| Equity research (independent) is the first and most important phase of the investment process. Starting with an objective and strategy, the global research phase should yield specific buy, sell and allocation recommendations. This will be the input for the next phase in the technology based investment process; portfolio construction.
Crowther Investment focuses on the technology-based and often, quantitative tasks in the equity research phase. We have 25+ years of experience in: research creation, distribution, procurement, sales, model & system development, and implementation into the investment process. Research experience is from the buy, sell, vendor and academic sides of the investment business.
Some of the steps we can help evaluate, design, document, implement, market, manage and sell include:
- Strategy, focus, positioning, thought leadership, marketing
- Research project management
- Global, fundamental financial, accounting & quantitative research and analysis, frontier markets
- Sustainability, ESG, SRI; fundamental, quantitative, behavioral
- Financial engineering
- Research universe selection, vendor, management and maintenance
- Earnings estimate analysis & models (quality, momentum, volatility, persistence, revision, surprise, etc)
- Technical analysis, algorithmic trading research
- Market microstructure analysis
- Stock valuation, scoring and ranking (long & short)
- Multi-factor equity risk models
- Principal Component Analysis (PCA), Independent Component Analysis (ICA)
- Higher moment distribution analysis - kurtosis, fat tails; skew
- Time series analysis; ARMA, ARIMA, ARCH, GARCH; (clustering, volatility regimes, etc)
- High frequency data research
- Complex event processing
- Back testing, point in time, as reported, restated data
- Simulation & Monte Carlo
- Cross asset class & market correlation, sensitivity; fixed income, derivatives
- Reverse engineer process, product, strategy
- Strategic, tactical asset allocation
- Portable alpha, cheap beta, long/short extensions, absolute return, alternative investment research
- Market risk analysis
- Systematic forensic accounting, derivative and fraud research
- Region / sector / industry analysis
- Macro economic & econometric; cross asset class fund flows
- Style, benchmark, peer and other characteristic analysis (value, growth equity etc)
- Hedge fund, ETF, structured products, strategy, process & models
- Behavioral finance in a quantitative & systematic framework
- Channel checking, supply chain management, "long tail" research
- Research authoring, publication, management, distribution tools, tags and protocols (RIXML, XBRL)
- Efficient and optimal use or expert networks (GLG, etc) and knowledge process outsourcing (KPO)
- Incorporate real-time market & reference data into processes and models
- Translate news into analytics, ranks, scores, and signal for quantitative models (news analytics), news beta
- Intelligent text & news; searching, reading, parsing, elementizing, coding, sentiment, relevance, logical, and inference processes, Natural Language Processing (NLP), machine learning, unstructured text, machine readable news, social media analytics/sentiment, unstructured - big data
- Extensive use of global fundamental financial, pricing, estimate, risk, economic, proprietary; other external commercial databases, blogs, screen scrapes, mashups
- Equity Research Management Systems (RMS) deployment, integration
- Soft dollar eligibility, assessment & allocation
- Babson College Fund
- Boston Security Analysts Society - CFA Continuing Education
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