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Are Cover Stories Effective Contrarian Indicators?Tom ArnoldUniversity of Richmond - E. Claiborne Robins School of Business John H. EarlUniversity of Richmond - E. Claiborne Robins School of Business David S. NorthUniversity of Richmond - E. Claiborne Robins School of Business Financial Analysts Journal, Vol. 63, No. 2, pp. 70-75, 2007 Abstract: Headlines from featured stories in Business Week, Fortune, and Forbes were collected for a 20-year period to determine whether positive stories are associated with superior future performance and negative stories are associated with inferior future performance for the featured company. "Superior" and "inferior" were determined in comparison with an index or another company in the same industry and of the same size. Statistical testing implied that positive stories generally indicate the end of superior performance and negative news generally indicates the end of poor performance.
Keywords: Equity Investments, Fundamental Analysis and Valuation Models, Research Sources Accepted Paper SeriesDate posted: April 20, 2007Suggested CitationContact Information
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