Industry momentum

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studies suggest that the momentum well-documented in individual stock returns may actually be industry driven. Moskowitz and Grinblatt (1999) suggest that the momentum effect over intermediate holding periods (6-12 months) is stronger when viewed by industry rather than by individual stocks and conclude that momentum in individual stock returns is actually driven by momentum in industry returns.

Using black porn videos actual return data of industry-sector mutual funds, O’Neal (2000) also concludes that intermediate-term momentum in individual stocks is driven by the performance of its industry. Lewellen (2002) shows that portfolios created based on size and book-to-market value (BTM) exhibit momentum equally as strong as individual stocks and industry portfolios.


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