Research

Evidence-based studies on what works - and what doesn't - in financial markets.
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Loss recovery and market overreaction

Loss Recovery: Evidence of Overreaction to Negative Earnings

March 2026

We examine whether companies reporting deeper losses experience different short-term return patterns. The results indicate a consistent and monotonic relationship across 2 million observations.
SMA crossover technical analysis

The SMA Crossover: Evidence from U.S. Equities

February 2026

This study evaluates whether the distance between price and moving average predicts future returns in U.S. equities. The results suggest a mean-reversion relationship.
Low volatility anomaly

The Low Volatility Anomaly: Why Low-Volatility Stocks Outperform

February 2026

We examine whether low-volatility stocks outperform high-volatility stocks in a contemporary dataset of U.S. equities. The data reveals a clear and monotonic relationship.