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Taking Stock of Stockbrokers: Exploring Momentum versus Contrarian Investor Strategies and Profiles

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  • Morrin, Maureen, et al

Abstract

Two studies were conducted among professional security analysts to explore their patterns of decision making while managing investment portfolios. In study 1, a computer-based simulation, the analysts' styles differed markedly, with most exhibiting either a momentum or contrarian approach, as indicated by responses to portfolio stock price changes. Study 2 used a verbal protocol procedure and semistructured depth interviews to probe the analysts' thought processes. Momentum and contrarian investors were found to differ on a number of dimensions including price expectations, age, experience, raw performance, risk propensity, cognitive style, knowledge calibration, and strategy adaptivity. Implications and limitations are discussed. Copyright 2002 by the University of Chicago.

Suggested Citation

  • Morrin, Maureen, et al, 2002. "Taking Stock of Stockbrokers: Exploring Momentum versus Contrarian Investor Strategies and Profiles," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 29(2), pages 188-198, September.
    • Handle: RePEc:oup:jconrs:v:29:y:2002:i:2:p:188-98
    DOI: 10.1086/341570
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    Cited by:

    1. Whitwell, Gregory J. & Lukas, Bryan A. & Hill, Paul, 2007. "Stock analysts' assessments of the shareholder value of intangible assets," Journal of Business Research, Elsevier, vol. 60(1), pages 84-90, January.
    2. Thiago Christiano Silva & Benjamin Miranda Tabak & Idamar Magalhães Ferreira, 2019. "Modeling Investor Behavior Using Machine Learning: Mean-Reversion and Momentum Trading Strategies," Complexity, Hindawi, vol. 2019, pages 1-14, December.
    3. Lee, Carmen & Kräussl, Roman & Lucas, André & Paas, Leo, 2010. "Why do investors sell losers? How adaptation to losses affects future capitulation decisions," CFS Working Paper Series 2010/23, Center for Financial Studies (CFS).
    4. Chung-Chih Liao, 2017. "Momentum Trading, Contrarian Trading and Smart Money Manipulation," International Business Research, Canadian Center of Science and Education, vol. 10(2), pages 53-62, February.
    5. Andersson, Patric, 2004. "How well do financial experts perform? A review of empirical research on performance of analysts, day-traders, forecasters, fund managers, investors, and stockbrokers," SSE/EFI Working Paper Series in Business Administration 2004:9, Stockholm School of Economics.
    6. Brower, Jacob & Kashmiri, Saim & Mahajan, Vijay, 2017. "Signaling virtue: Does firm corporate social performance trajectory moderate the social performance–financial performance relationship?," Journal of Business Research, Elsevier, vol. 81(C), pages 86-95.

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