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Our results show that on a long-only basis, these two time-varying anomalies could be combined into a double-sort investment strategy that includes some desirable characteristics from each of them, thereby making the portfolio return accumulation more stable over time. As the added-value of low-volatility investing stems mostly from the risk-reduction side, while contrarian stocks are generally highly volatile with remarkable upside potential, the use of the double-sort portfolio-formation in which the contrarian stocks are picked from the sub-set of below-median volatility stocks can shorten the below-market performance periods that have occasionally materialized for plain low-volatility or plain contrarian investors.<\/jats:p>\n                  <jats:sec>\n                    <jats:title\/>\n                    <jats:p>JEL classification: G11<\/jats:p>\n                  <\/jats:sec>","DOI":"10.3233\/af-220441","type":"journal-article","created":{"date-parts":[[2023,11,28]],"date-time":"2023-11-28T11:37:04Z","timestamp":1701171424000},"page":"70-91","update-policy":"https:\/\/doi.org\/10.1177\/sage-journals-update-policy","source":"Crossref","is-referenced-by-count":0,"title":["Combining low-volatility and mean-reversion anomalies: Better together?"],"prefix":"10.1177","volume":"10","author":[{"given":"Eero","family":"P\u00e4t\u00e4ri","sequence":"first","affiliation":[{"name":"LUT Business School, LUT University, Lappeenranta, Finland"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Sheraz","family":"Ahmed","sequence":"additional","affiliation":[{"name":"LUT Business School, LUT University, Lappeenranta, Finland"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Tuomas","family":"Lankinen","sequence":"additional","affiliation":[{"name":"LUT Business School, LUT University, Lappeenranta, Finland"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Julian Scott","family":"Yeomans","sequence":"additional","affiliation":[{"name":"Schulich School of Business, York University, Toronto, ON, Canada"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"179","published-online":{"date-parts":[[2025,3,3]]},"reference":[{"key":"bibr1-AF-220441","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhx084"},{"key":"bibr2-AF-220441","doi-asserted-by":"publisher","DOI":"10.3905\/jpm.2019.45.4.018"},{"key":"bibr3-AF-220441","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12021"},{"key":"bibr4-AF-220441","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2007.01282.x"},{"key":"bibr5-AF-220441","doi-asserted-by":"publisher","DOI":"10.1017\/S002210900000274X"},{"key":"bibr6-AF-220441","doi-asserted-by":"publisher","DOI":"10.2469\/faj.v67.n1.4"},{"key":"bibr7-AF-220441","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhm079"},{"key":"bibr8-AF-220441","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2006.12.002"},{"key":"bibr9-AF-220441","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2015.08.001"},{"issue":"3","key":"bibr10-AF-220441","first-page":"94","volume":"42","author":"Blitz D.","year":"2016","journal-title":"Journal of Portfolio Management"},{"issue":"6","key":"bibr11-AF-220441","first-page":"8","volume":"47","author":"Blitz D.","year":"2021","journal-title":"Journal of Portfolio Management"},{"key":"bibr12-AF-220441","doi-asserted-by":"publisher","DOI":"10.1080\/0015198X.2020.1779560"},{"issue":"3","key":"bibr13-AF-220441","first-page":"61","volume":"40","author":"Blitz D.","year":"2013","journal-title":"Journal of Portfolio Management"},{"key":"bibr14-AF-220441","doi-asserted-by":"publisher","DOI":"10.1016\/j.iref.2020.05.008"},{"issue":"1","key":"bibr15-AF-220441","first-page":"102","volume":"34","author":"Blitz, D.C.","year":"2007","journal-title":"Journal of Portfolio Management"},{"issue":"7","key":"bibr16-AF-220441","first-page":"24","volume":"44","author":"Blitz, D.","year":"2018","journal-title":"Journal of Portfolio Management"},{"issue":"2","key":"bibr17-AF-220441","first-page":"46","volume":"46","author":"Blitz D.","year":"2020","journal-title":"Journal of Portfolio Management"},{"key":"bibr18-AF-220441","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1997.tb03808.x"},{"key":"bibr19-AF-220441","doi-asserted-by":"publisher","DOI":"10.1016\/j.jempfin.2020.11.004"},{"key":"bibr20-AF-220441","doi-asserted-by":"publisher","DOI":"10.2469\/faj.v67.n5.5"},{"issue":"4","key":"bibr21-AF-220441","first-page":"89","volume":"40","author":"Chow TM.","year":"2014","journal-title":"Journal of Portfolio Management"},{"issue":"1","key":"bibr22-AF-220441","first-page":"10","volume":"33","author":"Clarke RG.","year":"2006","journal-title":"Journal of Portfolio Management"},{"key":"bibr23-AF-220441","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2007.01269.x"},{"key":"bibr24-AF-220441","doi-asserted-by":"publisher","DOI":"10.2469\/faj.v61.n1.2685"},{"key":"bibr25-AF-220441","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1997.tb03806.x"},{"key":"bibr26-AF-220441","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2015.12.002"},{"key":"bibr27-AF-220441","unstructured":"Davis, EP., Steil B. 2004. 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