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Investing Research Articles

3527 Research Articles

Uncertainty and Analyst Underreaction

…stock analysts exhibit predictable underreactions in revising earnings forecasts. The degree of underreaction increases with the earnings forecast dispersion.

Why Momentum Investing Works?

…momentum investing works, and abnormalities in the distribution of returns for momentum-driven portfolios may partly explain why.

Regulation FD is Working?

…research results indicate that Regulation FD has leveled the playing field for all investors, and reduced the accuracy of sell-side analyst earnings forecasts.

Unbalanced Attention?

…company-specific news tends to decouple stock price behavior from the market, while the absence of news promotes co-movement.

Investing Like an Optimist

…stock pickers tend to be optimists who should focus on objectivity in assessing the outcomes of their stock picking.

Outing the (Negative) Alpha

…the active management component of broadly diversified (closet index) mutual funds is generally expensive and ineffective. In comparison, hedge funds with 100% active management are not that pricey.

Use the “Cone of Silence” When Buying Stocks?

…individual investors tend to limit buying consideration, detrimentally, to those stocks that grab their attention via unusual trading or other news.

Bad News is Good News, Except When…

…good (bad) macroeconomic news is bad (good) for broad stock indices during expansions and good (bad) during recessions.

Market Orders Versus Limit Orders: Informed Traders Prefer…

…informed traders prefer price certainty over execution certainty unless the value of their private information is about to expire.

Pricing Corporate News

…the stock market shows significant predictability (rather than perfect efficiency) in its reactions to news.