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On a Risk-Adjusted Basis, Do Firms Featured on Business Magazine Covers Make Good Contrarian Investments?

Tom Arnold, John H. Earl and David S. North
The Journal of Wealth Management Fall 2010, 13 (2) 88-93; DOI: https://doi.org/10.3905/jwm.2010.13.2.088
Tom Arnold
is an associate professor at the department of finance, The Robins School of Business, University of Richmond in Richmond, VA.
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  • For correspondence: tarnold@richmond.edu
John H. Earl Jr.
is an associate professor at the department of finance, The Robins School of Business, University of Richmond in Richmond, VA.
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  • For correspondence: jearl@richmond.edu
David S. North
is an associate professor at the department of finance, The Robins School of Business, University of Richmond in Richmond, VA.
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  • For correspondence: dnorth@richmond.edu
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Abstract

Firms featured in cover stories collected from Business Week, Fortune, and Forbes over a 20-year period (1983–2002) are examined to determine whether risk-adjusted contrarian performance in the stock price occurs after the publication of the story. Positive cover stories lead to abnormally low performance in stock price on a risk-adjusted basis, although the returns are still positive. Negative cover stories lead to positive returns on the stock,but the returns are still not superior on a risk-adjusted basis.

TOPICS: Security analysis and valuation, information providers/credit ratings, performance measurement

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The Journal of Wealth Management: 13 (2)
The Journal of Wealth Management
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Fall 2010
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On a Risk-Adjusted Basis, Do Firms Featured on Business Magazine Covers Make Good Contrarian Investments?
Tom Arnold, John H. Earl, David S. North
The Journal of Wealth Management Jul 2010, 13 (2) 88-93; DOI: 10.3905/jwm.2010.13.2.088

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On a Risk-Adjusted Basis, Do Firms Featured on Business Magazine Covers Make Good Contrarian Investments?
Tom Arnold, John H. Earl, David S. North
The Journal of Wealth Management Jul 2010, 13 (2) 88-93; DOI: 10.3905/jwm.2010.13.2.088
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