Earnings Surprises, Investor Sentiments and Contrarian Strategies
This study documents that contrarian investment strategies offer superior returns because these strategies exploit investors’ expectation errors. There are two sources of expectation errors, naïve extrapolation of past performance and biased analysts’ earnings forecasts. Our results suggest that inv...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
EconJournals
2017-03-01
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| Series: | International Journal of Economics and Financial Issues |
| Subjects: | |
| Online Access: | https://dergipark.org.tr/tr/pub/ijefi/issue/32002/353166?publisher=http-www-cag-edu-tr-ilhan-ozturk |