Stocks
Equities microstructure: earnings moves, float, short interest, rebalancing flow, spreads, dark pools.
How Earnings Announcements Move Stock Prices Overnight
Earnings announcements typically produce a large fraction of their total stock price movement in after-hours and pre-market trading, rather than during regular hours. This happens because market participants
Post-Earnings Announcement Drift: Forty Years of Evidence and the Current Debate
Post-earnings announcement drift (PEAD) refers to the tendency for a stock's price to continue moving in the direction implied by an earnings surprise in the days and weeks
Volatility and the VIX: What the Index Measures and What It Does Not
The Volatility Index (VIX) estimates the 30-day implied volatility of S&P 500 options and is frequently cited as a market-wide fear gauge. Despite its widespread use as a
Dark Pools: What They Are and What They Are Not
**Abstract** Dark pools are electronic trading venues regulated by the Securities and Exchange Commission that execute orders without displaying them to the public in real time. This paper
Short Interest, Borrow Fees, and Short Squeezes
Short interest represents the quantity of shares sold short and not yet closed, typically reported as a count and percentage of shares outstanding. Borrow fees are the annualized
Index Rebalancing and Predictable Order Flow
Index rebalancing creates temporary but measurable order flow imbalances when passive funds adjust holdings to track index changes. Because index reconstitution dates and added/removed securities are announced in
The Diversification Threshold: Why 20-30 Stocks Are Enough (And More Isn't)
Why holding 20-30 diversified stocks eliminates company-specific risk but leaves you exposed to market risk—and why that tradeoff matters.
Why Factor Performance Decays: Understanding Alpha Decay and Crowding in Long-Term Investing
Factor premiums decay as more investors chase the same signals. Learn why momentum returns 2% today vs 10% in the 1990s.
Earnings Yield vs. Earnings Power: How Retention Ratio Reveals Which Cheap Stocks Actually Reinvest for Growth
Earnings yield reveals bargains, but retention ratio shows if companies reinvest for real growth.
Beyond P/E: Why Free Cash Flow Yield Separates Bargains from Value Traps
Beyond P/E: Why Free Cash Flow Yield Separates Bargains from Value Traps
Market Cycles Within Cycles: Why Portfolio Rebalancing Traps Long-Term Investors Into Selling Cheap
Small-cap undervaluation cycles and rebalancing mechanics: why the cheapest assets often get sold during portfolio resets.
Retention Ratio and ROE: Why Earnings Reinvestment Unlocks Long-Term Stock Growth
Earnings reinvestment + ROE drive sustainable growth. Learn why retention ratio matters more than dividend yield.
Dividend Growth vs. Dividend Yield: Why Long-Term Investors Pick the Wrong Metric
Why dividend growth beats dividend yield: data on reinvestment compounding and long-term returns.
Dollar-Cost Averaging vs. Lump-Sum Investing: The Data and When Each Works
DCA vs. lump-sum: Vanguard data shows lump-sum wins 64% of the time. But behavioral risk matters more than raw returns.