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

Jegadeesh, Narasimhan; Titman, Sheridan

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

Public

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

Published in The Journal of Finance • Mar 1, 1993

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...

Subject

Profitability index

Stock (firearms)

Earnings

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