International Factor Momentum and Reversals

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Bartel, M., & Stöckl, S. (2021). International Factor Momentum and Reversals. Presented at the 36th Workshop of the Austrian Working Group on Banking and Finance, Virtual Conference.

Publication type

Presentation at Scholarly Conference


In this study, I provide evidence that international factor momentum works for a variety of factor sets and earns high and statistically significant abnormal returns that overarch single stock- or factor momentum. Strategies that invest into country-level factors that were gaining high returns in that factor and sell countries that received relatively low returns in the same factor generally outperform strategies that focus on multiple factors in one single region. This pattern is robust to variations in the underlying country and factor sets and offers investors a new menu of international investment styles.


Organizational Units

  • Chair in Finance