<link rid="b6">Bloomfield and Hales (2002)</link> find strong evidence that experimental market subjects are influenced by trends and patterns in a manner supportive of the shifting regimes model of <link rid="b3">Barberis, Shleifer, and Vishny (1998)</link>. We subject the model to further empirical scrutiny using the football wagering...

We examine whether macroeconomic risk can explain momentum profits internationally. Neither an unconditional model based on the Chen, Roll, and Ross (1986) factors nor a conditional forecasting model based on lagged instruments provides any evidence that macroeconomic risk variables can explain...