We develop 200 contrarian trading strategies based on signifi cant market variations to test whether it is possible to benefi t from the well-known psychological bias of overreaction that plagues investors. We conduct the most recent and appropriate statistical tests to ensure that none of these...

French Abstract. L'association belge de protection et de défense des consommateurs, Test-Achats, fondée en 1957, divulgue des conseils d’achat pour un nombre impressionnant de biens de consommation. Au fil du temps, l’association a diversifié ses activités ; elle offre désormais des...

We study the dynamics of liquidity around jumps by identifying their exact intraday timing and retrieve all macroeconomic and firm-specific news for the 30 constituents of the Dow Jones Industrial Average index. We match around a third of the jumps with macroeconomic news announcements, while...