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验所造成的保守行为，会加重其对后续新资讯反应
足的现
。
够有力的反应,充分反应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验所造成的保守行为，会加重其对后续新资讯反应足的现。
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，在短期内（6-12个月）股票价格存在延迟反应现而在长期内股票价格则表现出过度反应特征。
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、词
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