2.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
,在短期内(6-12个月)股票价格存在延迟反应
象而在长期内股票价格则表
出过度反应特征。