Succinctly, we test for the momentum effect as follows: Select one

a. At the beginning of each month, sort stocks based on performance over the preceding to 12 months, rom the cost perforbuy all stocks in the top 10 and sells short those in the bottom 10% in past performance, hold this portfolio for 3 to 12 months, and calculate its return

b. At the beginning of each month, sort stocks based on momentum over the preceding 12 months from the cost of this short stocks in the top and buy those in the bottom 10% in momentum, hold this portfolio for 3 to 12 months, and calculate its retur

c. At the beginning of each month, sort stocks based on momentum over the precedinte 12 monomer.com portato at bumal stocks in the top 10 and sells short there in the bottom 10% in momentum hold this portfolio for 3 to 12 months, and calcitrum

d. At the beginning of each month, sort stocks based on performance over the preceding 3 10 12 months, form the ero cost portfolio that sells short stocks in the top to and buys those in the bottom 10in momentum, hold this portfolio for 3 to 12 months and calculate its return

Succinctly, we test for the momentum effect as follows: Select one a. At the beginning of each month, sort stocks based on performance over the preceding to 12 months, rom the cost perforbuy all stocks in the top 10 and sells short those in the bottom 10% in past performance, hold this portfolio for 3 to 12 months, and calculate its return b. At the beginning of each month, sort stocks based on momentum over the preceding 12 months from the cost of this short stocks in the top and buy those in the bottom 10% in momentum, hold this portfolio for 3 to 12 months, and calculate its retur c. At the beginning of each month, sort stocks based on momentum over the precedinte 12 monomer.com portato at bumal stocks in the top 10 and sells short there in the bottom 10% in momentum hold this portfolio for 3 to 12 months, and calcitrum d. At the beginning of each month, sort stocks based on performance over the preceding 3 10 12 months, form the ero cost portfolio that sells short stocks in the top to and buys those in the bottom 10in momentum, hold this portfolio for 3 to 12 months and calculate its retur