CAPM alphas of constrained and matched 1-year strategies 

The first set of points show the annualized CAPM alphas of strategies of value-weighted portfolios of constrained past winners (panel A) and losers (panel B), respectively, in years 1 through 6 postformation. The second set of points in panels A and B is the result of strategies of matched stock-portfolios, based on the Mahalanobis distance calculated on size, log(book-to-market), past return, and short interest. The whiskers represent 95|$\%$| confidence intervals based on Newey-West standard errors. For details, see Section 3.3.