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Stock Market Overreaction and Fundamental Valuation
Mathias Külpmann
其他書名
Theory and Empirical Evidence
出版Springer Berlin Heidelberg, 2002
主題Business & Economics / Accounting / GeneralBusiness & Economics / Finance / GeneralBusiness & Economics / Investments & Securities / GeneralBusiness & Economics / Investments & Securities / StocksBusiness & Economics / Investments & Securities / Analysis & Trading StrategiesBusiness & Economics / Public FinanceBusiness & Economics / Economics / GeneralMathematics / AppliedMedical / General
ISBN35404267019783540426707
URLhttp://books.google.com.hk/books?id=cCLPAAAAIAAJ&hl=&source=gbs_api
註釋Does the stock market overreact? Recent capital market turbulences have cast doubt whether the behaviour of stock markets is in line with rational investor behaviour. This book investigates recent evidence of reversals in the cross section of stock returns. The surprising finding of this monograph is that reversals in stock returns are parallelled by movements in fundamentals. Outperformance in the stock market is driven by outperformance in corporate earnings. This monograph analyses this effect and provides background reasoning both from a theoretical and from an empirical point of view. The reader will pursue the question whether capital markets are efficient and thereby obtain a deeper understanding of the relationship between stock returns and underlying fundamentals.