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Article

Practical Applications of Chicken Little Gets It Wrong Again

Anna Agapova, Robert Ferguson, Dean Leistikow and Wendy Connett
Practical Applications Summer 2014, 2 (1) DOI: https://doi.org/10.3905/pa.2014.2.1.065
Anna Agapova
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Robert Ferguson
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Dean Leistikow
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Wendy Connett
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Chicken Little Gets It Wrong Again Anna Agapova Robert Ferguson Dean Leistikow

Abstract

Investors who think the sky is falling whenever they encounter high return-correlation environments are victims of a nearly superstitious belief that active management cannot work in these environments.

The authors of Chicken Little Gets It Wrong Again say that passive investing isn’t the answer, and that investors who fire talented managers based on this false premise hurt themselves needlessly.

According to co-authors Robert Ferguson, Anna Agapova and Dean Leistikow , high correlation does not mean low relative volatility. “Our theory and empirical results can be used by investors and managers to educate and calm pension fund boards and other decision makers, so that they make better decisions and do not needlessly forego superior performance,” explains Ferguson, a Consultant in Coral Gables, Florida.

Agapova is an Associate Professor of Finance at Florida Atlantic University in Boca Raton, and Dean Leistikow is Professor of Finance at Fordham University in New York.

  • The content is made available for your general information and use and is not intended for trading or other specific investment advice purposes or to address your particular requirements. We do not represent or endorse the accuracy or reliability of any advice, opinion, statement, or other information provided any user of this publication. Reliance upon any opinion, advice, statement, or other information shall also be at your own risk. Independent advice should be obtained before making any such decision. Any arrangements made between you and any third party named in this publication are at your sole risk.
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Practical Applications: 2 (1)
Practical Applications
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Summer 2014
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Practical Applications of Chicken Little Gets It Wrong Again
Anna Agapova, Robert Ferguson, Dean Leistikow
Practical Applications Jul 2014, 2 (1) DOI: 10.3905/pa.2014.2.1.065

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Practical Applications of Chicken Little Gets It Wrong Again
Anna Agapova, Robert Ferguson, Dean Leistikow
Practical Applications Jul 2014, 2 (1) DOI: 10.3905/pa.2014.2.1.065
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