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CiteWeb id: 19930000033

CiteWeb score: 8012

DOI: 10.1111/j.1540-6261.1993.tb04702.x

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

The publication "Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency" is placed in the Top 10000 of the best publications in CiteWeb. Also in the category Economics it is included to the Top 1000. Additionally, the publicaiton "Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency" is placed in the Top 100 among other scientific works published in 1993.
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