@article {164466,
	title = {Strategy Switching in the Japanese Stock Market},
	journal = {Journal of Economic Dynamics and Control},
	volume = {37},
	number = {10},
	year = {2013},
	pages = {2010{\textendash}2022},
	abstract = {This paper investigates the expectation formation process of Japanese stock market professionals. By utilizing a monthly forecast survey dataset on the TOPIX distributed by QUICK Corporation, we sort forecasters into buy-side and sell-side professionals. We empirically demonstrate that the buy-side and sell-side professionals use either fundamental or trend-following strategies throughout their expectation formation processes and that they switch between fundamental and trend-following strategies over time. We also discuss that strategy switching can be key in understanding the persistent deviation of the TOPIX from the fundamentals.},
	url = {http://dx.doi.org/10.1016/j.jedc.2013.05.006},
	author = {Ryuichi Yamamoto and Hideaki Hirata}
}
