Bulls, bears, and value line's rankings

Ronald L. Moy, Ahyee Lee, Cheng F. Lee

Research output: Contribution to journalArticlepeer-review

4 Scopus citations

Abstract

This paper studies the bull and bear market performance of portfolios formed on the basis of Value Line's rankings. We examine the effect of different market conditions on the excess return and systematic risk of portfolios formed on the basis of Value Line's rankings. Our results indicate that although securities that receive Value Line's top ranking for timeliness perform best during bull markets, they exhibited exceptionally poor performance during bear market conditions. These conclusions may lead investors to rethink how they should use Value Line's recommendations in forming their own investment portfolios.

Original languageEnglish (US)
Pages (from-to)179-187
Number of pages9
JournalInternational Review of Economics and Finance
Volume4
Issue number2
DOIs
StatePublished - 1995

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics

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