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| Author: | Clare, A. Thomas, S. |
| Title: | The overreaction hypothesis and the UK stockmarket |
| Journal: | Journal of Business Finance and Accounting
1995 : OCT, VOL. 22:7, p. 961-974 |
| Index terms: | USA COMPANIES UNITED KINGDOM |
| Language: | eng |
| Abstract: | The overreaction hypothesis refers to a well defined result from the field of applied psychology that people tend to overreact to unexpected and adverse news and events. US equity market research has shown that those stocks which consistently underperform the market (losers) outperform, over the subsequent three to five year period, those stocks which have previously outperformed the market (winners). Thus the market seems to overreact to news and events and then adjust very slowly to these pricing errors. |
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