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Finding Alphas: A Quantitative Approach to Building Trading Strategies by Igor Tulchinsky

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23 Institutional Research 101

By Benjamin Ee1

This chapter is focused on how alpha researchers can add institutional research sources to their toolkit for generating new trading ideas.

Part 1 provides a “tourist guide” of sorts to the various streams of academic research on financial markets that have been energetically developed over the previous few decades. Part 2 is a general overview of analyst research and stock recommendations that researchers may encounter frequently in financial media. We talk about how to access analyst recommendations, as well as address the all-important question of how they can help to inspire systematic trading ideas.

ACADEMIC RESEARCH ON FINANCIAL MARKETS – NEEDLE MEETS HAYSTACK?

How should you find ideas for new market strategies? Inspiration can come from many sources including discussions with classmates, colleagues or friends, the financial press, seminars, books, and so on. In this chapter, we introduce another source for idea generation that the researcher can add to her toolkit: freely available academic papers on financial markets.

At first glance, the explosion of publicly available finance research by professors, graduate students, various market commentators, and others over the last few decades can make navigating existing works a daunting task for any newcomer. A search for “corporate finance” and “asset pricing” on Google Scholar in December 2014 yielded about 1.5 million and 1.3 million results, respectively; paring down the ...

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