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 before publication. However, these stocks subsequently underperform the market by 0.45% per month in the 6-month...

The well-documented day-of-the-week effect has shown that stock returns on some days of the week are often significantly higher than on other days. To investigate whether improvements in market efficiency may have caused this anomaly to disappear over time, this study examines the...

The uncertain nature of technological innovation and a potential misunderstanding of the complexities of high tech operations can lead to much speculation about the true worth of high tech firms. This valuation uncertainty is expected to heighten the information sensitivity of investors in high...

By using recently developed statistical tools designed to overcome some of the limitations often associated with financial data, this study attempts to detect low-dimensional deterministic chaos in five major European stock markets and the United States. Country indexes exhibiting...

Finance theory suggests that the higher volatility typically associated with emerging stock market returns translates into higher expected returns in those markets. This study compares the risk and return profile of emerging and developed stock markets over the period from 1988 through April...