Stock Price Reversals and Overreaction to News Events: A Survey of Theory and Evidence
作者： Werner F. M. De Bondt
DOI: 10.1007/978-3-642-74741-0_3
关键词: Risk premium 、 Financial economics 、 Pessimism 、 Stock price 、 Optimism 、 Market efficiency 、 Capital asset pricing model 、 Heuristics 、 Monetary economics 、 Economics 、 Earnings
摘要: Stock price reversals may be due to short-term overreactions news, waves of unjustified optimism or pessimism about future earnings, fear and normatively “excessive” risk premia, other causes. This paper reviews [1] the psychological literature on Bayesian decision-making intuitive prediction; [2] arguments that overreaction by individuals is likely matter at market level; [3] evidence long-term reversals. The research findings are compared with predictions standard theories asset pricing efficiency.
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