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Evidence of mean reversion in U.S. stock prices during the post‐World War II era is mixed. I find that using the standard portfolio formation method to construct size‐sorted portfolios is inadequate for detecting mean reversion. Using alternative portfolio formation methods and additional cross‐sectional power gained from size‐sorted portfolios during the period 1963 to 1998, I find strong evidence of mean reversion in portfolio prices. My findings imply a significantly positive speed of reversion with a half‐life of approximately three and a half years. Parametric contrarian investment strategies that exploit mean reversion outperform buy‐and‐hold and standard contrarian strategies.

Advances in Econometrics is a series of research annuals first published in 1982 by JAI Press. In this paper, we present a brief history of the series over its first 30 years. We describe key events in the history of the volume, and give information about the key contributors: editors, editorial board members, Advances in Econometrics Fellows, and authors who have contributed to the great success of the series.

Looks at the different purposes of market segmentation with particular references to its purpose of explaining the diffusion of new customer durables. Uses a simulation model called SIMDEK to forecast the general pattern and growth of a new durable and its stabilization in demand after its introduction to a new market.

Advances in Econometrics is a series of research volumes first published in 1982 by JAI Press. The authors present an update to the history of the Advances in Econometrics series. The initial history, published in 2012 for the 30th Anniversary Volume, describes key events in the history of the series and provides information about key authors and contributors to Advances in Econometrics. The authors update the original history and discuss significant changes that have occurred since 2012. These changes include the addition of five new Senior Co-Editors, seven new AIE Fellows, an expansion of the AIE conferences throughout the United States and abroad, and the increase in the number of citations for the series from 7,473 in 2012 to over 25,000 by 2022.

Future developments in methodology have the potential to improve management research and better couple it to management practice. These developments are on six fronts: (1) computer technology, (2) data capture and experimentation, (3) privacy, confidentiality, and data access, (4) causation, (5) modeling and simulation, and (6) Bayesian statistics. The potential of each is explored, and problems, both technical and administrative, in fulfilling this potential are identified. On the computer and communications front, the key elements are the use of relational database management systems, increased computing power for analysis purposes, and computer networking. On the privacy, confidentiality, and data access front, the key elements are new capabilities for data capture through real‐time surveillance, inferential disclosure threats in computer databases, the demand for more access to detailed data, and public concerns for privacy invasion. Management research is a search for causal mechanisms that can be investigated through empirical studies and that facilitate control of complex processes. In the modeling area, there will be (1) greater use of computing power, (2) less use of model‐independent statistical hypothesis testing, and (3) easier to use computer software for modeling and simulation. The Bayesian perspective of consistently expressing uncertainty through probability distributions will become more widely used in management research.

Roles of leadership in coping with uncertainty are explored in this paper. Through an in‐depth, empirically (CEOs of top, ASEAN publicly listed corporations) grounded discussion, the authors argued for the presence of a deep cultural divide between Eastern and Western leaders on coping with uncertainty. In the process, the authors devise a two dimensional, organic versus forecastability model of strategy behavior for polarizing East‐West leadership styles. Aspects of the Sun Tzu’s Art of War and 5,000 years old, I Ching are discussed with respect to foreknowledge and foresight respectively.