摘要：This study investigates the dominance of the statistical phenomenon, regression towards the means, against the market efficiency of capital markets. Using Fortune Magazine’s ranking of America’s most admired companies to distinguish positive from negative firms, and using the Standard and Poor Index as a surrogate for market, the authors demonstrated that: (1) a portfolio of least admired forms will outperform a portfolio of most admired firms, (2) a portfolio of most admired firms will outperform the market, and (3) a portfolio of least admired firms will outperform the market.
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