Advances in Investment Analysis and Portfolio Management (New Series) is an annual publication designed to disseminate developments in the area of investment analysis and portfolio management. The publication is a forum for statistical and quantitative analyses of issues in security analysis, portfolio management, options, futures, and other related issues. The objective is to promote interaction between academic research in finance, economics, and accounting and applied research inthe financial community. The chapters in this volume cover a wider range of topics including stock valuation, stock market, mutual funds, single stock futures, and microstructure. In this volume there are 10 chapters, four of them analyze the issues of stock valuation: 2. Evaluating U.K. Investment Trust Performance Using No Arbitrage Bounds, 4. Can Anomalies Be Explained by Technical Analysis? Evidence from Candlestick Patterns, 5. The Role of Individual Investors’ Gambling Preference in the January Effect, and 6. Short-Term Momentum and Investing Strategies in Daily Returns: Evidence from Taiwan.Two chapters focus on stock market and they are as follows: 1. Can Business Confidence and Consumer Confidence Jointly Explain Stock Market Returns? Evidence from Panel Data and 7. The Black Friday Effect. Mutual funds is discussed in two chapters: 9. Exploring the Persistence of U.K. Equity Closed-End Fund Performance and 10. Brand Image, Perceived Quality, Perceived Value and Purchase Intention -- An Example of Awarded Funds. Finally, single stock futures is discussed in 3. A Study of the Dynamic Relationship between Single Stock Futures and Their Underlying Securities and microstructure is discussed in 8. Anatomy of the Bid-Ask Spread in an Order-Driven Market: The Trade-Off between Adverse Selection Costs and Non-Execution Costs.