Forner, Carlos; Marhuenda, Joaquín - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2002
In a previous work, Forner and Marhuenda (2001) find that the contrarian strategy, thatis, the forming of a zero-investment portfolio that buys the stocks that have performed poorly inthe past (losers) and sells those that have performed well (winners), does not yield abnormallypositive returns...