@techreport{NBERw0536, title = "Further Evidence on the Value of Professional Investment Research", author = "Kenneth L. Stanley and Wilbur G. Lewehlen and Gary G. Schlarbau", institution = "National Bureau of Economic Research", type = "Working Paper", series = "Working Paper Series", number = "536", year = "1980", month = "August", doi = {10.3386/w0536}, URL = "http://www.nber.org/papers/w0536", abstract = {This paper shall consider not only the potential for individual investors to exploit one of the major categories of professional investment advice to earn superior portfolio returns, but also will examine the actual return experiences of a representative sample of investors who were, in fact, observed to trade on such advice.}, }