titman

Titman and Wessels 1988;

蒂特曼和韦塞尔1988；

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（6-12个月）股票价格存在延迟反应象而在长期股票价格则出过度反应特征。