01723cas a2200241 a 4500 AALejournalIMF007462 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451859232 1018-5941 BD-DhAAL BD-DhAAL Richards, Anthony. Winner-Loser Reversals in National Stock Market Indices : Can they Be Explained? / Anthony Richards. Washington, D.C. : International Monetary Fund, 1997. 1 online resource (22 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1997/182 Full text available on IMF http://elibrary.imf.org/view/journals/001/1997/182/001.1997.issue-182-en.xml IMF e-Library