Ball (1978)used paired securities to test the ability of a trader to earn abnormal returns using a filter rule and found that the pair securities earned as much profit is the individual securities did and therefore that chance was responsible for the observed returns.

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Ball (1978) found that paired securities earned as much profit as individual securities did and therefore chance was responsible for the observed returns, suggesting that traders may not be able to consistently earn abnormal returns using a filter rule.

Ball (1978)used Paired Securities to Test the Ability of a Trader