Financial Analysts Journal

A summary of "When Managers Change Their Tone, Analysts and Investors Change Their Tune," by M. Druz, I. Petzev, A. Wagner, and R. Zeckhauser, published in the Second Quarter 2020 issue of the Financial Analysts Journal.

A summary of the article "Looking under the Hood of Active Credit Managers," by Diogo Palhares and Scott Richardson, published in the Second Quarter 2020 issue of the Financial Analysts Journal.

A summary of "The Equity Differential Factor in Currency Markets," by David Turkington, CFA, and Alireza Yazdani, published in the Second Quarter 2020 issue of the Financial Analysts Journal.

We open with the first of our series celebrating 75 years of the Journal. Next "The Big Market Delusion" and four research articles: two using big data "Public Sentiment and the Price of Corporate Sustainability" followed by "When Managers Change Their Tone, Analysts and Investors Change Their Tune"; next "The Equity Differential Factor in Currency Markets "and "Looking under the Hood of Active Credit Managers."

A summary of "Change Is a Good Thing," by David M. Blanchett, CFA, Michael S. Finke, and James A. Licato, published in the First Quarter 2020 issue of the Financial Analysts Journal.

A summary of "The Tax Benefits of Separating Alpha from Beta," by Joseph Liberman, Clemens Sialm, Nathan Sosner, and Lixin Wang, published in the First Quarter 2020 issue of the Financial Analysts Journal.

A summary of "Option Investor Rationality Revisited: The Role of Exercise Boundary Violations," by Robert Battalio, Stephen Figlewski, and Robert Neal, published in the First Quarter 2020 issue of the Financial Analysts Journal.

A summary of "Net Share Issuance and Asset Growth Effects: The Role of Managerial Incentives," by Shingo Goto, Zhao Wang, and Shu Yan, published in the First Quarter 2020 issue of the Financial Analysts Journal.

We open with "Dynamics of ETF Fees," followed by five research articles: "Change Is a Good Thing," highlighting the effectiveness of fund selection and switching; "The Tax Benefits of Separating Alpha from Beta"; an equity strategy in "Net Share Issuance and Asset Growth Effects: The role of managerial incentives."; and finally "Option Investor Rationality Revisited: The Role of Exercise Boundary Violations"—revealing opportunities in the intraday options market.

Andrea Frazzini talks about the article "Buffett's Alpha," Graham and Dodd winner in 2018 from the Financial Analysts Journal. Warren Buffett's Berkshire Hathaway returns appear to be neither luck nor magic but, rather, a reward for leveraging cheap, safe, high-quality stocks.