# Jegadeesh and Titman (1993) and Da, Engelberg, and Gao (2011) Discussion Questions

## Part 1: 4 Questions on Jegadeesh and Titman (1993)

1. Story: On the surface, this paper seems to be in direct conflict with DeBondt and Thaler (1985), along with other papers on contrarian strategies. What did Jegadeesh and Titman find is the problem with DeBondt and Thaler (1985) and these other papers? Discuss what makes the research design in this paper different from DeBondt and Thaler's research design, and why those choices were made.

2. Symbol: Find what you think is the main illustration or table and explain what it says about the major empirical findings in this paper.

3. Surprise: Would the main result in this paper have made a CAPM believer uncomfortable in 1993?

4. Slogan: Come up with a 2-6 word slogan to quickly and memorably capture the main findings in this paper, and explain what it means.

## Part 2: 4 Questions on Da, Engelberg, and Gao (2011)

5. Story: This paper claims to measure something that finance papers usually treat as invisible. What is the "thing" the authors are trying to observe? Why did previous asset pricing papers have to treat this as unobservable? What is the basic story the paper tells about how investor attention affects prices?

6. Symbol: Find what you think is the main illustration or table and explain what it says about the major empirical findings in this paper.

7. Surprise: Why is it surprising that a Google search based measure forecasts price movements? What would standard efficient markets logic predict about this measure?

8. Slogan: Come up with a 2-6 word slogan to quickly and memorably capture the main findings in this paper, and explain what it means.
