International Momentum Strategies
发现1980至1995年间，国际股市存在中期收益延续现象，买入过去中期赢家、卖出输家的组合每月可获得超过1%的风险调整收益，且该效应在12个样本国家均存在，平均持续约一年。
International equity markets exhibit medium‐term return continuation. Between 1980 and 1995 an internationally diversified portfolio of past medium‐term Winners outperforms a portfolio of medium‐term Losers after correcting for risk by more than 1 percent per month. Return continuation is present in all twelve sample countries and lasts on average for about one year. Return continuation is negatively related to firm size, but is not limited to small firms. The international momentum returns are correlated with those of the United States which suggests that exposure to a common factor may drive the profitability of momentum strategies.