Five Behavioural Finance Anomalies Since COVID: What the Papers Show
A brief literature review of attention, herding, lottery demand, the disposition effect and extrapolation, including conflicting findings.
Read the pieceBehavioural finance
Research
Ideas worth
testing.
Research and working notes on markets, models and portfolio management.
Everyone Has the Same AI. Where Does the Advantage Come From?
The same model can sit inside very different investment processes. A closer look at data, judgment, evaluation and implementation.
Read the pieceBeating alpha decay in the sentiment arms race
An event study of intraday 8-K filings from 2015 to 2025, comparing three generations of sentiment models and what their results suggest about technology, alpha decay and trading returns.
Read the paper (PDF)Will AI Replace Investment Analysts—or Change Their Jobs?
Winning a forecasting test is not the same as replacing a job. What the research supports, and what it leaves unanswered.
Read the pieceA Reconciled Attribution Chart Is Not Proof of Alpha
Accounting identities, factor regressions and investment skill are different claims. Two synthetic examples show what reconciliation proves, how scaling changes attribution, and why a fitted residual is not evidence of alpha.
Read the pieceThe Half-Life of What? Signal Decay Is Not the Cost of Waiting
The same price path can produce several different decay curves. A worked example separates marked returns, delayed entry and hindsight opportunity—and explains what a decision-relevant cost of waiting must specify.
Read the pieceThis material is for information only. It is not investment advice or a recommendation to trade. See each paper for its methodology and full disclaimer.
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