Sales order backlogs and momentum profits

Li Gu and Dayong Huang

Journal of Banking & Finance, 2010, vol. 34, issue 7, 1564-1575

Abstract: Winner stocks have higher changes in sales order backlogs and a sales order backlog factor is significant in explaining various winner minus loser returns and often reduces the [alpha]s by big margins. We argue that this factor is a proxy for innovation in demand in the economy and it is likely to relate to expected growth risks and future business conditions.

Keywords: Sales; order; backlog; Momentum; profits; Demand; shock (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (5)

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