We investigate the stock-picking abilities of prominent money managers, utilizing a unique dataset of stock recommendations published in the prestigious Barron’s Roundtable spanning 1968 to 2019. Our analysis of 3,472 recommended stocks reveals a consistent pattern of outperformance, with an...

This study provides evidence on joint characteristics of hourly common stock trading volume and returns on the New York Stock Exchange. Average volume traded shows significant differences across trading hours of the day and across days of the week. Average returns differ across hours of the day,...

Miller [1977. Risk, uncertainty, and divergence of opinion. Journal of Finance 32, 1151-1168] hypothesizes that prices of stocks subject to high differences of opinion and short-sales constraints are biased upward. We expect earnings announcements to reduce differences of opinion among...