Gu, Li; Huang, Dayong - In: Journal of Banking & Finance 34 (2010) 7, pp. 1564-1575
Winner stocks have higher changes in sales order backlogs and a sales order backlog factor is significant in explaining various winner minus loser returns and often reduces the [alpha]s by big margins. We argue that this factor is a proxy for innovation in demand in the economy and it is likely...