the Book are sequential and for this chapter start at #208 and end at #239.
These notes are provided for those that have purchased the book and would like to access the notes and links directly.


1. http://ns.umich.edu/new/releases/22365-stock-market-participation-has-dropped-most-among-small-investors
2. http://moneywatch.bnet.com/investing/blog/irrational-investor/financial-advisors-show-poor-market-timing/2163/
https://www.cbsnews.com/news/financial-advisors-show-poor-market-timing/(October 29, 2010)
3. http://www.iijournals.com/doi/abs/10.3905/jpm.1995.409540
4. https://www.advisorperspectives.com/articles/2017/03/06/a-warning-to-the-advisory-profession-dalbar-s-math-is-wrong
5. http://faculty.haas.berkeley.edu/odean/Papers%20current%20versions/Individual_Investor_Performance_Final.pdf
6. http://www.jstor.org/discover/10.2307/30034399?uid=3739256&uid=2&uid=4&sid=21105056906113
7. http://cba.unl.edu/research/articles/541/
8. http://rfs.oxfordjournals.org/content/early/2009/05/21/rfs.hhp022.short
9. http://www.cfapubs.org/doi/pdf/10.2469/faj.v65.n6.4
10. http://www.cass.city.ac.uk/__data/assets/pdf_file/0003/69933/Do-UK-retail-investors-buy-at-the-top-and-sell-at-the-bottom.pdf
11. http://www.people.hbs.edu/gyu/HigherRiskLowerReturns.pdf
12. http://www.iijournals.com/doi/abs/10.3905/jii.2013.3.4.031
13. https://personal.vanguard.com/pdf/s801.pdf
14. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3101426 The Misguided Beliefs of Financial Advisors December 15, 2017 (Forthcoming in the Journal of Finance per https://brianmelzer.com/category/financial-advice/) https://www.marketwatch.com/story/heres-why-your-investment-adviser-isnt-making-you-enough-money-2018-02-26
15. http://corporate1.morningstar.com/ResearchLibrary/article/810671/mind-the-gap-2017/ (5/30/2017)
Similar comments were added in "Mind the Gap, Global Edition" http://www.morningstar.com/advisor/t/120104466/mind-the-gap-global-edition.htm (08/08/2017) Per the 2019 edition "allocation funds produced a positive gap of 0.22%" but "the average investor lost 45 basis points to timing" https://www.morningstar.com/articles/942396/mind-the-gap-2019 (8/15/2019) 16. Do Institutional Investors Chase Returns? January 1, 2018 https://www.stlouisfed.org/on-the-economy/2018/january/institutional-investors-chase-returns
17. Ben Johnson "Mind the Gap: Active Versus Passive Edition," May 02, 2018 http://www.morningstar.com/articles/862410/mind-the-gap-active-versus-passive-edition-2018.html
18. See also Tim Jenkinson, Howard Jones, and Jose Vicente Martinez, “Picking Winners: Investment Consultants’ Recommendations of Fund Managers.” Journal of Finance, October 2016, Bradford Cornell, Bradford, Jason Hsu, and David Nanigian “Does Past Performance Matter in Investment Manager Selection?” Journal of Portfolio Management, Summer 2017 and https://www.researchaffiliates.com/en_us/publications/articles/650-is-manager-selection-worth-the-effort-for-financial-advisors.html
19. https://www.morningstar.com/news/market-watch/TDJNMW_20170928482/targetdate-funds-can-be-the-right-choice-if-youre-this-kind-of-investor.html
20. http://images.mscomm.morningstar.com/Web/MorningstarInc/%7B4921d1ea-315d-4f91-9e09-9b215696f246%7D_2015_Target-Date_Fund_Landscape.pdf (page 59)
21. https://www.advisorperspectives.com/articles/2018/01/22/uneasy-lies-the-head-that-wears-a-crown-a-conversation-with-jack-bogle
22. https://www.kiplinger.com/article/investing/T041-C007-S001-investment-newsletters-lose-their-referee.html
23. John Bajkowski , Charles Rotblut, and Mark Hulbert, Observations From Decades of Tracking Investment Newsletters, August 2018 https://www.aaii.com/journal/article/observations-from-decades-of-tracking-investment-newsletters
24. Campbell Harvey and John Graham, Grading the Performance of Market Timing Newsletters, in the Financial Analysts Journal (November/December 1999) https://faculty.fuqua.duke.edu/~charvey/Research/Published_Papers/P44_Grading_the_performance.pdf
25. Andrew Metrick, Performance Evaluation with Transactions Data: The Stock Selection of Investment Newsletters in the Journal of Finance (October 1999) http://www.jstor.org/stable/222502
26. http://www.nytimes.com/2016/08/06/your-money/401k-retirement-plan-investment-stock-markets.html http://news.morningstar.com/articlenet/article.aspx?id=716809#.VhPnxDVgd9Y.twitter 27. https://www.wsj.com/articles/the-winners-and-losers-of-the-heards-summertime-stock-picking-event-1514457001
28. https://www.wsj.com/articles/SB10190809017144480
29. Journal of Financial and Quantitative Analysis, June 1993
30. A prior version can be downloaded at http://papers.ssrn.com/sol3/paper.taf?ABSTRACT_ID=1068
31. http://journal.afajof.org/article/liquidity-provision-and-noise-trading-evidence-from-the-investment-dartboard-column/
32. A Re-examination of Market Reactions to Business Week's 'Inside Wall Street' Column https://papers.ssrn.com/sol3/papers.cfm?abstract_id=777145



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Table of Contents and Launch Site

Last update 12/31/2019. Copyright © 2019 Gary Karz. All rights reserved.
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