期刊名称：International Journal of Business and Management
印刷版ISSN：1833-3850
电子版ISSN：1833-8119
出版年度：2016
卷号：11
期号：1
页码：p216
DOI：10.5539/ijbm.v11n1p216
语种：English
出版社：Canadian Center of Science and Education
其他摘要：In a landmark paper, Bornholt, Gharaibeh, and Malin (2015) show strong evidence of contrarian in the long-term returns of U.S. industries over formation periods (up to 132 months), this paper investigates whether there is evidence of contrarian in the long-term returns of 17 Morocco industries using monthly data covering the period from January 1995 to April 2014. This study finds strong evidence of long-term return contrarian in industry returns from strategy with long formation period lengths of 108, 120 and 132 months and this finding confirms the Bornholt et al. (2015) finding. The finding of this paper suggests that industry-level return contrarian is not simply a reflection of the stock-level contrarian. These contrarians are difficult to reconcile with overreaction.
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