We test the hypothesis that retail investors’ attraction to lottery stocks induces overvaluation, and is amplified by high attention and social interactions. The lottery premium (negative abnormal returns) is stronger for high-retail-ownership stocks—especially those that also have high analyst coverage, high latest absolute earnings surprises, or extreme recent positive returns. The premium is also larger…
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Harold Eddleston, a seventy-seven-year-old from Greater Manchester, was still reeling from a cancer diagnosis he had been given that week when, on a Saturday morning in February, 1998, he received the worst possible news. He would have to face the future alone: his beloved wife had died unexpectedly, from a heart attack. Eddleston’s daughter, concerned…
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Wouldn’t you agree that if you could duplicate a professional trader’s system, you’d buy yourself back years? Years that would most likely be painful if you were to learn by trial and error. Years of frustration as you fumbled around, trying to work out what makes the markets tick. But there is a different way……
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This post follows on in a somewhat tangential way from my earlier posting on the notion that retail is dead and there is a recession on the horizon – the chart action of retailers seems to show a different story. But financial journalists have bever been known to let facts get in the way of…
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Then you need to register for Priority Notification, so you can learn more, and get a heap of free trading resources. The Trading Mentor Program is a 6-month, repeat-for-free course. Become a superb trader, across every time frame, and with every instrument. We give you our personal secrets and tricks to help you can develop a…
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According to financial journalists and various others, we are staring into the abyss of a recession and things will never be good again. So here is a question, why then are almost all listed retail stocks showing strong gains for the YTD. The exception being RFG which has apparently been naughty with its franchisees. Word…
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We examine the relation between short-sale constraints and stock price crash risk. To establish causality, we take advantage of a regulatory change from the Securities and Exchange Commission (SEC)’s Regulation SHO pilot program, which temporarily lifted short-sale constraints for randomly designated stocks. Using Regulation SHO as a natural experiment setting in which to apply a…
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Befitting the Taycan’s status as a performance-oriented EV, trying to describe the acceleration is an all-you-can-eat grab bag of cliché and hyperbole. Power was enigmatically quoted as “over 600 horsepower,” with the zero-to-60-mph sprint claimed to slide comfortably under the three-second mark. In keeping with Porsche’s tradition of underrating the official figures, the one we…
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