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Summury for an article - Essay Example

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And do long-term reversals occur if the performance of stocks in the stock markets is measured based on its nearness to the 52-week high?
Evidence has shown that stock prices do not change on the basis of…
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Download file to see previous pages On the other hand, stocks that performed well in the past will perform poorly in the next 3-5 years. The authors engaged in seeking the actual cause of the long-term reversals in the performance of stock prices that has been evidentially documented. The authors find that one of the basic and readily available information (the 52-week high price), explains the momentum changes in the profit earnings of stocks. Further, the contribution of the authors goes further to find that nearness to the 52-week high price or farness from the 52-week high price are the major phenomena that cause the stock prices to change minimally.
2. The nearness to the 52-week high price is a better predictor of the future returns for the individual stocks, as well as a better predictor of whether the stocks have experienced extremity in past returns, more than the use of the past stock prices.
Despite the authors having o measure three different hypotheses, the intention is not to seek which one turns out true and which one does not. The authors focus on the relationship between the 52-week high price and each of the hypotheses phenomena.
In order to measure the effect of the 52-week high price on the changes in the stock market for individual stocks, data relating tom the CRSP stocks is collected and used. The authors collected data related to the CRSP stocks for the 38 year period running between 1963 and 2001.
The monthly returns are calculated based on two different approaches; the Jegadeesh and Titman (JT) Approach and the Moskowitz and Grinblatt (MG) Approach, and then compared to the nearness to the 52-week high price. The JG Approach and MT Approach measure the past performance of stocks, as the value-weighted industry return for a 6 months period. The MG approach uses the past performance of stocks within an industry to rank them, such that three stock portfolios are formed. The top30% ...Download file to see next pagesRead More
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