- Scholarly Executive-in-Residence, Corporate Finance/Equity Analysis
- 2024 D.B.A. Graduate
Biography
Joseph is a corporate finance professional. He currently works in Investor Relations at Accenture, a ~$200 billion market cap public company. He joined Accenture in 2021 and built and led a +30 person global M&A origination team while executing acquisitions.
Before joining Accenture, Joseph spent +15 years as a Wall Street equity research analyst. From 2015 to 2020, he was Managing Director of the Technology group at Cantor Fitzgerald, covering Digital Services, FinTech, Disruptive Software, and AI. Prior to Cantor, he spent a decade building his career in equity research at Janney Montgomery Scott. Joseph was ranked the #1 analyst of the decade in 2020 based on stock picking performance out of thousands of analysts. He has been quoted in many publications (Barron’s, IBD, etc.) and appeared on CNBC.
Joseph graduated Magna Cum Laude from the University of Massachusetts, Amherst. He has an MBA from Northeastern University and a Doctorate in Business Administration from the University of Rhode Island. Joe, his wife, and two children live in Charlestown, MA, where he is a board member of the Charlestown Youth Soccer and Little League.
Research
Doctoral Thesis
Abstract: My thesis was a sequential mixed methods study. Quantitatively, I completed a statistical analysis of stock prices compared to various forecasting methods. Qualitatively, I performed a thematic analysis of the responses to an investor survey. This is a unique approach as it gives a “full” picture of the drivers of pricing error.
The primary takeaway from the quantitative study is the more refined the inputs into the valuation model, particularly the Residual Income Model, the closer the model came to forecasting future stock prices. Stock prices were found to have a statistically significant relationship with price estimates. Pricing error or the difference between the market price and its price estimate has a statistically significant relationship with investor sentiment.
Qualitatively, the research points to a homogenous group of stock market participants, who rely on just a few valuation methods to predict stock market prices. The study confirms the Noise Trader Model of the different stock market participants, informed vs. uninformed. Uninformed investors rely on unsophisticated information, often not utilizing a valuation method, leading them to drive stock prices away from intrinsic value (“Noise”). The two groups have a similar psychological make up lending to the possibility that stock picking is learned.
Foresi, Joseph D., “VALUATION’S ROLE IN THE INVESTMENT DECISIONS PROCESS A MIXED METHOD STUDY” (2024). Open Access Dissertations. Paper 1667.
https://digitalcommons.uri.edu/oa_diss/1667
https://doi.org/10.23860/diss-1667
Foresi, J. D., Strübel, J. (2025). Consumer Behavior and Stock Selection. Journal of Behavioral Finance, 1–14. https://doi.org/10.1080/15427560.2025.2500419
Link to CV