{"id":"https://openalex.org/W2160343233","doi":"https://doi.org/10.2307/2331326","title":"The Contrarian Investment Strategy does not Work in Canadian Markets","display_name":"The Contrarian Investment Strategy does not Work in Canadian Markets","publication_year":1992,"publication_date":"1992-09-01","ids":{"openalex":"https://openalex.org/W2160343233","doi":"https://doi.org/10.2307/2331326","mag":"2160343233"},"language":"en","primary_location":{"id":"doi:10.2307/2331326","doi":"https://doi.org/10.2307/2331326","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2331326","pdf_url":null,"source":{"id":"https://openalex.org/S193228710","display_name":"Journal of Financial and Quantitative Analysis","issn_l":"0022-1090","issn":["0022-1090","1756-6916"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1","ft50","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Financial and Quantitative Analysis","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5051720186","display_name":"Lawrence Kryzanowski","orcid":"https://orcid.org/0000-0002-3028-5700","observed_orcids":["https://orcid.org/0000-0002-3028-5700"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Lawrence Kryzanowski","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5026337917","display_name":"Hao Zhang","orcid":"https://orcid.org/0000-0002-0572-9621","observed_orcids":["https://orcid.org/0000-0002-0572-9621"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Hao Zhang","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":3550,"currency":"USD","value_usd":3550},"apc_paid":null,"fwci":3.5994,"has_fulltext":false,"cited_by_count":80,"citation_normalized_percentile":{"value":0.93363402,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"27","issue":"3","first_page":"383","last_page":"383"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/contrarian-strategy","display_name":"contrarian strategy","score":0.9660000205039978},{"id":"https://openalex.org/keywords/overreaction-hypothesis","display_name":"overreaction hypothesis","score":0.8270000219345093},{"id":"https://openalex.org/keywords/winner-and-loser-portfolios","display_name":"winner and loser portfolios","score":0.6520000100135803},{"id":"https://openalex.org/keywords/reversal-effect","display_name":"reversal effect","score":0.9760000109672546},{"id":"https://openalex.org/keywords/systematic-risk","display_name":"systematic risk","score":0.8899999856948853},{"id":"https://openalex.org/keywords/variance-change","display_name":"variance change","score":0.5989999771118164},{"id":"https://openalex.org/keywords/january-effect","display_name":"January effect","score":0.6840000152587891},{"id":"https://openalex.org/keywords/toronto-stock-exchange","display_name":"Toronto Stock Exchange","score":0.7110000252723694},{"id":"https://openalex.org/keywords/canadian-stock-market","display_name":"Canadian stock market","score":0.7369999885559082}],"concepts":[{"id":"https://openalex.org/C2779652781","wikidata":"https://www.wikidata.org/wiki/Q5165738","display_name":"Contrarian","level":2,"score":0.9670053720474243},{"id":"https://openalex.org/C18762648","wikidata":"https://www.wikidata.org/wiki/Q42213","display_name":"Work (physics)","level":2,"score":0.7428863048553467},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.6640185713768005},{"id":"https://openalex.org/C103144560","wikidata":"https://www.wikidata.org/wiki/Q2670999","display_name":"Investment strategy","level":3,"score":0.6189592480659485},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.45191651582717896},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.42681753635406494},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.36592721939086914},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3650757074356079},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0724610984325409},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.05757325887680054},{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.052996426820755005},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C97355855","wikidata":"https://www.wikidata.org/wiki/Q11473","display_name":"Thermodynamics","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.2307/2331326","doi":"https://doi.org/10.2307/2331326","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2331326","pdf_url":null,"source":{"id":"https://openalex.org/S193228710","display_name":"Journal of Financial and Quantitative Analysis","issn_l":"0022-1090","issn":["0022-1090","1756-6916"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1","ft50","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Financial and Quantitative Analysis","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:cup:jfinqa:v:27:y:1992:i:03:p:383-395_00","doi":null,"is_oa":false,"landing_page_url":"https://www.cambridge.org/core/product/identifier/S0022109000008139/type/journal_article","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":32,"referenced_works":["https://openalex.org/W1494124194","https://openalex.org/W1503227105","https://openalex.org/W1507010405","https://openalex.org/W1552854945","https://openalex.org/W1580611202","https://openalex.org/W1606917839","https://openalex.org/W1904528500","https://openalex.org/W1972663458","https://openalex.org/W1979575715","https://openalex.org/W1981439605","https://openalex.org/W1988423802","https://openalex.org/W2000564471","https://openalex.org/W2010891591","https://openalex.org/W2043619364","https://openalex.org/W2057227025","https://openalex.org/W2057925076","https://openalex.org/W2062945303","https://openalex.org/W2064526738","https://openalex.org/W2069239969","https://openalex.org/W2081649978","https://openalex.org/W2095652253","https://openalex.org/W2100526182","https://openalex.org/W2106798814","https://openalex.org/W2110787586","https://openalex.org/W2144487825","https://openalex.org/W2150779817","https://openalex.org/W2164527441","https://openalex.org/W2173913116","https://openalex.org/W3121477522","https://openalex.org/W3122187992","https://openalex.org/W4210795705","https://openalex.org/W4254957193"],"related_works":["https://openalex.org/W7095766079","https://openalex.org/W2582527188","https://openalex.org/W1536567012","https://openalex.org/W3121619470","https://openalex.org/W3037592784","https://openalex.org/W6980236526","https://openalex.org/W2187412982","https://openalex.org/W1983035878","https://openalex.org/W1993046687","https://openalex.org/W2984341169"],"abstract_inverted_index":{"This":[0],"paper":[1],"tests":[2],"the":[3,13,18,35,63,67,75,79,85,99,106,109,140],"overreaction":[4],"hypothesis":[5],"using":[6],"monthly":[7],"data":[8],"for":[9,34,41,49,83,105,108,117,132],"stocks":[10],"listed":[11],"on":[12],"Toronto":[14],"Stock":[15],"Exchange":[16],"over":[17,53,71],"1950\u20131988":[19],"period.":[20],"Unlike":[21],"De":[22],"Bondt":[23],"and":[24,43,45,51,121,139,143],"Thaler":[25],"(1985),":[26],"(1987),":[27],"it":[28],"finds":[29],"statistically":[30],"significant":[31,94],"continuation":[32],"behavior":[33,48],"next":[36],"one":[37],"(and":[38],"two)":[39],"year(s)":[40],"winners":[42,50,68],"losers,":[44],"insignificant":[46],"reversal":[47],"losers":[52,80,107],"longer":[54],"formation/test":[55,87,111],"periods":[56,88,103],"of":[57,66,78],"up":[58],"to":[59,101],"ten":[60],"years.":[61],"While":[62],"systematic":[64,76],"risks":[65,77],"decrease":[69],"significantly":[70,82],"all":[72],"test":[73,102],"periods,":[74],"increase":[81],"only":[84,93],"12-month":[86,110],"(unlike":[89,124],"Chan":[90],"(1988)).":[91],"The":[92,113,128],"change":[95],"in":[96],"variance":[97],"from":[98],"formation":[100],"occurs":[104],"periods.":[112],"findings":[114,129],"are":[115,130],"robust":[116,131],"January":[118],"versus":[119],"non-January":[120],"size-based":[122],"portfolios":[123],"Zarowin":[125],"(1989),":[126],"(1990)).":[127],"various":[133],"performance":[134,147],"measures":[135],"(specifically,":[136],"market-adjusted":[137],"CAR,":[138],"Jensen":[141],"(1968)":[142],"Sharpe":[144],"(1966)":[145],"portfolio":[146],"measures).":[148]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2020,"cited_by_count":4},{"year":2019,"cited_by_count":5},{"year":2018,"cited_by_count":3},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2014,"cited_by_count":10},{"year":2013,"cited_by_count":2},{"year":2012,"cited_by_count":3}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}
