Evolution of momentum and popularity |
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| Authors: | Shwu-Jane Shieh |
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| Affiliation: | (1) Department of International Trade, National Cheng-Chi University, Taipei, Taiwan, Republic of China |
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| Abstract: | In this paper, the evolutionary behavior of two types of investor in a capital market with two risky competing securities is investigated. It is shown that, if all investors are momentum-oriented, then only those who are the most sensitive to popularity will survive. Conversely, if all investors are popularity-oriented, then they will all invest in the same security. |
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| Keywords: | Momentum strategies Popularity weight Evolutionary process Mutation process Revision process |
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