We also find that momentum profits are higher in the bull than in bear market, and most of the profits come from the gains of winning industries rather than the losses of losing industries.

• 此外，我们还发现多头市场（“牛市”）中的动量收益比空头市场（“熊市”）中的更高，而且收益大多来自盈利行业的收益，而非亏损行业的损失。