In this paper, we investigate trading strategies based on exponential moving averages (ExpMAs) of an underlying risky asset. We study both logarithmic utility maximization and long-term growth rate maximization problems and find closed-form solutions when the drift of the underlying is modeled...

In this study, I investigate analysts’ ability to process public information for investors by examining price reactions to a sample of analysts’ recommendation revisions issued shortly after quarterly earnings announcements. I find that these recommendation revisions are used by investors to...