The lifecycle of the financial sector and other speculative industries
This paper is no longer available, the revised version of this paper can be found as Paul Woolley Centre Paper 4, FMG Discussion Paper 632
An institutional theory of momentum and reversal
We propose a rational theory of momentum and reversal based on delegated portfolio management. Flows between investment funds are triggered by changes...
DP 621
Best ideas
This paper provides powerful evidence that mutual fund managers can pick stocks that outperform the market. Many have argued that the inability of...
DP 624
Bond supply and excess bond returns
We examine empirically how the maturity structure of government debt affects bond yields and excess returns. Our analysis is based on a theoretical...
DP 607