38:
is the empirically observed tendency for rising asset prices or securities return to rise further, and falling prices to keep falling. For instance, it was shown that stocks with strong past performance continue to outperform stocks with poor past performance in the next period with an average excess
66:. The explanation is that investors are irrational, in that they underreact to new information by failing to incorporate news in their transaction prices. However, much as in the case of
985:
50:
struggles to explain. The difficulty is that an increase in asset prices, in and of itself, should not warrant further increase. Such increase, according to the
331:
978:
202:
Daniel, K; Hirschleifer D; Subrahmanyam A (1998). "A Theory of
Overconfidence, Self-Attribution, and Security Market Under and Over-reactions".
39:
return of about 1% per month. Momentum signals (e.g., 52-week high) have been used by financial analysts in their buy and sell recommendations.
971:
1216:
639:
545:
470:
1241:
620:
324:
947:
773:
697:
1235:
354:
133:
Jegadeesh, N; Titman S (1993). "Returns to Buying
Winners and Selling Losers: Implications for Stock Market Efficiency".
1718:
1658:
1454:
1360:
490:
455:
1774:
1769:
1444:
1412:
1316:
1270:
1253:
1206:
317:
51:
1764:
1229:
1223:
651:
702:
460:
410:
84:
24:
874:
1618:
1293:
485:
663:
1572:
1433:
1328:
1211:
732:
645:
808:
1460:
605:
569:
415:
369:
1598:
1407:
790:
738:
615:
1733:
1653:
1418:
1402:
1365:
1247:
1190:
1158:
942:
886:
819:
555:
63:
55:
1663:
1608:
1532:
1392:
1322:
1151:
1124:
932:
749:
743:
596:
532:
514:
505:
465:
1512:
169:
1703:
1678:
1638:
1542:
1481:
1439:
1183:
1093:
1083:
855:
827:
340:
295:
260:
225:
150:
94:
89:
70:, other research has argued that momentum can be observed even with perfectly rational traders.
1567:
1552:
1304:
866:
796:
691:
550:
390:
1668:
1588:
1384:
1265:
1141:
1060:
1016:
994:
839:
778:
765:
726:
707:
420:
287:
252:
215:
207:
184:
142:
79:
118:(1999). "Profitability of Momentum Strategies: An Evaluation of Alternative Explanations".
1743:
1738:
1673:
1648:
1583:
1557:
1537:
1496:
1491:
1486:
1471:
1466:
1354:
1288:
1280:
1168:
1055:
844:
833:
540:
475:
359:
115:
58:). Students of financial economics have largely attributed the appearance of momentum to
1698:
1693:
1593:
1578:
1339:
1334:
1299:
1098:
1065:
1011:
1003:
927:
880:
802:
679:
657:
480:
450:
445:
146:
59:
47:
43:
256:
1758:
1562:
1547:
1522:
1476:
1428:
1131:
1088:
1075:
1026:
902:
685:
495:
437:
299:
229:
264:
154:
1723:
1643:
1613:
1603:
1423:
1397:
1146:
1136:
1119:
1050:
1045:
1021:
952:
754:
631:
374:
67:
1728:
1708:
1688:
1683:
1628:
1517:
1449:
937:
907:
784:
582:
395:
291:
188:
1713:
1633:
1310:
1173:
674:
405:
400:
364:
19:
This article is about the concept related to asset prices. For other uses of
1349:
1344:
1259:
1178:
577:
54:, is warranted only by changes in demand and supply or new information (cf.
243:
Barberis, N; Shleifer A; Vishny R (1998). "A Model of
Investor Sentiment".
1527:
1163:
220:
1371:
31:
278:
Crombez, J (2001). "Momentum, Rational Agents and
Efficient Markets".
211:
1114:
309:
963:
1037:
668:
522:
967:
313:
849:
170:"The Role of Analysts' Forecasts in the Momentum Effect"
1505:
1380:
1279:
1199:
1107:
1074:
1035:
1001:
920:
895:
865:
818:
764:
717:
630:
604:
595:
568:
531:
513:
504:
436:
429:
383:
347:
280:The Journal of Psychology and Financial Markets
979:
325:
8:
986:
972:
964:
601:
510:
433:
332:
318:
310:
177:International Review of Financial Analysis
219:
106:
669:Moving average convergence/divergence
7:
147:10.1111/j.1540-6261.1993.tb04702.x
14:
1242:Electronic communication network
62:, which belong in the realm of
42:The existence of momentum is a
774:Accumulation/distribution line
245:Journal of Financial Economics
1:
1236:Multilateral trading facility
257:10.1016/S0304-405X(98)00027-0
168:Low, R.K.Y.; Tan, E. (2016).
1659:Returns-based style analysis
1455:Post-modern portfolio theory
1361:Security characteristic line
850:CBOE Market Volatility Index
491:Triple top and triple bottom
456:Double top and double bottom
1413:Efficient-market hypothesis
1317:Capital asset pricing model
1254:Straight-through processing
292:10.1207/S15327760JPFM0204_3
52:efficient-market hypothesis
1791:
1230:Alternative Trading System
658:Know sure thing oscillator
652:Detrended price oscillator
189:10.1016/j.irfa.2016.09.007
18:
640:Average directional index
85:Carhart four-factor model
25:Momentum (disambiguation)
1294:Arbitrage pricing theory
1573:Initial public offering
1434:Modern portfolio theory
1329:Dividend discount model
1212:List of stock exchanges
733:Relative strength index
646:Commodity channel index
1461:Random walk hypothesis
370:Elliott wave principle
1599:Market capitalization
1408:Dollar cost averaging
791:Negative volume index
739:Stochastic oscillator
616:Fibonacci retracement
1419:Fundamental analysis
1403:Contrarian investing
1366:Security market line
1271:Liquidity aggregator
1248:Direct market access
1159:Quantitative analyst
943:Ralph Nelson Elliott
887:McClellan oscillator
875:Advanceādecline line
556:Three white soldiers
64:behavioral economics
56:fundamental analysis
1664:Reverse stock split
1609:Market manipulation
1533:Dual-listed company
1393:Algorithmic trading
1323:Capital market line
1125:Inter-dealer broker
750:Ultimate oscillator
744:True strength index
411:Open-high-low-close
1775:Technical analysis
1770:Behavioral finance
1704:Stock market index
1543:Efficient frontier
1482:Technical analysis
1440:Momentum investing
1262:(private exchange)
1152:Proprietary trader
1094:Shares outstanding
1084:Authorised capital
856:Standard deviation
828:Average true range
809:Volumeāprice trend
664:Ichimoku KinkÅ HyÅ
471:Head and shoulders
341:Technical analysis
204:Journal of Finance
135:Journal of Finance
120:NBER Working Paper
95:Technical analysis
90:Momentum investing
1765:Financial markets
1752:
1751:
1553:Flight-to-quality
1305:Buffett indicator
995:Financial markets
961:
960:
916:
915:
797:On-balance volume
692:Smart money index
591:
590:
564:
563:
551:Three black crows
212:10.2139/ssrn.2017
1782:
1669:Share repurchase
1381:Trading theories
1266:Crossing network
1224:Over-the-counter
1061:Restricted stock
1017:Secondary market
988:
981:
974:
965:
840:Donchian channel
779:Ease of movement
727:Money flow index
708:Vortex indicator
602:
570:Point and figure
511:
461:Flag and pennant
434:
416:Point and figure
334:
327:
320:
311:
304:
303:
275:
269:
268:
240:
234:
233:
223:
199:
193:
192:
174:
165:
159:
158:
130:
124:
123:
111:
80:Factor investing
60:cognitive biases
23:in finance, see
1790:
1789:
1785:
1784:
1783:
1781:
1780:
1779:
1755:
1754:
1753:
1748:
1739:Voting interest
1649:Public offering
1584:Mandatory offer
1558:Government bond
1538:DuPont analysis
1501:
1497:Value investing
1492:Value averaging
1487:Trend following
1472:Style investing
1467:Sector rotation
1382:
1376:
1355:Net asset value
1281:Stock valuation
1275:
1195:
1103:
1070:
1056:Preferred stock
1031:
997:
992:
962:
957:
912:
891:
861:
845:Keltner channel
834:Bollinger Bands
814:
760:
713:
626:
607:
587:
560:
541:Hikkake pattern
527:
500:
476:Island reversal
425:
379:
360:Dead cat bounce
343:
338:
308:
307:
277:
276:
272:
251:(49): 307ā343.
242:
241:
237:
201:
200:
196:
172:
167:
166:
162:
132:
131:
127:
113:
112:
108:
103:
76:
28:
17:
16:Term in finance
12:
11:
5:
1788:
1786:
1778:
1777:
1772:
1767:
1757:
1756:
1750:
1749:
1747:
1746:
1741:
1736:
1731:
1726:
1721:
1716:
1711:
1706:
1701:
1699:Stock exchange
1696:
1694:Stock dilution
1691:
1686:
1681:
1676:
1671:
1666:
1661:
1656:
1651:
1646:
1641:
1636:
1631:
1626:
1621:
1619:Mean reversion
1616:
1611:
1606:
1601:
1596:
1594:Market anomaly
1591:
1586:
1581:
1576:
1570:
1565:
1560:
1555:
1550:
1545:
1540:
1535:
1530:
1525:
1520:
1515:
1513:Bidāask spread
1509:
1507:
1503:
1502:
1500:
1499:
1494:
1489:
1484:
1479:
1474:
1469:
1464:
1458:
1452:
1447:
1442:
1437:
1431:
1426:
1421:
1416:
1410:
1405:
1400:
1395:
1389:
1387:
1378:
1377:
1375:
1374:
1369:
1363:
1358:
1352:
1347:
1342:
1340:Earnings yield
1337:
1335:Dividend yield
1332:
1326:
1320:
1314:
1308:
1302:
1297:
1291:
1285:
1283:
1277:
1276:
1274:
1273:
1268:
1263:
1257:
1251:
1245:
1239:
1233:
1227:
1226:(off-exchange)
1221:
1220:
1219:
1214:
1203:
1201:
1200:Trading venues
1197:
1196:
1194:
1193:
1188:
1187:
1186:
1176:
1171:
1166:
1161:
1156:
1155:
1154:
1149:
1139:
1134:
1129:
1128:
1127:
1122:
1111:
1109:
1105:
1104:
1102:
1101:
1099:Treasury stock
1096:
1091:
1086:
1080:
1078:
1072:
1071:
1069:
1068:
1066:Tracking stock
1063:
1058:
1053:
1048:
1042:
1040:
1033:
1032:
1030:
1029:
1024:
1019:
1014:
1012:Primary market
1008:
1006:
999:
998:
993:
991:
990:
983:
976:
968:
959:
958:
956:
955:
950:
945:
940:
935:
930:
928:John Bollinger
924:
922:
918:
917:
914:
913:
911:
910:
905:
899:
897:
893:
892:
890:
889:
884:
878:
871:
869:
863:
862:
860:
859:
853:
847:
842:
837:
831:
824:
822:
816:
815:
813:
812:
806:
803:Put/call ratio
800:
794:
788:
782:
776:
770:
768:
762:
761:
759:
758:
752:
747:
741:
736:
730:
723:
721:
715:
714:
712:
711:
705:
700:
695:
689:
683:
680:Moving average
677:
672:
666:
661:
655:
649:
643:
636:
634:
628:
627:
625:
624:
618:
612:
610:
599:
593:
592:
589:
588:
586:
585:
580:
574:
572:
566:
565:
562:
561:
559:
558:
553:
548:
543:
537:
535:
529:
528:
526:
525:
519:
517:
508:
502:
501:
499:
498:
493:
488:
483:
481:Price channels
478:
473:
468:
463:
458:
453:
451:Cup and handle
448:
446:Broadening top
442:
440:
431:
427:
426:
424:
423:
418:
413:
408:
403:
398:
393:
387:
385:
381:
380:
378:
377:
372:
367:
362:
357:
351:
349:
345:
344:
339:
337:
336:
329:
322:
314:
306:
305:
286:(2): 190ā200.
270:
235:
194:
160:
125:
114:Jegadeesh, N;
105:
104:
102:
99:
98:
97:
92:
87:
82:
75:
72:
48:finance theory
44:market anomaly
15:
13:
10:
9:
6:
4:
3:
2:
1787:
1776:
1773:
1771:
1768:
1766:
1763:
1762:
1760:
1745:
1742:
1740:
1737:
1735:
1732:
1730:
1727:
1725:
1722:
1720:
1717:
1715:
1712:
1710:
1707:
1705:
1702:
1700:
1697:
1695:
1692:
1690:
1687:
1685:
1682:
1680:
1677:
1675:
1674:Short selling
1672:
1670:
1667:
1665:
1662:
1660:
1657:
1655:
1652:
1650:
1647:
1645:
1642:
1640:
1637:
1635:
1632:
1630:
1627:
1625:
1622:
1620:
1617:
1615:
1612:
1610:
1607:
1605:
1602:
1600:
1597:
1595:
1592:
1590:
1587:
1585:
1582:
1580:
1577:
1574:
1571:
1569:
1566:
1564:
1563:Greenspan put
1561:
1559:
1556:
1554:
1551:
1549:
1548:Financial law
1546:
1544:
1541:
1539:
1536:
1534:
1531:
1529:
1526:
1524:
1523:Cross listing
1521:
1519:
1516:
1514:
1511:
1510:
1508:
1506:Related terms
1504:
1498:
1495:
1493:
1490:
1488:
1485:
1483:
1480:
1478:
1477:Swing trading
1475:
1473:
1470:
1468:
1465:
1462:
1459:
1456:
1453:
1451:
1448:
1446:
1445:Mosaic theory
1443:
1441:
1438:
1435:
1432:
1430:
1429:Market timing
1427:
1425:
1422:
1420:
1417:
1414:
1411:
1409:
1406:
1404:
1401:
1399:
1396:
1394:
1391:
1390:
1388:
1386:
1379:
1373:
1370:
1367:
1364:
1362:
1359:
1356:
1353:
1351:
1348:
1346:
1343:
1341:
1338:
1336:
1333:
1330:
1327:
1324:
1321:
1318:
1315:
1312:
1309:
1306:
1303:
1301:
1298:
1295:
1292:
1290:
1287:
1286:
1284:
1282:
1278:
1272:
1269:
1267:
1264:
1261:
1258:
1255:
1252:
1249:
1246:
1243:
1240:
1237:
1234:
1231:
1228:
1225:
1222:
1218:
1217:Trading hours
1215:
1213:
1210:
1209:
1208:
1205:
1204:
1202:
1198:
1192:
1189:
1185:
1182:
1181:
1180:
1177:
1175:
1172:
1170:
1167:
1165:
1162:
1160:
1157:
1153:
1150:
1148:
1145:
1144:
1143:
1140:
1138:
1135:
1133:
1132:Broker-dealer
1130:
1126:
1123:
1121:
1118:
1117:
1116:
1113:
1112:
1110:
1106:
1100:
1097:
1095:
1092:
1090:
1089:Issued shares
1087:
1085:
1082:
1081:
1079:
1077:
1076:Share capital
1073:
1067:
1064:
1062:
1059:
1057:
1054:
1052:
1049:
1047:
1044:
1043:
1041:
1039:
1034:
1028:
1027:Fourth market
1025:
1023:
1020:
1018:
1015:
1013:
1010:
1009:
1007:
1005:
1000:
996:
989:
984:
982:
977:
975:
970:
969:
966:
954:
951:
949:
946:
944:
941:
939:
936:
934:
931:
929:
926:
925:
923:
919:
909:
906:
904:
903:Coppock curve
901:
900:
898:
894:
888:
885:
882:
879:
876:
873:
872:
870:
868:
864:
857:
854:
851:
848:
846:
843:
841:
838:
835:
832:
829:
826:
825:
823:
821:
817:
810:
807:
804:
801:
798:
795:
792:
789:
786:
783:
780:
777:
775:
772:
771:
769:
767:
763:
756:
753:
751:
748:
745:
742:
740:
737:
734:
731:
728:
725:
724:
722:
720:
716:
709:
706:
704:
701:
699:
696:
693:
690:
687:
686:Parabolic SAR
684:
681:
678:
676:
673:
670:
667:
665:
662:
659:
656:
653:
650:
647:
644:
641:
638:
637:
635:
633:
629:
622:
619:
617:
614:
613:
611:
609:
606:Support &
603:
600:
598:
594:
584:
581:
579:
576:
575:
573:
571:
567:
557:
554:
552:
549:
547:
544:
542:
539:
538:
536:
534:
530:
524:
521:
520:
518:
516:
512:
509:
507:
503:
497:
496:Wedge pattern
494:
492:
489:
487:
484:
482:
479:
477:
474:
472:
469:
467:
464:
462:
459:
457:
454:
452:
449:
447:
444:
443:
441:
439:
435:
432:
428:
422:
419:
417:
414:
412:
409:
407:
404:
402:
399:
397:
394:
392:
389:
388:
386:
382:
376:
373:
371:
368:
366:
363:
361:
358:
356:
353:
352:
350:
346:
342:
335:
330:
328:
323:
321:
316:
315:
312:
301:
297:
293:
289:
285:
281:
274:
271:
266:
262:
258:
254:
250:
246:
239:
236:
231:
227:
222:
221:2027.42/35542
217:
213:
209:
205:
198:
195:
190:
186:
182:
178:
171:
164:
161:
156:
152:
148:
144:
141:(48): 65ā91.
140:
136:
129:
126:
121:
117:
110:
107:
100:
96:
93:
91:
88:
86:
83:
81:
78:
77:
73:
71:
69:
68:price bubbles
65:
61:
57:
53:
49:
45:
40:
37:
33:
26:
22:
1724:Tender offer
1644:Public float
1623:
1614:Market trend
1604:Market depth
1424:Growth stock
1398:Buy and hold
1307:(Cap-to-GDP)
1147:Floor trader
1137:Market maker
1120:Floor broker
1108:Participants
1051:Golden share
1046:Common stock
1022:Third market
953:Mark Hulbert
718:
546:Morning star
375:Market trend
283:
279:
273:
248:
244:
238:
203:
197:
180:
176:
163:
138:
134:
128:
119:
109:
41:
35:
29:
20:
1729:Uptick rule
1709:Stock split
1689:Squeeze-out
1684:Speculation
1629:Open outcry
1518:Block trade
1450:Pairs trade
948:John Murphy
938:Charles Dow
908:Ulcer index
785:Force index
755:Williams %R
621:Pivot point
506:Candlestick
391:Candlestick
1759:Categories
1734:Volatility
1714:Stock swap
1634:Order book
1385:strategies
1311:Book value
1179:Arbitrager
1174:Speculator
881:Arms index
820:Volatility
698:Trend line
675:Mass index
608:resistance
597:Indicators
421:Line break
365:Dow theory
101:References
1350:Fed model
1345:EV/EBITDA
1260:Dark pool
1191:Regulator
1036:Types of
1002:Types of
933:Ned Davis
583:Bear trap
578:Bull trap
300:155049349
230:155014440
183:: 67ā84.
1679:Slippage
1639:Position
1624:Momentum
1528:Dividend
1207:Exchange
1164:Investor
921:Analysts
719:Momentum
642:(A.D.X.)
486:Triangle
430:Patterns
355:Breakout
348:Concepts
265:17623242
155:13713547
116:Titman S
74:See also
46:, which
36:momentum
21:momentum
1568:Haircut
1372:T-model
1184:Scalper
1004:markets
867:Breadth
533:Complex
122:(7159).
32:finance
1589:Margin
1457:(PMPT)
1319:(CAPM)
1169:Hedger
1142:Trader
1115:Broker
1038:stocks
883:(TRIN)
766:Volume
671:(MACD)
515:Simple
384:Charts
298:
263:
228:
206:(53).
153:
1744:Yield
1719:Trade
1654:Rally
1575:(IPO)
1463:(RMH)
1436:(MPT)
1415:(EMH)
1368:(SML)
1357:(NAV)
1331:(DDM)
1325:(CML)
1296:(APT)
1289:Alpha
1256:(STP)
1250:(DMA)
1244:(ECN)
1238:(MTF)
1232:(ATS)
896:Other
877:(ADL)
852:(VIX)
830:(ATR)
811:(VPT)
805:(PCR)
799:(OBV)
793:(NVI)
781:(EMV)
746:(TSI)
735:(RSI)
729:(MFI)
694:(SMI)
688:(SAR)
660:(KST)
654:(DPO)
648:(CCI)
632:Trend
438:Chart
396:Renko
296:S2CID
261:S2CID
226:S2CID
173:(PDF)
151:S2CID
1579:Long
1383:and
1313:(BV)
1300:Beta
836:(BB)
787:(FI)
757:(%R)
710:(VI)
703:Trix
682:(MA)
623:(PP)
523:Doji
406:Line
401:Kagi
858:(Ļ)
466:Gap
288:doi
253:doi
216:hdl
208:doi
185:doi
143:doi
30:In
1761::
294:.
282:.
259:.
249:49
247:.
224:.
214:.
181:48
179:.
175:.
149:.
139:48
137:.
34:,
987:e
980:t
973:v
333:e
326:t
319:v
302:.
290::
284:2
267:.
255::
232:.
218::
210::
191:.
187::
157:.
145::
27:.
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