Short-Term Contrarian Profits in the Kuwait Stock Market

نویسنده

  • Omar Gharaibeh
چکیده

This paper examines whether there is an existence of a short-term contrarian profits at the firms in Kuwait Stock Exchange (KSX). The role of return seasonality is also investigated. This article documents strong evidence for the short-term contrarian strategy in the Kuwait stock exchange. The result of this study finds that the short-term contrarian profits for the Kuwait market can’t be explained by January effect. In spite of whether losers are smaller or larger than winners, there are short-term abnormal profits. Finally, this paper shows a strong symmetry between the winner and loser portfolios.

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

ثبت نام

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

بررسی استراتژی های شتاب ومعکوس در بورس اوراق بهادار تهران

The profitability of momentum and contrarian strategies indicates the predictability of stock returns, so these strategies contradict the concept of market efficiency. This paper investigates the profitability of intermediate and short-term horizon trading strategies in Tehran Stock Exchange. To do this, a sample of 50 companies accepted in Tehran Stock Exchange for the period of 2002 to 2007 w...

متن کامل

Test of the Contrarian Investment Strategy-Evidence from the Taiwan Stock Markets

The study examines whether the contrarian investment strategy, implies simultaneously buying previous losers and selling previous winners, exists in stock market of Taiwan. This study utilizes De Bondt and Thaler (1985) contrarian strategies into listed electronic and informational stocks in Taiwan from January of 1996 to December of 2004. The empirical results consistent with the findings of D...

متن کامل

Overreaction & Under reaction: Evaluating performance and Speed of Adjustment Investment Strategies in Tehran Stock Exchange (TSE)

In this research, overreaction and underreaction have been studied by assessing profitability and excess returns of investment strategies and evaluating price adjustment speed in short and long terms. The results showed that the momentum investment strategies had higher annual returns in comparison to contrarian strategies in all short and long periods which led to confirmation of underreaction...

متن کامل

Profits From Buying Losers And Selling Winners In The London Stock Exchange

DeBondt and Thaler (1985) have challenged the notions of market efficiency and of rational investor behaviour. According to their findings stock portfolios that experience negative returns tend to outperform portfolios that experience positive returns, during the subsequent period. In other words, stock returns may be predictable, and this may be due to excessive investor optimism and pessimism...

متن کامل

Contrarian and momentum strategies in China stock market: 1993-2000

Using “A” shares accessible only to local investors (who account for 99% of stock investors in China), this paper tests if short-horizon contrarian and intermediate-horizon investment strategies generate abnormal profits. We find statistically significant abnormal profits for both the arbitrage portfolio-investment strategies. Detailed analysis indicates that: (1) an absolute dominance of non-i...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

ثبت نام

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

عنوان ژورنال:

دوره   شماره 

صفحات  -

تاریخ انتشار 2014