Value stocks (high book/price, earnings/price, cash flow/price) outperform growth stocks (low B/P, E/P, CF/P). Fama and French (1992) Lakonishok, Shleifer, and Vishny (1994) Dechow and Sloan (1997) LaPorta, Lakonishok, Shleifer, and Vishny (1997) Daniel and Titman (1997) Fama and French (1998) Post-earnings-announcement drift: Stocks that announce earnings that beat expectations outperform stocks that miss expectations. Foster, Olsen, and Shevlin (1984) Rendleman, Jones, and Lutane (1982) Bernard and Thomas (1989) Bernard and Thomas (1990) Collins and Hribar (2000) Short-term price reversal: One-month losers outperform one-month winners. Jegadeesh (1990) Lo and MacKinlay (1990) Intermediate-term price momentum: Six-month to one-year winners outperform losers. Jegadeesh and Titman (1993) Chan, Jegadeesh, and Lakonishok (1996) Rouwenhorst (1998b) Hong, Lim, and Stein (2000) Grundy and Martin (2001) Jegadeesh and Titman (2001) Earnings quality: Stocks with cash earnings outperform stocks with noncash earnings. Sloan (1996) Collins and Hribar (2000) Analyst earnings estimates and stock recommendations: Changes in analyst stock recommendations and earnings estimates predict subsequent stock returns. Stickel (1991) Bercel (1994) Womack (1996) Francis and Soffer (1997) Barber, Lehavy, McNichols, and Trueman (2001) rithm-to improve the "shape" (i.e., symmetry) of the distribution. To evaluate a signal properly, both univariate and multivariate analysis is important. Univariate analysis provides evidence on the signal's predictive ability when the signal is used alone, whereas multivariate analysis provides evidence on the signal's incremental predictive ability above and beyond other variables considered. For both univariate and multivariate analysis, it is wise to examine the returns to a variety of portfolios