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We document that investors can actually profit from the contemporaneous link between earnings accuracy and recommendation profitability (Loh and Mian (2006)). Differentiating between "able" and "lucky" analysts we suggest an implementable, i.e. look-ahead bias free, trading strategy that yields...
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bid spreads. The fees are considerably lower compared to active managed fonds. For liquid share indices both strategies … difference between the monthly returns of the index compared to the ETFs. Both strategies have counterparty risk. The full …
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