# Professor Stephen Brown's joint research on the Dow Theory is cited

1 Faculty News June 5, 2019 ![TheStreet logo](/sites/default/files/styles/246w/public/assets/images/thestreet.jpg?itok=2XiyrQ8_)>

Excerpt from [TheStreet.com](https://www.thestreet.com/investing/stocks/dow-theory-offers-conflicting-signals-14981057) -- "Conducted by [Stephen J. Brown](https://www.stern.nyu.edu/faculty/bio/stephen-brown) of New York University, William Goetzmann of Yale University, and Alok Kumar of the University of Miami, the study found that the Dow Theory over that period beat a buy-and-hold by an annual average of 4.4 percentage points."

[Read more](https://www.thestreet.com/investing/stocks/dow-theory-offers-conflicting-signals-14981057)