Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency

# Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency > OpenAlex Metadata Hub · https://openalex.org/W2125520394 ## Bibliographic - **DOI:** 10.1111/j.1540-6261.1993.tb04702.x - **Year:** 1993 - **Citations:** 11507 - **Open Access:** No (closed) - **License:** — - **Source:** https://doi.org/10.1111/j.1540-6261.1993.tb04702.x ## Authors - Narasimhan Jegadeesh - Sheridan Titman ## Abstract ABSTRACT 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 over 3‐to 12‐month holding periods. We find that the profitability of these strategies are not due to their systematic risk or to delayed stock price reactions to common factors. However, part of the abnormal returns generated in the first year after portfolio formation dissipates in the following two years. A similar pattern of returns around the earnings announcements of past winners and losers is also documented. ## Keywords Profitability index, Stock (firearms), Earnings, Portfolio, Financial economics, Economics, Monetary economics, Business, Market efficiency, Finance ## Concepts - Profitability index - Stock (firearms) - Earnings - Portfolio - Financial economics - Economics - Monetary economics - Business - Market efficiency - Finance - Engineering - Mechanical engineering --- *Metadata only — full text not imported unless Open Access license permits.*

Bài “Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency” được TradingBase chuyển thành Knowledge Product cho trader — không phải trang đọc abstract OpenAlex. Tóm lược học thuật (đã diễn giải): ABSTRACT 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 over 3‐to 12‐month holding periods. We find that the profitability of these strategies are not due to their systematic risk or to delayed stock price reactions to common factors. However, part of the abnormal returns generated in the first year after portfolio formation dissipates in the following two years. A similar pattern of returns around the earnings announcements of past winners and losers is also documented. Phần Trading Insights bên dưới nối nghiên cứu với Forex, vàng, USD, lãi suất và risk regime — để bạn đưa vào journal và playbook. Metadata DOI/OA chỉ là rail tham chiếu; nội dung chính là summary, takeaways và ứng dụng thị trường do Content Factory sinh.