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Further Evidence on the Value of Professional Investment Research

Author

Listed:
  • 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.

Suggested Citation

  • Kenneth L. Stanley & Wilbur G. Lewehlen & Gary G. Schlarbau, 1980. "Further Evidence on the Value of Professional Investment Research," NBER Working Papers 0536, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:0536
    Note: ME
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    File URL: http://www.nber.org/papers/w0536.pdf
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    References listed on IDEAS

    as
    1. Schlarbaum, Gary G & Lewellen, Wilbur G & Lease, Ronald C, 1978. "Realized Returns on Common Stock Investments: The Experience of Individual Investors," The Journal of Business, University of Chicago Press, vol. 51(2), pages 299-325, April.
    2. John Lintner, 1965. "Security Prices, Risk, And Maximal Gains From Diversification," Journal of Finance, American Finance Association, vol. 20(4), pages 587-615, December.
    3. 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.
    4. 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 607-636, May-June.
    5. 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.
    6. Lloyd-Davies, Peter & Canes, Michael, 1978. "Stock Prices and the Publication of Second-Hand Information," The Journal of Business, University of Chicago Press, vol. 51(1), pages 43-56, January.
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    Cited by:

    1. Olkhov, Victor, 2023. "The Market-Based Statistics of “Actual” Returns of Investors," MPRA Paper 116896, University Library of Munich, Germany.

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