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strategy market portfolio return earning currency forecast investment stock information analyst exchange investment degree journal equity result period table value growth earnings forecasts trading model month finance degree country performance portfolio formation sample sharpe ratio investor commitment chartist revision earnings revisions capital error factor earnings forecast errors momentum earnings growth stock selection strategies number currency markets evidence bottom percent analysis formation value stocks selection figure level prof.dr 0.01 money sharpe ratios sharpe ratio regression market currencies / journal bottom portfolios research index interest explanation distribution 0.02 equity funds panel difference signal statistic promotor trading rules inflation exchange rates equally-weighted