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...

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Bibliographic Details
Main Authors:	Liping Zou, Ruishan Chen
Format:	Article
Language:	English
Published:	EconJournals 2017-03-01
Series:	International Journal of Economics and Financial Issues
Subjects:	contrarian strategy value and glamour stocks earnings surprise investor sentiments
Online Access:	https://dergipark.org.tr/tr/pub/ijefi/issue/32002/353166?publisher=http-www-cag-edu-tr-ilhan-ozturk