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Patience Extracts Sugar from a Lemon: Buy and Hold with a Classifier System in the Istanbul Stock Exchange

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  • HAKAN AKSOY
  • ISMAIL SAGLAM

Abstract

Recent studies in behavioral finance establish that active traders may underperform those who trade less. Such a result is partly due to the persistently high annual net returns earned by well-diversified portfolios in stock markets. This paper shows that the buy-and-hold strategy as a nonactive trading rule may yield huge net returns under the prescriptions of a classifier system, even in an extremely volatile and horizontal market, namely, the Istanbul Stock Exchange.

Suggested Citation

  • Hakan Aksoy & Ismail Saglam, 2006. "Patience Extracts Sugar from a Lemon: Buy and Hold with a Classifier System in the Istanbul Stock Exchange," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 42(1), pages 50-61, February.
    • Handle: RePEc:mes:emfitr:v:42:y:2006:i:1:p:50-61
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    Cited by:

    1. Gur, Nurullah, 2022. "Patience and financial development," Finance Research Letters, Elsevier, vol. 44(C).
    2. Yan-Ting Lin & Shang-Chi Gong & Sou-Shan Wu & Tsung-Pei Lee, 2012. "E/P Mean Reversion-Based Strategies for Investment Practice: Evidence from the Taiwan Market," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 48(1), pages 117-131, January.
    3. Fabian Nemeczek & Daniel Weiss, 2023. "Insights on Crypto Investors from a German Personal Finance Management App," JRFM, MDPI, vol. 16(4), pages 1-38, April.

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