Our finding shows that analyst underreaction to new information may be compounded by the conservatism resulted from previous disappointments.
显示先前推荐行为的挫折经所
成的保守行为,会加重其对后续新资讯反应不足的现
。
Our finding shows that analyst underreaction to new information may be compounded by the conservatism resulted from previous disappointments.
显示先前推荐行为的挫折经所
成的保守行为,会加重其对后续新资讯反应不足的现
。
Moreover, Jagadeesh and Titman (1993) made further research and found that in the short-term (six to twelve months), stock prices showed underreaction but in the long-term it tended to overreact.
Jagadeesh和Titman(1993)进一步的实证研究发现,短期内(6-12个月)股票价格存
反应现
而
长期内股票价格则表现出过度反应特征。
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