TY - BOOK ID - 84541952 TI - Winner-Loser Reversals in National Stock Market Indices : Can they Be Explained? PY - 1997 SN - 1462328660 1452723958 1282109596 9786613802484 1451904592 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Banks and Banking KW - Finance: General KW - Investments: Stocks KW - Macroeconomics KW - International Financial Markets KW - General Financial Markets: General (includes Measurement and Data) KW - Financial Markets and the Macroeconomy KW - Pension Funds KW - Non-bank Financial Institutions KW - Financial Instruments KW - Institutional Investors KW - Price Level KW - Inflation KW - Deflation KW - Financing Policy KW - Financial Risk and Risk Management KW - Capital and Ownership Structure KW - Value of Firms KW - Goodwill KW - Finance KW - Investment & securities KW - Financial services law & regulation KW - Stock markets KW - Market capitalization KW - Stocks KW - Asset prices KW - Market risk KW - Financial markets KW - Financial institutions KW - Prices KW - Financial regulation and supervision KW - Stock exchanges KW - Financial services industry KW - Financial risk management KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84541952 AB - This paper examines possible explanations for “winner–loser reversals” in the national stock market indices of 16 countries. There is no evidence that loser countries are riskier than winner countries either in terms of standard deviations, covariance with the world market or other risk factors, or performance in adverse economic states of the world. While there is evidence that small markets are subject to larger reversals than large markets, perhaps because of some form of market imperfection, the reversals are not just a small-market phenomenon. The apparent anomaly of winner-loser reversals in national market indices therefore remains unresolved. ER -