This paper shall consider not only the potential for individual investors to exploit one of the major categories of professional investment advice to earn superior portfolio returns, but also will examine the actual return experiences of a representative sample of investors who were, in fact,...

The first study focuses on inventory investments of two sets of Indian manufacturing firms: issuers and non-issuers firms of publicly issued debt during 1996-1997, a time period of robust economic growth and simultaneously an inward shift in the supply of bank loans hypothesized to have been...

A study of one brokerage house's recommendations to its individual customers during the 1960s suggests that they were genuinely valuable, even after allowing for transactions costs and risk. On the other hand, the recommendations were useful in selection, rather than in market timing: The ratio...