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Beyond the Random Walk: A Guide to Stock Market Anomalies and Low-Risk Investing (Financial Management Association Survey and Synthesis Series) Paperback – June 1, 2006


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Beyond the Random Walk: A Guide to Stock Market Anomalies and Low-Risk Investing (Financial Management Association Survey and Synthesis Series) + The Handbook of Equity Market Anomalies: Translating Market Inefficiencies into Effective Investment Strategies
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Product Details

  • Series: Financial Management Association Survey and Synthesis Series
  • Paperback: 384 pages
  • Publisher: Oxford University Press (June 1, 2006)
  • Language: English
  • ISBN-10: 0195304225
  • ISBN-13: 978-0195304220
  • Product Dimensions: 9.2 x 6.3 x 1 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (20 customer reviews)
  • Amazon Best Sellers Rank: #727,168 in Books (See Top 100 in Books)

Editorial Reviews

Review


"Beyond the Random Walk is the definitive work on how stocks can be persistently mis-priced, lucidly and comprehensively cataloging market inefficiencies. It offers investors sensible strategies to exploit valuable investment opportunities and is a critical reference for researchers." --Lawrence A. Cunningham, Boston College, author of The Essays of Warren Buffett: Lessons for Corporate America


"Vijay Singal's interesting book provides an overall treatment of the return anomalies that have gripped the attention of academics and investors alike. It is a good source for those who want to understand stock market anomalies, and a useful guide for those who want to trade on them. As always, those seeking to beat the market would do well to remind themselves about the perils of overconfidence, and the attendant risks that trading on sentiment entails."--Hersh Shefrin, Santa Clara University, author of Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing


"We can thank Vijay Singal for categorizing the major stock market inefficiencies, and for telling us how to make money from them."--Roger G. Ibbotson, Yale School of Management, and Chairman, Ibbotson Associates


"Singal provides an easy-to-read introduction to the pricing anomalies discovered by academics and exploited by traders. Understanding these anomalies will help you identify the systematic mistakes traders make and how you might profit from them."--Larry Harris, Fred V. Keenan Chair in Finance, Marshall School of Business at USC, author of Trading & Exchanges: Market Microstructure for Practitioners


"Understanding how the markets work and how to exploit them for profit is what makes Wall Street tick. Successful investing is based on extracting small low risk profits; this is what separates good managers from great ones. By explaining how to look for, spot and take advantage of anomalies Singal is about to create a whole new class of great managers. It is clear that his research, experience, and expertise are something all investors should take advantage of as they try to navigate the randomness and not so randomness that is the market."--Daniel A. Strachman, author of Essential Stock Picking Strategies and Editor of The Strachman Report


"This is a comprehensive look at financial market anomalies in language that is accessible to all. While no book on the market offers foolproof ways of making money, this book will certainly be an instructive read and bring the lay person up to speed on the latest research."--Raghuram Rajan, Joseph Gidwitz Professor of Finance, University of Chicago


"This is a very nice summary of the academic literature on anomalies, and contains some intriguing suggestions for taking advantage of them." --Andrew W. Lo, MIT


"A great Christmas gift for investors."--SmartMoney


About the Author

Vijay Singal is J. Gray Ferguson Professor of Finance and Chairperson of the Finance Department at the Pamplin College of Business of Virginia Tech. Dr. Singal is an author of many academic and practitioner articles.

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Customer Reviews

This is an "easy to read" well written book.
J. Meyer
This is definetly one of the better written books on the subject.
Sreeram Ramakrishnan
I particularly like the strategy with Fidelity Select Funds.
Diane Ford

Most Helpful Customer Reviews

13 of 13 people found the following review helpful By A Customer on October 23, 2003
Format: Hardcover
I never thought I would see a book on the stock market that is believable, yet useful. Malkiel's book on Random Walk is accurate but according to that you can't do anything. Singal's book is aptly titled "Beyond the Random Walk". He seems to believe in market efficiency but says that there are times when the market or a few stocks are not correctly priced.
The book talks about these mispricings in a refreshingly simple language though it relies on amazing amount of research. Also has trading strategies that are useful.
I would recommend it.
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13 of 14 people found the following review helpful By dennis wentraub on February 27, 2004
Format: Hardcover Verified Purchase
The financial markets give investors a chance to make money when they work - and when they don't. When markets work efficiently they uncover the true value of an asset by pegging its fair price for informed buyers and sellers. When for a variety of reasons markets are inefficient they misprice assets. When the specific circumstances of that mispricing are recognized and persistent (viz. predictable) it is an anomaly. The regularity of anomalies offers investors, at least in theory, the opportunity to profit by taking a position that recognizes the temporary nature of the mispricing before it rights itself. These anomalies are the subject of Singal's study which takes its title from the updated 1970's classic exposition of the efficient market hypothesis by Princeton Economics professor Burton Malkiel.
This is a detailed look at ten market anomalies. Singal's goal is to move us well beyond descriptions and academic evidence and offer trading strategies intended to achieve an outsized market return. Each chapter summarizes key points and projects potential returns from implementing the outlined strategy. Additional market anomalies are briefly identified in the final chapter. As a bonus of sorts an appendix gives the most detailed explanation of short selling I have read.
From a practical standpoint some anomalous situations would appear to be more exploitable than others. Mergers between public companies occur with some frequency, so an understanding of how to play the merger premium paid by acquiring companies for their target is useful. Changes to the composition of the S&P 500 Index and their impact on stock prices occur with less frequency, but this is balanced by opportunities from the January and "New December Effect" (mark your calendars).
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12 of 13 people found the following review helpful By "books4322" on November 11, 2003
Format: Hardcover
I was looking for information on timing mutual funds and stumbled on the site of this book: [...] I was so intrigued by the book that I ordered it. Not a bad book at all. It explained everything I wanted to know about mispricing of mutual fund NAVs in a very simple language. Amazing that these people (Singal and others) have known about it for almost 10 years -- and investors like me did not know. This is just one chapter in the book. There are ten anomalies he discusses. Worth a lot more than the $30 I paid for it.
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8 of 8 people found the following review helpful By Jason Chen on December 28, 2003
Format: Hardcover
After reading the January 2004 issue of Money magazine, this book was next on my reading list. The site [...] is quite informative.
Table of contents:
Chapter 1: Market Efficiency and Anomalies
Chapter 2: January Effect and the New December Effect
Chapter 3: The Weekend Effect
Chapter 4: Short-term Price Drift
Chapter 5: Momentum in Industry Portfolios
Chapter 6: Mispricing of Mutual Funds
Chapter 7: Trading by Insiders
Chapter 8: Changes to the S&P 500 Index
Chapter 9: Merger Arbitrage
Chapter10: International Investing And The Home Bias
Chapter11: Forward Rate Bias
Chapter12: Understanding And Learning From Behavioral Finance
Chapter13: A Description Of Other Possible Mispricings
Pros: All of the anomalies seem to be based on real research, not just hot air. The trading strategies are clear and easy to implement. Singal is cautious in making recommendations. The summary table at the beginning of the book lets you choose what you want to read and use. Seems very credible. Easy to read and understand. Many, many new things all investors wish they knew.
Cons: Confusing title. More more description about each anomaly would have helped but may be the author did not want to make it into an encylopedia. The list of references helps for further exploration. Each anomaly has a discussion of about 25 pages, which is okay as a start.
Value: Excellent. Strongly recommended.
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5 of 5 people found the following review helpful By Sreeram Ramakrishnan VINE VOICE on July 28, 2004
Format: Hardcover
This is definetly one of the better written books on the subject. Singal presents several "market anomalies" and discusses strategies as to how to benefit from them. However, most of them have holding periods of a couple of days to a few weeks at the most. A long-term investor may not find the strategies mentioned here very useful. Of particular appeal to mid-to-long term investors may be the discussion on SP500 additions and deletions, and mutual fund pricing. It may offer some tips on when to committ additional funds to mutual funds. However, the increased pressure on market timers and related activities, increasing redemption fees, trading costs, tax implications and the sheer amount of time required to monitor the strategies, the techniques of the author provide for good academic discussion and not as much as practical "tips". Nevertheless, the market situations, suggested techniques, evidence and possible explanations, citations are well presented and logically organized. A must-read for traders and investors alike, though for different reasons.
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