valuation. In our empirical application, we use 𝑄 to relate analyst forecasts to stock returns and measure the profitability of … existing pure earnings-forecast momentum strategies and remain profitable after transaction costs. We show that analysts …

We examine the time variations of expected momentum profits using a two-state Markov switching model with time …-varying transition probabilities to evaluate the empirical relevance of recent rational theories of momentum profits. We find that in the … momentum profits display strong procyclical variations. We provide a plausible explanation for time-varying momentum profits …

This paper analyzes empirically the relation between financial analysts' recommendation profitability and their … between accuracy and recommendation profitability …