Grading the performance of market-timing newsletters
Publication
, Journal Article
Graham, JR; Harvey, CR
Published in: Financial Analysts Journal
January 1, 1997
Many investment newsletters offer market-timing advice; that is, they are supposed to recommend increased stock market weights before market appreciations and decreased weights before market declines. Examination of the performance of 326 newsletter asset-allocation strategies for the 1983-95 period shows that as a group, newsletters do not appear to possess any special information about the future direction of the market. Nevertheless, investment newsletters that are on a hot streak (have correctly anticipated the direction of the market in previous recommendations) may provide valuable information about future returns.
Duke Scholars
Published In
Financial Analysts Journal
DOI
ISSN
0015-198X
Publication Date
January 1, 1997
Volume
53
Issue
6
Start / End Page
54 / 66
Related Subject Headings
- Finance
- 1502 Banking, Finance and Investment
- 1501 Accounting, Auditing and Accountability
Citation
APA
Chicago
ICMJE
MLA
NLM
Graham, J. R., & Harvey, C. R. (1997). Grading the performance of market-timing newsletters. Financial Analysts Journal, 53(6), 54–66. https://doi.org/10.2469/faj.v53.n6.2130
Graham, J. R., and C. R. Harvey. “Grading the performance of market-timing newsletters.” Financial Analysts Journal 53, no. 6 (January 1, 1997): 54–66. https://doi.org/10.2469/faj.v53.n6.2130.
Graham JR, Harvey CR. Grading the performance of market-timing newsletters. Financial Analysts Journal. 1997 Jan 1;53(6):54–66.
Graham, J. R., and C. R. Harvey. “Grading the performance of market-timing newsletters.” Financial Analysts Journal, vol. 53, no. 6, Jan. 1997, pp. 54–66. Scopus, doi:10.2469/faj.v53.n6.2130.
Graham JR, Harvey CR. Grading the performance of market-timing newsletters. Financial Analysts Journal. 1997 Jan 1;53(6):54–66.
Published In
Financial Analysts Journal
DOI
ISSN
0015-198X
Publication Date
January 1, 1997
Volume
53
Issue
6
Start / End Page
54 / 66
Related Subject Headings
- Finance
- 1502 Banking, Finance and Investment
- 1501 Accounting, Auditing and Accountability