dividend investing
We ran a dividend growth screen on 13 global exchanges, each compared to its local benchmark. 10 of 13 show positive alpha. UK led with +6.80% vs FTSE. Canada had the lowest drawdown (-20.70%). India delivered 13.78% CAGR with just -4.02% drawdown.
dividend investing
We ran the same FCF-based dividend coverage screen across 12 global exchanges. Six beat the S&P 500. India produced 17.24% CAGR. The screen works best where dividend culture runs deep.
dividend investing
Sustainability score on 13 global exchanges, 2000-2025. All 13 re-tested exchanges beat their local market index. India led at 15.86% CAGR (NSE). Germany 0.652 Sharpe. UK +8.16% vs FTSE 100, largest local-benchmark excess in the series.
P/E compression
P/E compression on Thai stocks returns 3.36% annually vs 4.16% for the SET Index. The earlier +3.90% alpha was an artifact of thin price data. The strategy had no position at all in 11 of 25 years.
event-study
We ran an event study on 1,821 US M&A filings (2000-2025). After stricter data-quality controls, the short-term acquirer signal vanishes. The slow drift that remains is shared by both sides and concentrated in 2018-2025: universe drift, not a deal effect.
event study
Pre-earnings drift across 13 markets with local currency benchmarks. Korea leads at +0.745% vs KOSPI. Japan's effect disappeared vs Nikkei. Taiwan flipped from negative to positive. Corrected August 2026: UK and Germany rows retracted, India withdrawn as untested.
event study
15,167 JPX earnings events from 2017-2025. When benchmarked against the Nikkei 225 instead of EWJ, the pre-earnings drift drops to -0.007% (t=-0.19). Not significant. The original +0.114% result was a benchmark artifact.
event study
6,348 KOSPI earnings events from 2016-2025. Pre-earnings drift averages +0.745% vs KOSPI in 10 days before announcements. Both habitual missers (+0.593%) and mixed stocks (+0.772%) show the same drift. Beat rate doesn't matter in Korea.
event study
155,684 US earnings events from 2000-2025. Habitual beaters drift +0.289% vs S&P 500 in 10 days before announcements. Habitual missers fall -0.321%. The spread between best and worst beat-rate quintiles is 44bp.
backtests
Sweden is one of two dedicated markets in our study with positive excess returns. 9.67% CAGR (+0.78% excess), Sharpe 0.344, high variance. The Swedish industrial economy fires the expansion signal less often but delivers strong results when invested.
dividend investing
We backtested a high dividend yield screen with quality filters on Canadian stocks (TSX) from 2000-2025. 6.29% CAGR with +1.86% annual excess over the TSX Composite and a 60% win rate.
dividend investing
We backtested a high dividend yield screen with quality filters on German stocks (XETRA) from 2000-2025. 7.65% CAGR with +3.20% annual excess vs the DAX, +4.22% Jensen alpha, 0.360 Sharpe.