Các nguyên tắc giao dịch, bạn đang khám phá ra thực sự có sức mạnh để thay đổi toàn bộ cuộc sống kinh doanh của bạn . giống như nó đã làm tôi. Tôi biết rằng âm thanh một chút "hypey", nhưng nó là sự thật tuyệt đối! Một khi tôi đã học được những gì tôi đang chia sẻ với bạn ngay bây giờ, nó theo nghĩa đen đã cho tôi một, hợp lý giữa | Momentum Strategies 1691 B. Earhings Momentum Investment rules based on standardized unexpected earnings SUE have a long history dating back at least to Jones and Litzenberger 1970 and Latane and Jones 1979 . Accordingly Table III starts off our evaluation of earnings momentum by applying a strategy based on SUE as a measure of the news in earnings. In the first six months after portfolio formation the arbitrage portfolio portfolio 10 minus portfolio 1 earns a return of percent. The superior performance is relatively short-lived however. The spread in returns after a year is only slightly higher at percent. The evidence in the other panels of Table III is consistent with the idea that the superior stock price performance reflects the market s gradual adjustment to earnings surprises. In particular the past SUE contains information that is not incorporated into the stock price. Instead at the next announcement date of earnings the market is still surprised by stocks with good or bad past SUE and there is a difference in returns of percent between stocks with the best and worst past SUE. At the second subsequent announcement of earnings the abnormal returns still differ by percent so that almost half or percent of the spread in the first six months occurs around the release of earnings. As is the case in Panel A the higher returns do not persist for long and by the third announcement the returns of the different portfolios are very similar. In the period following portfolio formation the behavior of subsequent standardized unexpected earnings and consensus estimates also shows delays in the adjustment of forecasts. The sustained nature of the adjustment in analyst forecasts is particularly notable in the case of firms in portfolio 1 with large unexpected declines in earnings. It is possible that the results in Table III are influenced by measurement errors in earnings or misspecification of the model for expected earnings. Another variable that .
