Journal of Financial Economics Vol. 10 No. 3 1982
The value line enigma (1965–1978)
Abstract
The performance of Value Line Investment Survey recommendations made between 1965 and 1978 is evaluated by applying a future benchmark technique. The future benchmark technique avoids selection bias problems associated with using historic benchmarks as well as known difficulties of using Capital Asset Pricing Model benchmarks. Potential problems (implicit in the technique) are discussed and resolved within the conduct of the experiment. Results indicate statistically significant abnormal performance when future benchmarks are computed using a market model.
- DOI
- 10.1016/0304-405x(82)90004-6
- Volume
- 10
- Issue
- 3
- Pages
- 289-321
- Language
- en
- Sources
- bibtex:phds-export.bib openalex crossref