Multiple Testing in Trading Research: When a Signal Lies

Picture a moving-average crossover you're testing. You try fast lengths from 5 to 50, slow lengths from 20 to 200, three different exit rules, and four separate stock universes. Somewhere…

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Factor Momentum: Rotate the Style That’s Leading

You watched value lead for a quarter, then quality took over, then low-volatility ran for six weeks while everyone on your timeline argued about which single names to buy. The…

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