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10.1057/s41260-020-00195-w http://scihub22266oqcxt.onion/10.1057/s41260-020-00195-w C7670287Howthepandemictaughtustoturnsmartbetaintorealalpha!7670287 !C7670287     free     free     free Deprecated: Implicit conversion from float 209.6 to int loses precision in C:\Inetpub\vhosts\kidney.de\httpdocs\pget.php on line 534 Deprecated: Implicit conversion from float 209.6 to int loses precision in C:\Inetpub\vhosts\kidney.de\httpdocs\pget.php on line 534 Deprecated: Implicit conversion from float 209.6 to int loses precision in C:\Inetpub\vhosts\kidney.de\httpdocs\pget.php on line 534 Warning: imagejpeg(C:\Inetpub\vhosts\kidney.de\httpdocs\phplern\C7670287 .jpg): Failed to open stream: No such file or directory in C:\Inetpub\vhosts\kidney.de\httpdocs\pget.php on line 117       ä-/-ä 2020 ; 21 (7 ): 581-90 Nephropedia Template TP {{tp|p=C7670287 |t=2020. How the pandemic taught us to turn smart beta into real alpha |pdf=|usr=}}{{C7670287 }} gab.com Text How the pandemic taught us to turn smart beta into real alpha JO: ä-/-ä http://www.kidney.de/pget.php?&tw=1&pmid=C7670287 #FOAvip The ongoing COVID-19 pandemic has strongly reminded equity investors that rare but extreme events occur from time to time. At the individual firm level, such events also impact the likelihood of bankruptcy, a feature that is not well represented in the traditional Capital Asset Pricing Model. This paper presents a functional form for equity asset pricing that is realistic, and reconciles the observed high equity risk premium with the observed lower than expected slope of the Security Market Line. Most importantly, we will demonstrate how including the potential for such large events changes traditional views of equity returns and the known factors that contribute to those returns. On the basis of empirical examination of a dataset stretching over 30 years without survivorship bias, we conclude that when the probabilities of rare extreme events are considered, strategies that focus on ?alpha? (risk adjusted return) as defined in Jensen (J Finance 23(2):389?416, 1967) are structurally superior to ?smart beta? strategies that seek to outperform a market index benchmark. Twit Text FOAVip How the pandemic taught us to turn smart beta into real alpha ????ä-/-ä http://www.kidney.de/pget.php?&tw=1&pmid=C7670287 #FOAvip Twit Text # Free Paper on # # # # # LINK http://www.kidney.de/pget.php?&tw=1&pmid=C7670287 #FOAvip English Wikipedia <ref>{{Cite pmid|C7670287 }}</ref> How the pandemic taught us to turn smart beta into real alpha #MMPMIDC7670287 Kantos C ; diBartolomeo D ä-/-ä 2020[]; 21 (7 ): 581-90 PMIDC7670287 show ga The ongoing COVID-19 pandemic has strongly reminded equity investors that rare but extreme events occur from time to time. At the individual firm level, such events also impact the likelihood of bankruptcy, a feature that is not well represented in the traditional Capital Asset Pricing Model. This paper presents a functional form for equity asset pricing that is realistic, and reconciles the observed high equity risk premium with the observed lower than expected slope of the Security Market Line. Most importantly, we will demonstrate how including the potential for such large events changes traditional views of equity returns and the known factors that contribute to those returns. On the basis of empirical examination of a dataset stretching over 30 years without survivorship bias, we conclude that when the probabilities of rare extreme events are considered, strategies that focus on ?alpha? (risk adjusted return) as defined in Jensen (J Finance 23(2):389?416, 1967) are structurally superior to ?smart beta? strategies that seek to outperform a market index benchmark. äHow the pandemic taught us to turn smart beta into real alpha (epmc).pdf DeepDyve Pubget Overpricing