The Economics of Security Analysis

Kewei Hou
Kewei Hou
[email protected]
https://orcid.org/0000-0002-8638-1777
Fisher College of Business, The Ohio State University, Columbus, Ohio 43210;China Academy of Financial Research, Shanghai 200030, P.R.China;
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,
Haitao Mo
Haitao Mo
[email protected]
E.J. Ourso College of Business, Louisiana State University, Baton Rouge, Louisiana 70803;
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,
Chen Xue
Chen Xue
[email protected]
Lindner College of Business, University of Cincinnati, Cincinnati, Ohio 45221;
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,
Lu Zhang
Corresponding Author
Lu Zhang
[email protected]
https://orcid.org/0000-0003-4492-9148
Fisher College of Business, The Ohio State University, Columbus, Ohio 43210;National Bureau of Economic Research, Cambridge, Massachusetts 02138
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Fisher College of Business, The Ohio State University, Columbus, Ohio 43210;China Academy of Financial Research, Shanghai 200030, P.R.China;

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Haitao Mo

[email protected]

E.J. Ourso College of Business, Louisiana State University, Baton Rouge, Louisiana 70803;

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Chen Xue

[email protected]

Lindner College of Business, University of Cincinnati, Cincinnati, Ohio 45221;

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Lu Zhang

Corresponding Author

Lu Zhang

[email protected]

https://orcid.org/0000-0003-4492-9148

Fisher College of Business, The Ohio State University, Columbus, Ohio 43210;National Bureau of Economic Research, Cambridge, Massachusetts 02138

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Published Online:13 Dec 2022https://doi.org/10.1287/mnsc.2022.4640

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Volume 70, Issue 1

January 2024

Pages 1-670, iii-iv

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Received:January 06, 2022
Accepted:May 22, 2022
Published Online:December 13, 2022

Cite as

Kewei Hou, Haitao Mo, Chen Xue, Lu Zhang (2022) The Economics of Security Analysis. Management Science 70(1):164-186.

https://doi.org/10.1287/mnsc.2022.4640

Keywords

Acknowledgments

For helpful comments, the authors benefited from discussants Michael Brennan, Hans Fredrikson, Neal Galpin, Robert Ready, and Baolian Wang as well as Ron Dye, Ravi Jagannathan, Robert Korajczyk, Swaminathan Sridharan, and Linda Vincent in addition to other seminar participants at Arizona State University, Capital University of Economics and Business, Central University of Finance and Economics, Dongbei University of Finance and Economics, Fudan University, Hong Kong University of Science and Technology, Indiana University, Kellogg School of Management (Accounting Information and Management) at Northwestern University, People’s Bank of China, School of Finance and School of Economics and Management at Tsinghua University, Guanghua School of Management and Institute of New Structural Economics at Peking University, Rutgers University, the Financial Research Network seminar hosted by University of Queensland, The Ohio State University, University of Bristol, University of Cincinnati, University of Exeter, University of Lancaster, University of Iowa, University of Manchester, University of Manitoba, University of Mannheim, University of Texas at Dallas, University of Toronto, and Zhejiang Gongshang University as well as the 2019 Swedish House of Finance Conference on Financial Markets and Corporate Decisions, the 2019 University of British Columbia Phillips, Hager & North Centre for Financial Research Summer Finance Conference, the Second China International Forum on Finance and Policy at University of International Business and Economics in 2019, the Fourth Annual Wealth and Asset Management Research Conference at Washington University in St. Louis in 2019, the 2020 Greater China Area Finance Conference, the Ninth China Investments Annual Conference in 2021, the 2021 Taiwan Finance Association Annual Meetings, the 2021 Shanghai Advanced Institute of Finance and China Academy of Financial Research Summer Camp, the 2021 China International Conference in Finance, the Eighth Annual Melbourne Asset Pricing Meeting in 2021, and the 2022 China Fintech Research Conference. Lukas Schmid (the editor), an associate editor, and two anonymous referees deserve special thanks. This paper supersedes our work previously circulated under the title “Security Analysis: An Investment Perspective.” All remaining errors are our own.

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