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| Titel: |
The Wall Street Journal contests: the experts, the darts, and the efficient market hypothesis |
| Auteur: |
Metcalf, Gilbert E. Malkiel, Burton G. |
| Verschenen in: |
Applied financial economics |
| Paginering: | Jaargang 4 (1994) nr. 5 pagina's 371-374 |
| Jaar: |
1994-10 |
| Inhoud: |
A detailed analysis is presented of The Wall Street Journal contests pitting the US traded equity recommendations of four expert portfolio managers and strategists against the random selections of four darts. While the gross return data appear to indicate that the experts' selections achieve excess returns, we find no evidence to suggest that the experts can beat the market systematically. The experts tend to pick riskier stocks and perform no better than the darts after controlling for risk. Moreover, we find a very pronounced 'announcement effect' in which the stocks selected by the experts benefit from the publicity associated with the contest. An investor buying the stocks at closing prices the day the expert selections are announced would achieve a return lower than that of the dartboard stocks. |
| Uitgever: |
Routledge |
| Bronbestand: |
Elektronische Wetenschappelijke Tijdschriften |
Details van artikel 123 van 132 gevonden artikelen
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