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#diffusion models Open access Sep 2026

Industry Signals and the Dynamics of Stock Market Predictability

We investigate whether industry portfolios contain information that forecasts aggregate stock market returns. Earlier research reports evidence of their usefulness as predictors, yet later studies find weaker and unstable effects. Using updated U.S. data, we confirm that industry portfolios offer little forecasting p...

M. Ellington, Sam Pybis, Ya-Wen Zheng · 0 citations

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