HIGHLIGHTS
SUMMARY
Due to data constraints, it has been impossible until recently to analyse both the investing behaviour and performance of all investor types simultaneously. The examination of this data set also shows that investor performance and momentum behaviour (regarding both near-term and intermediate-term previous returns) are correlated and that both momentum behaviour and performance appear to be related to the level of sophistication of the investor. Particularly, international investors, frequently professionally managed funds, or investment banking firms, employ momentum strategies and provide a higher return over the two-year period for which the . . .
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