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We examine the value of expert picks published by SmartMoney, a popular investment periodical. Most can be described as ‘hot' stocks – those that have experienced run-ups in price prior to publication. These stocks subsequently underperform the market by 0.45% per month in the six-month...
Persistent link: https://www.econbiz.de/10013100485
We examine the performance of 1,572 stock recommendations published over the past 10 years by Kiplinger's Personal Finance magazine. Kiplinger's picks earned a risk-adjusted mean abnormal monthly return of -2.58% over the 6-month post-pick period. Our analysis indicates that the recommended...
Persistent link: https://www.econbiz.de/10013100482
Prior empirical work shows that IPOs generally earn positive excess first-day returns yet subsequently underperform. Many researchers examine the determinants of post-first-day IPO success, however these studies do not test for first-year IPO return predictability due to unavailability of...
Persistent link: https://www.econbiz.de/10014165289