Market Timing Ability and Volatility Implied in Investment Newletters' Asset Allocation Recommendations
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We analyze the advice contained in a sample of 237 investment letters over the 1980-1992 period. Each newsletter recommends a mix of equity and cash. We construct portfolios based on these recommendations and find that only a small number of the newsletters appear to have higher average returns than
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美国国家经济研究局创建时间：
1994-10-01
