Expectation errors and change in institutional ownership (IO)
| Low BM stocks (glamour) | Middle BM stocks | High BM stocks (value) | |
|---|---|---|---|
| Low FSCORE | Incongruent: overvalued; decrease more in IO | Potentially overvalued | Congruent |
| Middle FSCORE | Potentially overvalued | Congruent | Potentially undervalued |
| High FSCORE | Congruent | Potentially undervalued | Incongruent: undervalued; increase more in IO |
| Low BM stocks (glamour) | Middle BM stocks | High BM stocks (value) | |
|---|---|---|---|
| Low FSCORE | Incongruent: overvalued; decrease more in IO | Potentially overvalued | Congruent |
| Middle FSCORE | Potentially overvalued | Congruent | Potentially undervalued |
| High FSCORE | Congruent | Potentially undervalued | Incongruent: undervalued; increase more in IO |
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