Perpetual learning and stock return predictability

Xiaoneng Zhu

Economics Letters, 2013, vol. 121, issue 1, 19-22

Abstract: The stock market is evolving, and investors are learning. This paper investigates the role of perpetual learning in excess return forecasts. We find that perpetual learning usually delivers statistically and economically significant out-of-sample gains relative to the historical average.

Keywords: Excess return; Learning; Forecasts; Stock returns (search for similar items in EconPapers)
JEL-codes: G10 G17 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:121:y:2013:i:1:p:19-22

DOI: 10.1016/j.econlet.2013.06.035

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