Article2009

Applicability of Contrarian Strategy in the Bombay Stock Exchange

21 citations0/0 files storedJournal of Emerging Market Finance

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Financial Markets and Investment Strategies Financial Analysis and Corporate Governance Stock Market Forecasting Methods

Abstract

The application of contrarian strategies in the Bombay Stock Exchange (BSE) are examined in this paper, shedding further light on competing explanations underlying this anomaly. Three specific issues are investigated using several models. First, can a trader book a profit by employing a contrarian strategy? The test portfolio earned a contrarian profit of 74.40 per cent above the market return. Second, risk differences between Winner and Loser portfolios are found to be an independent phenomenon. Third, the size of the firm appears to play a vital role in explaining the overreaction hypothesis.

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1993Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency 1985Does the Stock Market Overreact?1968THE PERFORMANCE OF MUTUAL FUNDS IN THE PERIOD 1945–1964 1983Judgement under Uncertainty: Heuristics and Biases 1988Permanent and Temporary Components of Stock Prices 2001Profitability of Momentum Strategies: An Evaluation of Alternative Explanations 1987Further Evidence On Investor Overreaction and Stock Market Seasonality 1984Stock Prices and Social Dynamics

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