000			01994nam a2200205 4500
999			_c50360 _d50360
003			OSt
005			20181030144310.0
008			181030b ||||| |||| 00| 0 eng d
100			_aMaheshwari, Supriya _932355
245			_aMarket State and Investment Strategies: Evidence from the Indian Stock Market
300			_a154-171 p.
520			_aThis study contributes to the growing literature on momentum and overreaction effect by investigating the same within the framework of the Indian stock market. Based on the most adopted methodology that employs monthly data, the empirical results derived confirm the existence of momentum and long-term overreaction effect in the Indian stock market. The overall results from the study are consistent with DeBondt and Thaler (1985) and Jegadeesh and Titman (1993) findings for the US stock market. In addition, we tested the profitability of momentum and contrarian strategies under different market states. The results indicated a strong relationship between the state of the market and momentum profitability, wherein strong momentum profits were observed following an ‘up’ market. On the contrary, long-term contrarian strategies were found to be stronger following a ‘down’ market in the Indian stock market. The market-dependent asset pricing model failed to explain excess momentum profits in the Indian stock market. The evidence from the study provides partial support to various behavioural models to explain these effects in the Indian stock market. However, there exists a need to develop a single behavioural model that could explain these anomalies completely in the emerging markets like India.
653			_aMomentum, contrarian,
653			_aIndian stock market,
653			_amarket state
653			_abehavioural models
700			_aDhankar, Raj S. _932356
773	0		_050183 _972607 _aSage Publication _dNew Delhi Sage Publication _o5559322 _tIIM KOZHIKODE SOCIETY AND MANAGEMENT REVIEW
942			_2ddc _cJA-ARTICLE