It has been hypothesized that momentum might be rationally explained as a consequence of the cross-sectional variation of unconditional expected returns. Stocks with relatively high unconditional expected returns will on average outperform in both the portfolio formation period and in the...

The decision of a committee is determined jointly by the voting process it adopts and the composition of its membership. The paper analyses the process through which committee members emerge from the eligible population and traces the consequences of this for the decisions of the committee. It...

This paper investigates whether excess stock price volatility may be due in part to a failure of the market to form rational expectations. Using data on analysts' expectations of long run earnings growth for individual companies, the authors report a number of interrelated results which lend...