DEBONDT AND THALER 1985 PDF

This study examines whether the Hong Kong stock market overreacts. By using monthly return data of all the common stocks listed on the Hong Kong Stock Exchange from January to December , it examines the profitability of a contrarian strategy of buying prior losers and selling prior winners. The evidence shows that prior losers outperform prior winners by up to Our result is consistent with that documented by Debondt and Thaler for the U.

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This paper reviews [1] the psychological literature on Bayesian decision-making and intuitive prediction; [2] the arguments that overreaction by individuals is likely to matter at the market level; [3] the evidence on short-term and long-term price reversals. The research findings are compared with the predictions of standard theories of asset pricing and market efficiency. Unable to display preview.

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Does the Stock Market Overreact?

This paper reviews [1] the psychological literature on Bayesian decision-making and intuitive prediction; [2] the arguments that overreaction by individuals is likely to matter at the market level; [3] the evidence on short-term and long-term price reversals. The research findings are compared with the predictions of standard theories of asset pricing and market efficiency. Unable to display preview. Download preview PDF. Skip to main content. This service is more advanced with JavaScript available. Advertisement Hide.

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Does the Hong Kong Stock Market Overreact?

Werner F. De Bondt is one of the founders in the field of behavioral finance. He is also the founding director of Richard H. He is a native of Belgium and an alumnus of Hagelstein St. He subsequently earned an M. From Wikipedia, the free encyclopedia.

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Stock Price Reversals and Overreaction to News Events: A Survey of Theory and Evidence

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