This paper analyses the investment performance of 625 investment recommendations made by practitioners attending five Australian courses on portfolio management held between 1973 and 1979. It was found that course participants consistently out-performed the market, on a risk-adjusted basis. Their success was not due to picking winners to buy, but to nominating losers to sell.
|Number of pages||13|
|Journal||Australian Journal of Management|
|Publication status||Published - 1982|
- EFFICIENT MARKET HYPOTHESIS
- INVESTMENT PERFORMANCE
- SHARE GAME
- STRONG FORM EFFICIENCY