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Investor Sentiment and the Asymmetric Performance of 52‐Week High and Low Strategies

Ajay Bhootra & Jungshik Hur

Financial Review (US)2026https://doi.org/10.1111/fire.70053article
AJG 3ABDC A
Weight
0.50

Abstract

We report that a momentum strategy based on stocks’ 52‐week high (low) prices earns significant returns following positive (negative) sentiment periods only. Further, the performance of the 52‐week high (low) strategy is primarily driven by loser (winner) stocks. We postulate that this asymmetric performance is explained by optimistic (pessimistic) investors’ greater attentiveness to positive (negative) information following positive (negative) sentiment, resulting in stronger underreaction to negative (positive) news associated with the losers (winners). We propose a robust sentiment neutral strategy that combines the 52‐week high and low strategies.

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https://doi.org/https://doi.org/10.1111/fire.70053

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@article{ajay2026,
  title        = {{Investor Sentiment and the Asymmetric Performance of 52‐Week High and Low Strategies}},
  author       = {Ajay Bhootra & Jungshik Hur},
  journal      = {Financial Review (US)},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1111/fire.70053},
}

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Investor Sentiment and the Asymmetric Performance of 52‐Week High and Low Strategies

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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