The first analyze to this anomaly is that smaller telco company tend to outperform larger companies. Why ? We can compare marginal returns in small and large companies to measure the growth.
The financial performance among small telco companies are significantly more likely to have grown more. This small telco companies still expand but the large telco companie have been on saturation position.
January Effect Is Not About Quantity
The January effect is a rather well-known anomaly in all industry. January effect usually make telco companies focuse on large customer. Today they expand build good network quality and services. Here, the idea is that the companies that underperformed in the fourth quarter of the prior year tend to outperform the markets in January. They pump up the lack target on the fourth quarter of the prior year. The optimation telco services and good network at first quartal is a key to sucsessful perform for a year.
Low Book Value in Telco Cost and Price Expectation
Research has shown that cost of telco services with below-average telco price ratios tend to outperform the market. The average cost of telco services depend on market trend, regulation and traffic condition (low/peak). These kind of cost parameter are leaded by price expectation. Cost reduction and price expectation are the main factor taht need to measure on those kind of parameters
Neglected Stocks
Neglected stocks are also thought to outperform the broad market averages. The neglected telco company effect suggests that returns on their stock shares. Because they are less likely to be analyzed and definition of neglected firm effect in the Financial performance. Effect helped support the findings that the smallest stocks should continue to ...
Reversals
Some evidence suggests that at either end of the performance spectrum, over periods of time (generally a year), do tend to reverse course in the following period – yesterday's top performers become tomorrow's underperformers, and vice versa.
Days of the Week
What's effect of days of the week anomaly to the telco industri. Days of the week anomaly is a fenomenal shown that market activity tend to move more on fridays than mondays, and that there is a bias toward positive market performance on fridays. It is not a huge discrepancy, but it is a persistent one.
In telco industry we can measure the differentiation of this fenomena on the holiday, new year, ied or christmast. The demand of the telco services is increase and the price of telco service is rise up. This positive issue make telco industry work so hard and need so much resourch on this off season.
Dogs of the Dow
The idea behind this theory was basically that investors could beat the market by selecting stocks in the Dow Jones Industrial Average that had certain value attributes. The dogs of the Dow is an example of the dangers of trading anomalies. It's affect to the company profile up and down depend on dow jones and stock trade.
The Bottom Line
Attempting to trade anomalies is a risky way to invest. Not only are many anomalies not even real in the first place, they are unpredictable.
Seven Market Anomalies Investors Should Know | Investopedia http://www.investopedia.com/articles/financial-theory/11/trading-with-market-anomalies.asp#ixzz4LMCTAPOY
Tidak ada komentar:
Posting Komentar