Tuesday, January 4, 2005

Han and Wang--Constraints, Efficiency, and Profits from Momentum Investing

What a great way to kick off the new year! This one definitely qualifies as I^3 (interesting, informative, and important)

Super short version: Han and Wang have an interesting paper that examines the “impact of institutional investment constraints.” Their finding (that these constraints play an important role in the pricing of securities), gives us a much better insight into both institutional

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