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The positive return continuation seems to last for a period of 12 months, being heavily concentrated at the first month. At longer investment horizons, returns tend to mean-revert. The market exhibited significant time-series momentum for all look-back and holding periods of 12 months or less. A strategy with a 1-month look-back period and a 12-month holding period is shown to be the most profitable yielding a Sharpe ratio roughly 5.4 times that generated by a passive strategy. Time-series momentum strategies tend to perform best during extreme up-market periods and deliver the worst returns during down markets. This suggests that the strategy may not offer significant diversification benefits. Our findings add to the evidence that time-series momentum effects are not a product of data mining and are difficult to reconcile with the assertion that stock markets follow a random walk.<\/jats:p>","DOI":"10.47743\/saeb-2023-0021","type":"journal-article","created":{"date-parts":[[2023,9,26]],"date-time":"2023-09-26T15:04:30Z","timestamp":1695740670000},"page":"335-352","update-policy":"https:\/\/doi.org\/10.47743\/saeb-2021-0009","source":"Crossref","is-referenced-by-count":0,"title":["Time-Series Momentum in a Small European Stock Market: Evidence from a New Historical Financial Dataset"],"prefix":"10.47743","volume":"70","author":[{"given":"J\u00falio","family":"Lob\u00e3o","sequence":"first","affiliation":[]},{"given":"Ana","family":"Ros\u00e1rio","sequence":"additional","affiliation":[]}],"member":"27629","published-online":{"date-parts":[[2023,9,20]]},"reference":[{"key":"ref0","doi-asserted-by":"publisher","unstructured":"Asness, C. S., Moskowitz, T. J., & Pedersen, L. H. 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