Bali, Turan G.; Demirtas, K. Ozgur; Hovakimian, Armen - In: Review of Finance 14 (2010) 3, pp. 543-584
This paper investigates the risk versus mispricing explanation of superior returns to contrarian strategies using the interactions between value-to-market indicators and corporate financing transactions that increase or decrease a firm's outstanding equity. Portfolio-level analyses and...