Who We Are

QSG® is a leading provider of independent global equity research, advanced trading analytics, and investment consulting services. We apply a systematic evaluation process to a variety of fundamental, technical, high-frequency and sector-specific signals. QSG employs a talented staff of analysts who are solely committed to the research and development of new sources of excess returns.

QSG does not manage assets or offer execution services, allowing us to provide clients with unbiased, objective research. The active equity managers, hedge funds and traders who leverage our research are focused on new idea generation, enhanced investment performance and lowering trading costs.


Equity Research

Spotlight

Equal-Librium: Stabilization in the performance of quality signals suggests that investors are looking for more than low prices.
November’s performance seems to signal a collective sigh of relief, equalizing the signal performance across our global factor library since the March lows. Quality, both management and asset, was rewarded adding to an increased sense of well-being, suggesting that we may soon be off the low price/liquidity juice.

Available Research
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 Research TitleCategoryDate
735QSG® RN - Trading Cost Adjusted Factor ReturnsResearch Note1/14/2010
738QSG® FI - Financial Distress and the Cross Section of Stock ReturnsFactor Introduction1/14/2010
739QSG® FI - Out-of-the-Money Put-to-Call RatioFactor Introduction1/14/2010
740QSG® MPR - December 2009 - Model Performance ReportQSG Model Performance Report1/14/2010
736QSG® AD - Active Equity Management for the FutureAcademic Digest1/14/2010
737QSG® AD - The Value of LiquidityAcademic Digest1/14/2010
734QSG® KD - The Rehabilitation of MomentumQSG Key Drivers Report1/8/2010
730QSG® AD - REIT Momentum and the Performance of Real EstateAcademic Digest12/11/2009
731QSG® AD - Which Factors Influence Trading Costs in Global EquityAcademic Digest12/11/2009
729QSG® RN - What Happened to Earnings MomentumResearch Note12/9/2009
728QSG® RN - Realized Volatility and Price ReversalsResearch Note12/9/2009
726QSG® KD - Equal-LibriumQSG Key Drivers Report12/9/2009
725Webinar: Integrating ESG Data into Model PortfoliosWebinar12/4/2009
733QSG® MPR - November 2009 - Model Performance ReportQSG Model Performance Report12/1/2009
727QSG® REIT - Model Analysis - November 2009Research Note11/18/2009
718QSG® FI - Realized Volatility and Security ReturnsFactor Introduction11/13/2009
719QSG® RN - Beware of the VWAP TrapResearch Note11/11/2009
720QSG® RN - Macroeconomic Based Style Rotation Easier Said Than DoneResearch Note11/11/2009
721QSG® KD - Is Growth the New Value?QSG Key Drivers Report11/11/2009
741QSG® KD - The Essence of Emerging MarketsQSG Key Drivers Report11/11/2009
717QSG® AD - Algorithmic Switching-Co-Adaptation in the Market EcologyAcademic Digest11/11/2009
716QSG® AD - Grading Broker AlgorithmsAcademic Digest11/10/2009
715QSG® AD - Investor Inattention and Friday Earnings AnnouncementsAcademic Digest11/10/2009
732QSG® MPR - October 2009 - Model Performance ReportQSG Model Performance Report11/1/2009
708QSG® MPR - September 2009 - Model Performance ReportQSG Model Performance Report10/16/2009
709QSG® RN - The Risks of Flying Under the RadarResearch Note10/15/2009
710QSG® REIT - Model Analysis - September 2009Research Note10/15/2009
707QSG® FI - Unexpected ProfitabilityFactor Introduction10/15/2009
704QSG® II - Asset4 Framework: Adding Value Investment Insights10/15/2009
705QSG® AD - A Better Three-Factor Model That Explains More AnomaliesAcademic Digest10/15/2009
706QSG® AD - The Good News in Short InterestAcademic Digest10/15/2009
703QSG® KD - Waiting For GodotQSG Key Drivers Report10/6/2009
636QSG® RN - Banks and Retail Model Adjusted ReturnsResearch Note9/11/2009
544QSG® FI - Profitability RatioFactor Introduction9/11/2009
546QSG® FI - Time-Weighted Earnings RevisionFactor Introduction9/11/2009
671QSG® MPR - August 2009 - Model Performance Report QSG Model Performance Report9/11/2009
699QSG® AD - Which Shorts Are InformedAcademic Digest9/11/2009
698QSG® AD - Adverse Selection vs Opportunistic Savings in Dark AggregatorsAcademic Digest9/11/2009
631QSG® KD - The Three Faces of AugustQSG Key Drivers Report9/9/2009
638QSG® RN - Transaction Cost Adjusted Model ReturnsResearch Note8/12/2009
649QSG® RN - Reconsidering Leverage: Are Traditional Measures Letting us Down?Research Note8/12/2009
637QSG® RN - Decomposing a Composite Factor - FCFFROE.Research Note8/12/2009
672QSG® MPR - July 2009 - Model Performance Report QSG Model Performance Report8/12/2009
632QSG® KD - Todays Value Tomorrows GrowthQSG Key Drivers Report8/12/2009
477QSG® AD - Asset Growth and the Cross-Section of Stock ReturnsAcademic Digest8/12/2009
476QSG® AD - Natural Adverse Selection Theory and EvidenceAcademic Digest8/12/2009
640QSG® RN - Earnings Suprise ReduxResearch Note7/13/2009
639QSG® RN - Searching for Value: Examining the Efficacy of Operating Cash Flow to Enterprise Value Around the WorldResearch Note7/13/2009
673QSG® MPR - June 2009 - Model Performance ReportQSG Model Performance Report7/13/2009
478QSG® AD - Measuring Short-Term International Stock Market EfficiencyAcademic Digest7/13/2009
633QSG® KD - Reversal ContinuesQSG Key Drivers Report7/8/2009
547QSG® FI - Banking on Capital Structure: The Texas & Reggie RatiosFactor Introduction6/16/2009
548QSG® FI - Paring Traditional Factor Models with Short Term Price Signals: Bollinger BandsFactor Introduction6/16/2009
674QSG® MPR - May 2009 - Model Performance ReportQSG Model Performance Report6/16/2009
634QSG® KD - Return to FundamentalsQSG Key Drivers Report6/16/2009
479QSG® AD - Economic Links and Predictable ReturnsAcademic Digest6/16/2009
481QSG® AD - Intraday Patterns in the Cross Section of Stock ReturnsAcademic Digest6/16/2009
480QSG® AD - 2008 The Trading Year in ReviewAcademic Digest6/16/2009
641QSG® RN - The Influence of Market Volatility on Value and Growth Stock Performance: A Macro PerspectiveResearch Note5/19/2009
549QSG® FI - Relative Strength IndexFactor Introduction5/19/2009
635QSG® KD - Making Sense Out of NonsenseQSG Key Drivers Report5/19/2009
482QSG® AD - The Impact of the Ban on Short SellingAcademic Digest5/19/2009
675QSG® MPR - April 2009 - Model Performance ReportQSG Model Performance Report5/15/2009
642QSG® RN - The Influence of Market Volatility on Value and Growth Stock Performance: A Micro PerspectiveResearch Note5/11/2009
676QSG® MPR - March 2009 - Model Performance ReportQSG Model Performance Report4/15/2009
538QSG® AD - What Factors Drive Global Stock Returns?Academic Digest4/15/2009
484QSG® AD - The Information Content of Option-Implied Volatility for Credit Default Swap ValuationAcademic Digest3/11/2009
485QSG® AD - Idiosyncratic Volatility and Cross Section of Expected ReturnsAcademic Digest3/11/2009
677QSG® MPR - February 2009 - Model Performance ReportQSG Model Performance Report3/5/2009
486QSG® AD - Interaction of Stock Return Momentum with Earnings MeasuresAcademic Digest2/17/2009
487QSG® AD - The Cross-Section of Volatility and Expected ReturnsAcademic Digest2/17/2009
678QSG® MPR - January 2009 - Model Performance ReportQSG Model Performance Report2/9/2009
679QSG® MPR - December 2008 - Model Performance ReportQSG Model Performance Report1/21/2009
488QSG® AD - Quantifying the SIGMAX Crossing Benefit: The SequelAcademic Digest1/15/2009
489QSG® AD - Does Short-Selling Amplify Price Declines or Align Stocks with Their Fundamental Values?Academic Digest12/15/2008
643QSG® RN - Anatomy Of A FootprintResearch Note12/10/2008
680QSG® MPR - November 2008 - Model Performance ReportQSG Model Performance Report12/10/2008
490QSG® AD - Going Negative: What to Do with Negative Book Equity StocksAcademic Digest12/10/2008
491QSG® AD - Algorithmic Trading In Turbulent TimesAcademic Digest12/10/2008
681QSG® MPR - October 2008 - Model Performance ReportQSG Model Performance Report11/13/2008
492QSG® AD - Do Risk Factors Eat Alphas?Academic Digest11/13/2008
682QSG® MPR - September 2008 - Model Performance ReportQSG Model Performance Report10/9/2008
493QSG® AD - Accruals, Capital Investments and Stock ReturnsAcademic Digest10/9/2008
683QSG® MPR - August 2008 - Model Performance ReportQSG Model Performance Report9/18/2008
495QSG® AD - Long Term Reversals: Overreaction or Taxes?Academic Digest9/16/2008
494QSG® AD - Institutional Investors and the Comovement of Equity PricesAcademic Digest9/16/2008
684QSG® MPR - July 2008 - Model Performance ReportQSG Model Performance Report8/18/2008
496QSG® AD - Forecasting Market Impact Costs and Identifying Expensive TradesAcademic Digest8/15/2008
550QSG® FI - Time Weighted Earnings YieldFactor Introduction7/16/2008
685QSG® MPR - June 2008 - Model Performance ReportQSG Model Performance Report7/16/2008
497QSG® AD - Double Surprise into Higher Future ReturnsAcademic Digest7/16/2008
498QSG® AD - Holding on to Your Shorts: When do Short Sellers Retreat?Academic Digest7/16/2008
644QSG® RN - QSG Shines a Light on a Dark PoolResearch Note6/11/2008
686QSG® MPR - May 2008 - Model Performance Report QSG Model Performance Report6/11/2008
499QSG® AD - Measure for Measure: The Relation Between Forecast Accuracy and Recommendation Profitability of AnalystsAcademic Digest6/11/2008
500QSG® AD - Resurrecting the Size Effect: Firm Size, Profitability Shocks, and Expected Stock ReturnsAcademic Digest6/11/2008
687QSG® MPR - April 2008 - Model Performance ReportQSG Model Performance Report5/12/2008
645QSG® RN - QSG Strategy Classifications: Better Identify the Drivers of Portfolio ReturnResearch Note5/8/2008
688QSG® MPR - March 2008 - Model Performance ReportQSG Model Performance Report4/14/2008
502QSG® AD - Active Equity Managers in the US-Do the Best Follow Momentum StrategiesAcademic Digest4/11/2008
501QSG® AD - The Statistics of Statistical ArbitrageAcademic Digest4/11/2008
689QSG® MPR - February 2008 - Model Performance Report QSG Model Performance Report3/11/2008
503QSG® AD - The Eco-Efficiency Premium PuzzleAcademic Digest3/11/2008
690QSG® MPR - January 2008 - Model Performance ReportQSG Model Performance Report2/28/2008
608QSG® IR - Investment Recipe for InsuranceInvestment Recipe2/12/2008
504QSG® AD - Information Disclosure and Market Quality: The Effect of SEC Rule 605 on Trading CostsAcademic Digest2/8/2008
505QSG® AD - Catching Up With TechnologyAcademic Digest1/18/2008
691QSG® MPR - December 2007 - Model Performance Report QSG Model Performance Report1/17/2008
647QSG® RN - Insider TradingResearch Note1/4/2008
692QSG® MPR - November 2007 - Model Performance Report QSG Model Performance Report12/17/2007
506QSG® AD - The Probability of Informed TradingAcademic Digest12/15/2007
693QSG® MPR - October 2007 - Model Performance Report QSG Model Performance Report11/17/2007
694QSG® MPR - September 2007 - Model Performance Report QSG Model Performance Report10/17/2007
509QSG® AD - An Analysis of Trade-size Clustering and Its Relation to Stealth TradingAcademic Digest10/10/2007
508QSG® AD - Industry Effects of Analyst Stock RevisionsAcademic Digest10/10/2007
507QSG® AD - Trading Volume: NASDAQ and the NYSEAcademic Digest10/10/2007
512QSG® AD - Industry Concentration and Average Stock ReturnsAcademic Digest9/21/2007
510QSG® AD - Catching Up With Technology: The Impact ot Regulatory Changes on ECNs-MTFs and the Trading Venue Landscape in EuropeAcademic Digest9/21/2007
513QSG® AD - Cash Equity Transaction Cost Analysis: State of the Art...And BeyondAcademic Digest9/21/2007
511QSG® AD - Dispersion in Analyst’s Earning Forecasts and the Cross Section of Stock Returns: What is the Driving Factor?Academic Digest9/21/2007
695QSG® MPR - August 2007 - Model Performance Report QSG Model Performance Report9/13/2007
696QSG® MPR - July 2007 - Model Performance ReportQSG Model Performance Report8/29/2007
697QSG® MPR - June 2007 - Model Performance ReportQSG Model Performance Report7/11/2007
577QSG® II - How Informative Are Customer- Supplier Relationships?Investment Insights10/1/2006
700QSG® AD - Economic Links and Predictable Returns 2006Academic Digest9/1/2006
578QSG® II - The Revere Data Hierarchy: A Better Classifi cation System?Investment Insights7/26/2006
609QSG® IR - QSG Bank & Thrift ModelInvestment Recipe6/13/2006
579QSG® II - "Changing Nature of Surprise"Investment Insights4/1/2006
551QSG® FI - Price-to-Book Return on Equity ResidualFactor Introduction3/1/2006
650QSG® RN - Stock Returns Following Large One-Day Price ShocksResearch Note1/24/2006
515QSG® AD - Do Stock Market Investors Understand the Risk Sentiment of Corporate Annual Reports?Academic Digest1/4/2006
516QSG® AD - Is The Accrual Anomaly a Global AnomalyAcademic Digest1/1/2006
651QSG® RN - Sector Rotation from Composite Model RanksResearch Note11/12/2005
517QSG® AD - Cross-Sectional Variation in Stock Returns: Liquidity and Idiosyncratic RiskAcademic Digest8/8/2005
580QSG® II - Special Items and Earnings QualityInvestment Insights8/1/2005
552QSG® FI - Sales AccelerationFactor Introduction7/1/2005
581QSG® II - Intangible AssetsInvestment Insights6/28/2005
518QSG® AD - Does Idiosyncratic Risk Really Matter?Academic Digest6/28/2005
652QSG® RN - Index Size Decomposition and Factor PerformanceResearch Note6/3/2005
553QSG® FI - Total Capital DistributionFactor Introduction5/20/2005
610QSG® IR - QSG Seed Model Performance ReviewInvestment Recipe5/13/2005
519QSG® AD - The Effect of Meeting of Beating Revenue Forecasts on the Association Between Quarterly Returns and Earnings Forecast ErrorsAcademic Digest4/28/2005
554QSG® FI - Trough Operating MarginFactor Introduction4/12/2005
611QSG® IR - QSG Equity REIT ModelInvestment Recipe4/10/2005
582QSG® II - Trends in Intra-Industry CorrelationInvestment Insights4/1/2005
583QSG® II - Technical IndicatorsInvestment Insights3/31/2005
129QSG® AD - The Role of Delisted Firms in the Momentum PuzzleAcademic Digest3/31/2005
612QSG® IR - A Utility Sector ModelInvestment Recipe3/15/2005
555QSG® FI - Standardized Unexpected Cash FlowFactor Introduction2/2/2005
613QSG® IR - A Technology Sector ModelInvestment Recipe1/26/2005
653QSG® RN - Anomaly DecayResearch Note1/18/2005
521QSG® AD - Optimal Portfolios for Ordering InformationAcademic Digest1/6/2005
702QSG® II - The Value of an "As Reported" DatabaseInvestment Insights1/1/2005
585QSG® II - The Implementation Costs of Algorithmic TradingInvestment Insights12/31/2004
556QSG® FI - EBITDA-to-Price Factor Introduction12/15/2004
522QSG® AD - Comparing The Stock Recomendation Performance of Investment Banks and Independent Research FirmsAcademic Digest11/29/2004
586QSG® II - Tactical Style AllocationInvestment Insights11/23/2004
523QSG® AD - Do Investors Overvalue Firms With Bloated Balance Sheets?Academic Digest11/23/2004
614QSG® IR - The Health Care SectorInvestment Recipe11/9/2004
654QSG® RN - Restating the ObviousResearch Note10/29/2004
524QSG® AD - Private Information, Earnings Manipulations and Executive Stock Option ExercisesAcademic Digest10/15/2004
557QSG® FI - The Attention Span RatioFactor Introduction9/23/2004
587QSG® II - A Fresh Look At Money FlowInvestment Insights9/1/2004
655QSG® RN - Turnover of Factor-Based PortfoliosResearch Note8/27/2004
108QSG® AD - Signals from Open Market RepurchasesAcademic Digest8/23/2004
558QSG® FI - Industry Relative Trailing 12-Month Cash Flow to Total Assets Factor Introduction8/17/2004
588QSG® II - Are All Analysts Created Equal?Investment Insights7/30/2004
615QSG® IR - The QSG Value-Momentum AnalystInvestment Recipe7/26/2004
102QSG® AD - Equity Style Returns and Institutional Investor FlowsAcademic Digest7/19/2004
589QSG® II - Interest Rate Sensitivity: Sectors, Styles and FactorsInvestment Insights7/1/2004
559QSG® FI - Dividend Yield-Adjusted PEG RatioFactor Introduction6/30/2004
616QSG® IR - A GARP ModelInvestment Recipe6/30/2004
656QSG® RN - Style Performance in SectorsResearch Note6/20/2004
526QSG® AD - Default Risk in Equity ReturnsAcademic Digest6/9/2004
617QSG® IR - A Relative Value ModelInvestment Recipe5/28/2004
657QSG® RN - The CUSUM ApproachResearch Note5/12/2004
590QSG® II - Float Weighted vs. Cap Weighted: Is there a difference?Investment Insights5/1/2004
618QSG® IR - A Price Momentum Model Investment Recipe4/30/2004
560QSG® FI - Wall Street Consensus RatingsFactor Introduction4/29/2004
527QSG® AD - Information Uncertainty and Expected ReturnsAcademic Digest4/23/2004
561QSG® FI - The Visibility RaitoFactor Introduction4/7/2004
591QSG® II - Is Everything Relative?Investment Insights4/1/2004
619QSG® IR - A Historical Growth ModelInvestment Recipe3/25/2004
528QSG® AD - On Characteristic MomentumAcademic Digest3/23/2004
658QSG® RN - The Russell Effect: Persistence or Reversal?Research Note3/19/2004
592QSG® II - Investing in REITsInvestment Insights3/1/2004
562QSG® FI - The Put-Call RatioFactor Introduction2/29/2004
529QSG® AD - Liquidity Risk and Expected Stock ReturnsAcademic Digest2/24/2004
620QSG® IR - An "Enhanced" Earnings Momentum Strategy Investment Recipe2/21/2004
593QSG® II - Banks - A League Of Their OwnInvestment Insights2/1/2004
563QSG® FI - Operating Liability LeverageFactor Introduction1/29/2004
621QSG® IR - A Deep Value ModelInvestment Recipe1/22/2004
530QSG® AD - The Cost of Trend Chasing and the Illusion of Momentum ProfitsAcademic Digest1/13/2004
659QSG® RN - The January Effect, From a Sector PerspectiveResearch Note1/8/2004
594QSG® II - In Search Of The Right Number: I/B/E/S vs. First CallInvestment Insights1/1/2004
564QSG® FI - 52-Week HighFactor Introduction12/29/2003
531QSG® AD - Measuring and Modeling Systematic Risk in Factor Pricing Models Using High-Frequency DataAcademic Digest12/19/2003
622QSG® IR - Fundamental Analysis for Small-Cap StocksInvestment Recipe12/16/2003
660QSG® RN - The Rule of The MajorityResearch Note12/12/2003
595QSG® II - Time-Lags in the Post EDGAR EraInvestment Insights11/30/2003
532QSG® AD - Profit Warnings and TimingAcademic Digest11/24/2003
565QSG® FI - Trailing 12-month Sales to Invested CapitalFactor Introduction11/20/2003
661QSG® RN - Multifactor Models: An Intersection of Art and ScienceResearch Note11/5/2003
566QSG® FI - Abnormal Capital InvestmentFactor Introduction10/22/2003
533QSG® AD - External Financing and Future Stock ReturnsAcademic Digest10/14/2003
623QSG® IR - Trouble Ahead?Investment Recipe10/8/2003
596QSG® II - The Volatility IndexInvestment Insights10/1/2003
662QSG® RN- Does the Accuracy of Beta Estimates Matter?Research Note9/26/2003
567QSG® FI - Ohlson Bankruptcy ScoreFactor Introduction9/17/2003
50QSG® AD - Industry Classification SchemesAcademic Digest9/5/2003
597QSG® II - A Stylistic Investigation of Money FlowInvestment Insights9/1/2003
598QSG® II - Price Momentum: Lead, Follow or Get Out Of The WayInvestment Insights8/31/2003
663QSG® RN - Does Fallinig Unemployment Lift Equities?Research Note8/25/2003
568QSG® FI - Capital Acquisition RatioFactor Introduction8/21/2003
535QSG® AD - Value vs. GlamourAcademic Digest8/12/2003
599QSG® II - Dividend Increases; A Tradewind or Microburst?Investment Insights7/31/2003
569QSG® FI - Pretax Return on Net Operating AssetsFactor Introduction7/24/2003
536QSG® AD - Getting Pennied: Decimalization on Traders Willingness to Lean on Order Book Academic Digest7/23/2003
664QSG® RN - Intraday Volume Patterns: The Key To VWAP TradingResearch Note7/14/2003
624QSG® IR - Tango & CashInvestment Recipe7/2/2003
570QSG® FI - Prior Fiscal Quarter Forecast Error - Scaled by PriceFactor Introduction6/30/2003
600QSG® II - Long Managers & Short InterestInvestment Insights6/30/2003
537QSG® AD - Got Information? Investor Response to Form 10-K and Form 10-Q Edgar FilingsAcademic Digest6/16/2003
625QSG® IR - Global Reach, Reliability & Results: The Old MathInvestment Recipe6/12/2003
665QSG® RN - The Russell Reconstitution: Racers Start Your Engines.Research Note5/30/2003
572QSG® FI - % Increase In SharesFactor Introduction5/29/2003
539QSG® AD - Price Impact CostsAcademic Digest5/29/2003
601QSG® II - Quantitative Managers: A Style All Their OwnInvestment Insights5/1/2003
626QSG® IR - Analysts & Accruals: The New A-TeamInvestment Recipe4/30/2003
571QSG® FI - Unexpected Change in Accounts ReceivableFactor Introduction4/29/2003
540QSG® AD - Predicting Earnings Management: The Case of Earnings Restatement Academic Digest4/17/2003
602QSG® II - Pension Income & ExpenseInvestment Insights4/1/2003
666QSG® RN - A Definition of Style: You Know What It's Not Research Note3/5/2003
627QSG® IR - Q-ScoreInvestment Recipe3/3/2003
603QSG® II - Intra-Industry Correlation: The Next Big ThingInvestment Insights2/10/2003
573QSG® FI - Operating Cash Flow MarginFactor Introduction1/22/2003
541QSG® AD - Differential Market Reactions to Revenue and Expense SurprisesAcademic Digest1/15/2003
628QSG® IR - R&D The KeyInvestment Recipe1/14/2003
574QSG® FI - Implied Equity DurationFactor Introduction1/13/2003
604QSG® II - Dividends: A bird in the hand is worth more due to Bush.Investment Insights1/13/2003
542QSG® AD - Differences of Opinion and the Cross Section of Stock ReturnsAcademic Digest1/6/2003
605QSG® II - Stock SplitsInvestment Insights12/9/2002
629QSG® IR - Growth Strategy for EquilibriumInvestment Recipe12/2/2002
667QSG® RN - S&P Rankings Research Note11/22/2002
575QSG® FI - Core Earnings MultiplesFactor Introduction11/15/2002
543QSG® AD - Trade Execution Costs After DecimalizationAcademic Digest11/14/2002
668QSG® RN - Core EarningsResearch Note10/29/2002
630QSG® IR - Bargain HuntingInvestment Recipe10/16/2002
606QSG® II - Implementation CostsInvestment Insights10/14/2002
669QSG® RN - Goodwill HuntingResearch Note10/3/2002
86QSG® AD - Another New Look At The Monday Effect Academic Digest10/1/2002
576QSG® FI - Tobin's Q Factor Introduction9/26/2002
670QSG® RN - EBITDA: Dead Measure Walking?Research Note9/13/2002
607QSG® II - Accruals & Earnings QualityInvestment Insights9/9/2002

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Factor Analysis

Factor Analyst® puts the performance data on more than 300 stock selection signals at your fingertips. Our powerful web-based analytics platform ranks the performance characteristics of these stock selection signals across a broad array of US and global universes. Our global universe coverage includes developed, emerging and frontier markets. Subscribers to Factor Analyst receive access to QSG's valuable monthly research reports, which introduce new stock selection signals and investigate thematic investment issues. Here is a sample of recent research titles.

Features

  • More than 350 global stock selection signals that identify the key return drivers for a universe and validate in-house analysis.
  • Analysis measures include returns, signal strength, correlations, turnover, seasonal patterns, universe coverage.
  • User-defined capabilities allow you to emphasize specific factor performance characteristics.
  • Delivery options include a web-based interface, file transfer protocol (FTP) and user-specific database integration
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Multi Factor Models

QSG's stock selection models combine the granularity of fundamental research and the rigor of systematic evaluation techniques. We leverage this expertise to build both client-specific multi-factor models along with a wide array of QSG engineered models. Custom client models make use of QSG's infrastructure and expertise to quickly turn your unique investment ideas and philosophy into an Alpha producing ranking system. QSG's models cover the full "anomaly" spectrum, including Earnings Momentum, Deep Value, Relative Value, Price Momentum, and Historical Growth. Successful models, leveraging specialty data driven signals, are produced for a variety of industries and sectors including REITs, Banks, Insurance, and Retail.

Features

  • Seven broad-based strategy multi-factor models are available over many popular capitalization universes.
  • US industry-specific models include REITs, Bank and Thrift, Retail and Insurance.
  • International universes include EAFE, Australia/New Zealand, Japan and Canada.
  • Impressive performance characteristics.
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Portfolio Alerts

QSG Edge™ helps fundamental equity managers side-step avoidable torpedos and stay aware of the stocks that are at the top of the list for QSG's most popular fundamental ranking models. This easy-to-use tool monitors a portfolio of up to 200 securities to identify the significant ranking changes that can provide an important wake-up call. Click on any name in the tool and you will see which fundamental signal is responsible for the rank change. Once you set up your watchlist, a daily email will alert you to the changes that matter.

Features

  • Identify potential torpedoes and gain broad-based support for new ideas.
  • Uncover important thematic moves and track your names relative to competing points of view.
  • Confirm your investment targets through objective, systematic, return-tested research.
  • Add a multi-dimensional overlay without changing your investment process.
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Trading Analytics

QSG's Pre & Post-Trade analytics are designed by traders to address the challenges that institutional traders face every day. The QSG platform addresses the proliferation of trading venues and algorithmic solutions, as well as legitimate concerns about information leakage and predatory competitors. Pre-Trade Analyst® leverages unique research into the tick-based relationships that determine the price impact of an order. T-Cost Pro® is a post-trade analytical platform that supports an equity manager's goal of minimizing trading costs, refining trading strategies and monitoring "best execution" requirements.

Features

  • Quickly pinpoint key execution outliers, impact "footprint", daily peer comparisons and information leakage measures.
  • Identify the top performing algorithms across different market conditions with the new Strategy Workbench.
  • Fine-Tune peer comparisons across styles, strategies and market conditions with a customizable "Peer Comparison" system.
  • Prototype PM or Strategy intra-day price trends to identify persistent trading patterns with the new Intraday Basket Price Trend tool.
  • QSG Impact Forecasts are used for daily trade strategy management and for more accurate strategy backtesting
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Contact Us

  • Quantitative Services Group
  • qsgsupport@qsg.com
  • P (630) 637-8088
  • F (630) 637-8388
  • 1560 Wall Street #334
  • Naperville, IL 60563
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Press Kit

  • John Joseph
  • Quantitative Services Group LLC
  • (630) 637.8088 x234
  • jjoseph@qsg.com
  • www.qsg.com

QSG routinely releases cutting-edge research on important topics within quantitative finance, including reports that focus on both equity research and trading. QSG also has individuals who are available as sources. Please contact us for more information.

Press Releases

  Press Release Date
Pdf Icon QSG® STUDY PROVES HIGHER TRADING COSTS INCURRED FOR VWAP ALGORITHMS VS ARRIVAL PRICE ALGORITHMS, HIGH FREQUENCY TRADING CONTRIBUTING FACTOR 11/24/2009
Pdf Icon QSG CONFIRMS POSITIVE RELATIONSHIP BETWEEN ESG FACTORS AND FINANCIAL PERFORMANCE USING ASSET4 DATA, QUANTITATIVE ANALYSIS 11/10/2009
Pdf Icon DAN BUKOWSKI, QUANTITATIVE SERVICES GROUP LLC (QSG) DIRECTOR OF RESEARCH TO JOIN PANEL AT THE UNIVERSITY OF CHICAGO BOOTH SCHOOL OF BUSINESS INVESTMENT MANAGEMENT CONFERENCE 10/30/2009
Pdf Icon QUANTITATIVE SERVICES GROUP LLC (QSG) EXTENDS ITS GLOBAL RESEARCH COVERAGE 10/22/2009
Pdf Icon QSG PRE-TRADE ANALYST® IS NOW AVAILABLE AS AN INTEGRATED SERVICE ON THE UNX CATALYST® EMS PLATFORM 10/7/2009
Pdf Icon QUANTITATIVE SERVICES GROUP LLC (QSG®) ANNOUNCES MAJOR ENHANCEMENTS TO T-COST PRO® 8/12/2009
Pdf Icon CAROLIE BURROUGHS JOINS QUANTITATIVE SERVICES GROUP LLC 7/15/2009
Pdf Icon QUANTITATIVE SERVICES GROUP LLC EXPANDS COMMITMENT TO RESEARCH AND DEVELOPMENT, GROWS TEAM WITH INDUSTRY SPECIALISTS 4/15/2009
Pdf Icon QSG DELIVERS DOUBLE DIGIT POSITIVE RETURN SPREADS IN 2008 2/13/2009
Pdf Icon INDUSTRY VETERANS TO CONTRIBUTE TO QSG’S DEVELOPMENT OF SYSTEMATIC BRIDGE BETWEEN PORTFOLIO AND TRADING STRATEGY 11/20/2008
Pdf Icon QSG® OFFERS EQUITY MANAGERS A SYSTEMATIC STOCK SELECTION EDGE 11/4/2008
Pdf Icon ZHIHUI TANG, Ph.D. JOINS QUANTITATIVE SERVICES GROUP LLC 8/14/2008
Pdf Icon QUANTITATIVE SERVICES GROUP LLC SHINES LIGHT ON A DARK POOL 6/17/2008
Pdf Icon QUANT-LINK.COM STIMULATES IDEA INTERCHANGE, NETWORKING WITHIN QUANTITATIVE FINANCE COMMUNITY 5/20/2008
Pdf Icon WILLIAM JAMES JOINS QUANTITATIVE SERVICES GROUP LLC 4/29/2008
Pdf Icon QUANTITATIVE SERVICES GROUP LLC CONTINUES GROWTH WITH THE ADDITION OF TWO INDUSTRY SPECIALISTS 4/16/2008
Pdf Icon DAN BUKOWSKI JOINS QUANTITATIVE SERVICES GROUP LLC 3/25/2008
Pdf Icon QUANTITATIVE SERVICES GROUP LLC JOINS HUDSON STREET SERVICES 3/11/2008
Pdf Icon QSG Strengthens Its Equity Research Solutions 9/10/2007
Pdf Icon QSG Expands its Specialty Model Suite by Releasing its Insurance Stock Selection Model 8/8/2007
Pdf Icon Nine New Analysts Join Quantitative Services Group LLC (QSG) 8/1/2007
Pdf Icon Quantitative Services Group Announces the Addition of a COO to its Management Team 5/16/2007
Pdf Icon ClariFI Integrates QSG's Equity Model Scores Into ModelStation 3/20/2007
Pdf Icon Quantitative Services Group (QSG) today announced that it will provide New York based KCCI, Ltd with advanced Pre-Trade Analytics. 3/14/2007
Pdf Icon Quantitative Services Group LLC (QSG) Analyzes the Execution Strategies of Fox River Execution Technology LLC 2/27/2007
Pdf Icon Quantitative Services Group LLC (QSG) adds New Equity Markets to its International Factor Analyst(R) Research Service 2/7/2007
Pdf Icon Quantitative Services Group LLC (QSG) Releases Virtual Research Analyst(R) v4.0 - its New Web-based Stock Selection Application 2/5/2007
Pdf Icon The Quantitative Services Group LLC (QSG) Continues the Expansion of its IT Group 11/29/2006
Pdf Icon QSG Study Finds Pipeline Execution System Helped Mitigate Market Impact Trading Costs 10/11/2006
Pdf Icon QSG Introduces Retail Sector Stock Selection Model 9/27/2006
Pdf Icon QSG Expands its Specialty Model Suite by Releasing its Bank & Thrift Stock Selection Model 7/13/2006
Pdf Icon QSG to Integrate Pre-Trade Market Impact Forecast into Leading Optimization and Simulation Providers 6/22/2006
Pdf Icon The Quantitative Services Group LLC (QSG) Continues Growing with the Addition of a New Application Architect and Technical Analyst to its IT Team 5/31/2006
Pdf Icon QSG Launches Verification Service for Algorithmic Trading Strategies 5/9/2006
Pdf Icon QSG And Revere Data™ Form Research Partnership to Leverage the Power of Specialty Data 5/4/2006
Pdf Icon QSG and ClariFi Announce Strategic Alliance 4/3/2006
Pdf Icon QSG Forms Strategic Alliance with Axioma 4/3/2006
Pdf Icon Susquehanna Outperforms QSG Universe in Algo Trading Study 3/7/2006
Pdf Icon FutureTrade Provides Integrated Transaction Cost Analysis Tools Through Partnership with Quantitative Services Group 2/15/2006
Pdf Icon The Quantitative Services Group LLC (QSG) Announces the Release of its International Factor Analyst® Research Service 12/7/2005
Pdf Icon The Quantitative Services Group LLC (QSG) Announces Enhanced Performance Reporting for its Virtual Research Analyst® Stock Selection Platform 11/8/2005
Pdf Icon The Quantitative Services Group, LLC (QSG) Introduces a new Equity REIT Analysis Tool 11/7/2005
Pdf Icon The Quantitative Services Group LLC (QSG) Continues its Growth by Adding To Their T-Cost Pro® Trading Analysis Team 10/24/2005
Pdf Icon QSG Helps Fundamental Equity Managers Improve Returns 10/3/2005
Pdf Icon QSG Adds A New Product Consultant To Its Team To Continue Product Expansion 7/20/2005
Pdf Icon The Quantitative Services Group LLC (QSG) Enhances Its Factor Analyst® Equity Research Service 7/12/2005
Pdf Icon The Quantitative Services Group LLC (QSG) Adds Expertise To Their T-Cost Pro® Trading Analysis Team 5/27/2005
Pdf Icon QSG Adds Multi-Factor Trading Cost Dashboard To T-Cost Analyst® 3/15/2005
Pdf Icon The Quantitative Services Group LLC (QSG) Announces the Release of Virtual Research Analyst(R) 3.0 12/20/2004
Pdf Icon QSG Adds To Their Equity Research And Modeling Expertise. 11/12/2004
Pdf Icon Equity Trading Research Pro Joins QSG To Lead Product Expansion. 11/5/2004
Pdf Icon QSG Introduces T-Verification® to Verify the Costs of Investment Manager Transitions 10/27/2004
Pdf Icon QSG Announces Upgrade To T-Cost Pro® Equity Trading Analytics. 10/8/2004
Pdf Icon New Factors Added to Factor Analyst 8/5/2004
Pdf Icon QSG's T-Cost Pro® demystifies the costs of algorithmic trading. 7/13/2004
Pdf Icon The Quantitative Services Group LLC (QSG) announces the release of Virtual Research Analyst® 2.0 6/24/2004
Pdf Icon The Quantitative Services Group LLC (QSG) Enhances Their On-Line Equity Analysis Tools. 6/1/2004
Pdf Icon The Quantitative Services Group LLC (QSG) releases T-Cost Pro® 2.1 – This Upgrade Delivers Enhanced ‘Best Execution’ Monitoring And Analysis Features. 3/15/2004
Pdf Icon QSG Adds 25 New Factors to the Factor Analyst service 3/8/2004
Pdf Icon The Quantitative Services Group LLC (QSG) Publishes Analysis Revealing The Costs of Algorithmic Trading 1/4/2004
Pdf Icon The Quantitative Services Group LLC (QSG) announces significant enhancements to its flagship equity research service, dramatically simplifying indicator analysis for institutional portfolio managers and analysts. 1/2/2004
Pdf Icon The Quantitative Services Group LLC (QSG) releases T-Cost Pro® 2.0 – A significant version upgrade with enhanced equity transaction cost analysis tools. 11/21/2003
Pdf Icon The Quantitative Services Group LLC (QSG) Adds To Their Financial Modeling Expertise. 9/22/2003
Pdf Icon The Quantitative Services Group LLC (QSG) Adds Powerful New Web-Based Tools To Its Factor Analyst® Equity Research Service. 9/12/2003
Pdf Icon The Quantitative Services Group LLC (QSG) completes Instinet Corporation deal, licenses T-Cost Pro® transaction cost measurement system. 7/28/2003
Pdf Icon QSG Integrates Heat Map Technology 6/18/2003
Pdf Icon Quantitative Services Group Expands Software Development Staff 4/14/2003
Pdf Icon Quantitative Services Group Hires Senior Software Architect 3/19/2003

Careers

Summary
Database development and administration. This position reports to Managing Director, IT.

Principal Responsibilities

  • Develop and maintain SQL Server 2000/2005 database applications.
  • Database design and implementation including off-hours support for production related applications
  • Ability to efficiently perform independently and in a team environment as well as balance multiple project deadlines simultaneously.

Knowledge, Skills and Abilities

  • SQL Server 2000/2005
  • T-SQL, VBScript, DTS
  • Index tuning and performance monitoring
  • Database backup and recovery operations
  • Finance background is a plus, but not required

Minimum Qualifications

  • Bachelor Degree in Computer Sciences or Related Areas

Summary
Responsible for conducting research in all areas surrounding the investment management process including alpha generation, portfolio construction and implementation as well as documenting results in research reports; reading, assessing and authoring write-ups of analyst papers; data analysis and client point of conduct. Position reports to the Managing Director, Equity Research Group.

Principal Responsibilities

  • Reading research, including familiarizing him/herself with academic research and Wall Street trade research
  • Author papers summarizing academic and research insights as well as contribute to papers on QSG's point of view
  • Assist in the development, testing, and construction of QSG models and factors
  • Utilize third party software applications to access and test data
  • Client point of contact, including answering questions regarding research or models generated for clients; checking performance in the market and assisting with general technology inquiries
  • Other projects as assigned

Summary
Responsible for conducting research in all areas surrounding the investment management process including alpha generation, portfolio construction and implementation as well as documenting results in research reports; reading, assessing and authoring write-ups of analyst papers; data analysis and client point of conduct. Position reports to the Managing Director, Equity Research Group.

Principal Responsibilities

  • Reading research, including familiarizing him/herself with academic research and Wall Street trade research
  • Author papers summarizing academic and research insights as well as contribute to papers on QSG's point of view
  • Assist in the development, testing, and construction of QSG models and factors
  • Utilize third party software applications to access and test data
  • Client point of contact, including answering questions regarding research or models generated for clients; checking performance in the market and assisting with general technology inquiries
  • Other projects as assigned

Knowledge, Skills and Abilities

  • Strong written and oral communication skills are essential
  • Demonstrated leadership abilities
  • Ambitious and highly motivated individual with well-developed multi-tasking skills

Minimum Qualifications

  • BA/BS degree in Finance, Mathematics, Statistics or related quantitative discipline
  • A minimum of 0-2 years related work experience
  • Experience in a quantitative environment, including knowledge of backtesting, optimization, etc. are a plus
  • CFA or candidate is desirable

Summary
Responsible for acquiring a full understanding of our trading related products; be able to clearly articulate product features and benefits; be frontline client service point of contact; identify and author short research papers on trading issues and opportunities. This position reports to Managing Director, Trading Research Group.

Principal Responsibilities

  • Support all trading related products
  • Analyze clients' trading activity, identify any possible patterns and communicate with clients to help them improve their trading
  • Write research publications/insights based upon clients' experience
  • Other projects as assigned

Knowledge, Skills and Abilities

  • Strong technical/programming skill with a demonstrated ability to apply those skills
  • Strong statistical/mathematical background will be a plus
  • Communication skills and the ability to work well in a team environment
  • Team-player/self-motivated

Minimum Qualifications

  • Minimum of a BA/BS degree in Finance, Financial Engineering, Statistics, Economics, Mathematics, Engineering or other quantitatively-oriented field
  • 1-2 years professional experience in an analytical position, preferably in a financial industry will be a plus
  • Prior experience with SQL 2000 or other database knowledge is preferred
  • CFA is desirable

Leadership

Dan Bukowski

TIM SARGENT, CHIEF EXECUTIVE OFFICER

Tim Sargent is the founder and President of the Quantitative Services Group LLC (QSG®). Prior to launching QSG, Tim developed and managed Donaldson, Lufkin & Jenrette's (DLJ) global quantitative research and trading activities, a group responsible for helping clients build stock selection models and sophisticated electronic trading strategies. Tim began his career as a portfolio manager at the Northern Trust Company, where he managed quantitatively-derived equity portfolios and derivative-based trading strategies. In the late 80's and early 90's, Tim helped to build the derivative research and trading businesses of Merrill Lynch and Salomon Brothers. He is a Chartered Financial Analyst (CFA) and a founding board member of the Chicago Quantitative Alliance.

Dan Bukowski

DAN BUKOWSKI, CHIEF INVESTMENT OFFICER

Dan Bukowski brings a rich and diverse background to his role as leader of the equity research group at QSG. Before joining the firm in early 2008, he served Citigroup Asset Management in New York as the Chief Investment Officer for Global Equities and Chairman, Travelers Investment Management Company. Prior to joining CAM, Dan was a Managing Director and Director of Quantitative Research for Zurich Kemper Investments. Dan sits on the Investment Advisory Board of the New York State Teachers' Retirement System, was a founding board member of the Chicago Quantitative Alliance, and is on the President's Board of UCAN, an organization in Chicago serving at-risk youth and their families.

John Joseph

JOHN JOSEPH, CHIEF MARKETING OFFICER

With more than 20 years of management, operations and marketing experience, John Joseph manages the day-to-day operations of Quantitative Services Group LLC to ensure the firm remains an industry leader in the field of quantitative equity research and advanced trading cost analytics. John is an alumnus of Ohio Wesleyan University and holds an MBA from Indiana University.

Mingbo Qin

MINGBO QIN, CHIEF TECHNOLOGY OFFICER

Mingbo Qin manages QSG's technology personnel and infrastructure. Mingbo and his talented team develop and maintain the infrastructure that supports the front and back-end of all client-facing applications. Mingbo has lead the development of QSG's web-based platforms including the Integrated Research Hub (IRH), Factor Analyst®, Virtual Research Analyst™, Pre-Trade Analyst®, T-Cost Pro® and others. He earned his Masters Degree at North Dakota State University, where he studied computer science.

George Bodine

GEORGE BODINE, MANAGING DIRECTOR - TRADING RESEARCH

George leverages his more than 25 years of industry experience to ensure that QSG's research and services address the needs of the trading community. Before joining QSG, George managed trading at General Motors Asset Management in New York, and before that, was previously with AXA Equitable and Charles Schwab. He earned a B.A. in psychology from Syracuse University and a Masters in Management from Central Michigan University.

Mike Stritch

MIKE STRITCH, MANAGING DIRECTOR - EQUITY RESEARCH

Mike focuses primarily on anomaly research, including the development of new products targeting the global developed, emerging and frontier markets. Before joining QSG, Mike cofounded First Street Capital Partners and was also a Quantitative Analyst with Calamos Investments. Previously he held roles of increasing responsibility in research and portfolio management at the Bank of Montreal group of companies including Harris myCFO and Harris Private Bank. Mike is a CFA who earned a B.A. from Northwestern University and a MBA with Distinction in Finance and Decision Sciences from J.L. Kellogg Graduate School of Management at Northwestern University.

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