In honor of my late colleague and dear friend Ray Sturm (pictured below), today I am posting a link to his most-cited work, his 2003 paper “Investor Confidence and Returns Following Large One-Day Price Changes” in which Ray identified an asymmetry in investor reaction to stock market price shocks. In Ray’s own words, “my findings indicate that investors respond differently to negative price shocks than to positive price shocks. In particular, large price decreases generally drive positive post-event abnormal returns, while large price increases do not drive positive or negative abnormal returns.” According to Google Scholar, Ray’s 2003 price-shock paper has been cited at least 50 times, a remarkable and noteworthy feat in the world of academia.