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Investing Research Articles

2921 Research Articles

Short Sellers: Contrarian or Momentum Traders?

…very recent data suggests that short sellers on average are contrarians who predict (or trigger?) near-term stock price underperformance. However, the underperformance is economically insignificant due to transaction and carrying costs.

The Disposition Effect as a Driver of Momentum

…the disposition effect may serve as the bootstrap of momentum investing by retarding the impact of good (bad) news for stocks with large unrealized capital gains (losses).

Damodaran Online: Some Serious Education

…a very good introduction to a range of investment styles for new (but diligent) investors and a refresher for experienced ones.

Momentum Investing: Surfing Waves in the Economy?

…momentum investing works, driven partly by reward for the risk of the unusual but transitory sensitivity of high-momentum stocks to overall economic growth.

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.