Our finding shows that analyst underreaction to new information may be compounded by the conservatism resulted from previous disappointments.

显示先前推荐行为挫折经验所造守行为，会加重其对后续新资讯反不足象。

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）进一步实证研究，短期内（6-12个月）股票价格存延迟反象而长期内股票价格则表出过度反特征。