%0 Journal Article %A Stephen J. Brown %A William N. Goetzmann %T Stephen Ross’s Contribution to Ex Post Conditioning and Survival Bias in Empirical Research %D 2018 %R 10.3905/jpm.2018.44.6.042 %J The Journal of Portfolio Management %P 42-46 %V 44 %N 6 %X One of Stephen A. Ross’s least-cited papers led to a rich vein of research on conditioning biases in financial economics. According to the authors—one a doctoral student of Professor Ross and both colleagues and coauthors of Professor Ross at the Yale School of Management—“Regression to the Max” has been cited 35 times in 30 years, and yet its insights into empirical research on such important topics as market bubbles and performance evaluation are highly relevant today. It developed the analytical methods Ross and his coauthors used in subsequent papers about the broader challenges of survivorship and look-back biases in empirical research and investment practice. The authors review this 1987 paper and discuss its influence and applications.TOPICS: Portfolio theory, statistical methods %U https://jpm.pm-research.com/content/iijpormgmt/44/6/42.full.pdf