The Illusory Nature of Momentum Profits

Market efficiency is a tough thing to beat. Go ahead, find an anomaly and then have it torn to bits in future papers. Lesmond, Schill, and Zhou come to the defense of market efficiency and find that the reported profits from momentum investing are minimally overstated and possibly non-existent because of the higher than normal transactions costs involved with the necessary trading. … [ Read more ]

European Airline Industry: Ryanair in 2003

This case takes the reader through a step-by-step evaluation of Ryanair in a highly competitive, high-pressure industry and examines future strategy options for the company and its competitors. How big can Ryanair become with its current strategy, and what strategy will they need to go beyond that? What is the growth potential in its niche and beyond? Is it now time to think about ‘the … [ Read more ]

Continuing Dangers of Disinformation in Corporate Accounting Reports (.doc)

In a hard hitting article Kane looks at the accounting profession and does not like what he finds. After laying out “an unremitting flood of accounting scams” he “traces a major part of the problem to the flawed ethics of the accounting profession” which he claims “by designing and certifying reporting options that help troubled firms and rouge managers to conceal adverse information from … [ Read more ]

Technology after the bubble

IT will rise again-but only if the providers learn how to help their customers make money.

Editor’s Note: in addition to discussing the future of the IT industry, the article offers 5 best practices of companies that realized real value from their IT investments.

Why Your Bank May Cut You Loose

Everybody needs to make money, but CFOs may chafe if their bank puts its own profitability needs first. Here’s how to obtain the banking services you need with reasonable terms and conditions.

Online Bibliography of Military Leadership

This site provides over 4,000 references on leadership, particularly but not limited to military leadership. It is intended to be of use to those doing research on military leadership or leadership in general.

Editor’s Note: keep in mind this is a bibliography – there is nothing you can read directly on the site to learn about leadership, merely references to good sources to read…

Welcome to Tesco, Your “Glocal” Superstore

How the U.K. retailer won over the world, one market at a time.

Can the Market Add and Subtract? Mispriced Stocks Break the Rules of Efficient Markets

According to the law of one price, identical assets should have identical prices. Driving this law is arbitrage, in which an investor buys and sells the same security for two different prices to make a profit. In a well functioning capital market, arbitrage prevents the law of one price from being broken, and in fact, violations of the law are rarely seen.