This paper analyzes the trading activity of Taiwanese open-end equity mutual fund herding behaviour over the period of 1996 to 2008. We employ the herding measure suggested by Wermers (1999) and find strong evidence of both directional and directionless herding activities, and also of positive...

The purpose of this paper is to investigate the role of earnings forecast revisions by equity analysts in predicting Canadian stock returns. The sample covers 420 Canadian firms over the period 1998-2009. It analyses investors' reactions to 27,271 upward revisions and 32,005 downward revisions...

This study performs an out-of-sample test on momentum effects in nine Asian-Pacific stock markets from 1990 to 2002. We find little evidence on the existence of intermediate stocks return momentum. Specifically, the unrestricted momentum trading strategies appear profitable only in major...

This paper examines the drivers of momentum in Canadian stocks. We find that momentum is negatively related to book-to-market and analyst coverage, whereas size appears to play no role in explaining the momentum effect. We further document that analyst coverage is more important than...

This study examines the effects of size, analyst coverage, and book-to-market in explaining momentum profits in UK stocks. We document a pattern of momentum in UK stocks and find that momentum profits are negatively related to firm size, analyst coverage, and book-to-market. We find that...