Zeng, HMarshall, BRNguyen, NHVisaltanachoti, N2025-05-162025-05-162025-04-11International Review of Finance, ISSN: 1369-412X (Print); 1468-2443 (Online), Wiley, 25(2). doi: 10.1111/irfi.700141369-412X1468-2443http://hdl.handle.net/10292/19213We estimate the enduring momentum probabilities of past winners and losers continuing as future winners and losers by incorporating a comprehensive set of firm characteristics. Our results reveal that combining the price momentum signals and enduring momentum probabilities generates returns double those of the traditional price momentum strategy. Furthermore, the robust performance of the enduring momentum strategy cannot be fully attributed to factors such as seasonality, limits to arbitrage, and transaction costs.© 2025 The Author(s). International Review of Finance published by John Wiley & Sons Australia, Ltd on behalf of International Review of Finance Ltd. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited. Open Access. CC BY 4.0 https://creativecommons.org/licenses/by/4.0/https://creativecommons.org/licenses/by/4.0/38 Economics3502 Banking, Finance and Investment3801 Applied Economics35 Commerce, Management, Tourism and Services1501 Accounting, Auditing and Accountability1502 Banking, Finance and Investment3501 Accounting, auditing and accountabilityenduring momentum probabilityfirm characteristicsmomentumJournal ArticleOpenAccess10.1111/irfi.70014