On Persistence in Mutual Fund Performance这篇文章中提到的动量具体是怎么计算?如果组合形成月是t月的话~~动量是那几个月的累计收益?动量因子呢?
Following Jegadeesh and Titman(1993),momentum(MOM)is the cumulative return of a stock
over a period of 11 months ending one month prior to the portfolio formation month.
这其中说的动量指的是那几个月啊?英文绕不过来啊