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

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

This 1993 paper by Narashimhan Jegadeesh and Sheridan Titman documents that momentum 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.

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