This paper documents that strategies which buy stocks that have performed well in the past
and sell stocks that have performed poorly in the past generate significant positive returns …

SEQUELS ARE RARELY AS good as the originals, so I approach this review of the market
efflciency literature with trepidation. The task is thornier than it was 20 years ago, when work …

An analysis of new buy and sell recommendations of stocks by security analysts at major US
brokerage firms shows significant, systematic discrepancies between prerecommendation …

This article employs the 1975-84 quarterly holdings of a sample of mutual funds to construct
an estimate of their gross returns. This sample, which is not subject to survivorship bias, is …

We document that purchasing (selling short) stocks with the most (least) favorable
consensus recommendations, in conjunction with daily portfolio rebalancing and a timely …

An introduction to the theory and methods of empirical asset pricing, integrating classical
foundations with recent developments. This book offers a comprehensive advanced …

For over half a century, financial experts have regarded the movements of markets as a
random walk--unpredictable meanderings akin to a drunkard's unsteady gait--and this …

ABSTRACT Members of the Institutional Investor All‐American Research Team supply more
accurate earnings forecasts than other analysts when forecasts are matched by the …

In this article we use a single unifying framework to analyze the sources of profits to a wide
spectrum of return-based trading strategies implemented in the literature. We show that less …

A model is developed which implies that if an analyst has high reputation or low ability, or if
there is strong public information that is inconsistent with the analyst's private information …