Discomfiting news: most of those financial strategies that claim to beat the market don’t. Even more surprising, many of the financial research papers that claim to have found patterns in financial markets haven’t.
Don’t take my word for it: this is the conclusion of three US-based academics, Campbell Harvey, Yan Liu and Heqing Zhu. What is particularly striking about the way they’ve lobbed a hand grenade into the finance research literature is that Campbell Harvey isn’t some heterodox radical. He’s the former editor of the leading journal in the field, The Journal of Finance.
What’s going on?
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