Market timing ability and volatility implied in investment newsletters' asset allocation recommendations
نویسندگان
چکیده
منابع مشابه
Market timing ability and volatility implied in investment newsletters ' asset allocation recommendations
We analyze the advice contained in a sample of 237 investment newslettcr strategies over 1980-1992. Each newsletter strategy recommends a mix of equity and cash. We find no evidence that letters systematically increase equity weights before market rises or decrease weights before market declines. While there is no information in the newsletter strategies about future market returns, we document...
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ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 1996
ISSN: 0304-405X
DOI: 10.1016/0304-405x(96)00878-1