MOMENTUM, ACCELERATION, AND REVERSAL

12 month returns prior to portfolio formation, and recent 6-month returns (lags 1–6) are irrel-evant, thus, as he says, momentum is not really momentum. What drives momentum and reversal is still not very clear. Popular explanations are under-reaction to news in an intermediate time horizon, such as 6 months, and over-reaction in a short ................
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