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Further Evidence on the Value of Professional Investment Research

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Author Info
Kenneth L. Stanley
Wilbur G. Lewehlen
Gary G. Schlarbau-
Abstract

This paper shall consider not only the potential for individual investors to exploit one of the major categories of professional investment advice to earn superior portfolio returns, but also will examine the actual return experiences of a representative sample of investors who were, in fact, observed to trade on such advice.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0536.

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Date of creation: Oct 1981
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Handle: RePEc:nbr:nberwo:0536

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  1. Schlarbaum, Gary G & Lewellen, Wilbur G & Lease, Ronald C, 1978. "Realized Returns on Common Stock Investments: The Experience of Individual Investors," Journal of Business, University of Chicago Press, vol. 51(2), pages 299-325, April. [Downloadable!] (restricted)
  2. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May. [Downloadable!] (restricted)
  3. McCain, John E. & Millar, James A., 1975. "A note on public information and stock prices," Journal of Business Research, Elsevier, vol. 3(1), pages 61-64, January. [Downloadable!] (restricted)
  4. Lloyd-Davies, Peter & Canes, Michael, 1978. "Stock Prices and the Publication of Second-Hand Information," Journal of Business, University of Chicago Press, vol. 51(1), pages 43-56, January. [Downloadable!] (restricted)
  5. Fama, Eugene F & MacBeth, James D, 1973. "Risk, Return, and Equilibrium: Empirical Tests," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 607-36, May-June. [Downloadable!] (restricted)
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