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Keywords: Overreaction
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Journal Articles
Critical Finance Review (2022) 11 (3-4): 647–675.
Published: 10 August 2022
... underperformance is a general phenomenon that is independent of stocks being identified, ex-ante, as lottery-like. With an event study approach, we also find that the average high MAX event cumulative abnormal return pattern is indicative of overreaction embedded within high MAX returns. * We...
Journal Articles
Critical Finance Review (2016) 5 (1): 135–163.
Published: 12 May 2016
...Joseph Gerakos; Juhani T. Linnainmaa Daniel and Titman (2006) propose that the value premium is due to investors overreacting to intangible information. They therefore decompose five-year changes in firms’ book-to-market ratios into stock returns and a residual that is a proxy for tangible...

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