ReferencesBanerjee, Abhijit, 1992, A simple model of herd behavior, Quarterly Journal of
Economics107, 797–817.
Barberis, Nicholas, Andrei Shleifer, and Robert Vishny, 1998, A model of investor
sentiment, Journal of Financial Economics, 49, 307–43.
Bernard, Victor L., 1992, Stock price reactions to earnings announcements, in R.
Thaler, ed., Advances in Behavioral Finance, Russell Sage Foundation.
Bernard, Victor L., and J. Thomas, 1989, Post-earnings announcement drift: De-
layed price response or risk premium?, Journal of Accounting Research, 27,
1–48.
———, 1990, Evidence that stock prices do not fully reflect the implications of cur-
rent earnings for future earnings, Journal of Accounting and Economics13,
305–40.
Bikhchandani, Sushil, David Hirshleifer, and Ivo Welch, 1992, A theory of fads,
fashions, custom and cultural change as informational cascades, Journal of Po-
litical Economy100, 992–1026.
Campbell, John Y., Sanford J. Grossman, and Jiang Wang, 1993, Trading volume
and serial correlation in stock returns, Quarterly Journal of Economics108,
905–39.
Campbell, John Y., and Robert Shiller, 1988, Stock prices, earnings, and expected
dividends, Journal of Finance43, 661–76.
Chan, Louis K. C., Narasimhan Jegadeesh, and Josef Lakonishok, 1996, Momen-
tum strategies, Journal of Finance51, 1681–1713.
Chopra, Navin, Josef Lakonishok, and Jay R. Ritter, 1992, Measuring abnormal
performance: Do stocks overreact?, Journal of Financial Economics31, 235–68.
Cutler, David M., James M. Poterba, and Lawrence H. Summers, 1991, Speculative
dynamics and the role of feedback traders, American Economic Review Papers
and Proceedings80, 63–68.
———, 1990, Speculative dynamics, Review of Economic Studies58, 529–46.
Daniel, Kent D., David Hirshleifer, and Avanidhar Subrahmanyam, 1998, A Theory
of overconfidence, self-attribution, and security market under- and over-
reactions, Northwestern University Working Paper, forthcoming in Journal of Fi-
nance.
Daniel, Kent D., and Sheridan Titman, 1997, Evidence on the characteristics of
cross-sectional variation in stock returns, Journal of Finance52, 1–33.
DeBondt, Werner F. M., and Richard H. Thaler, 1985, Does the stock market over-
react? Journal of Finance40, 793–808.
DeLong, J. Bradford, Andrei Shleifer, Lawrence H. Summers, and Robert Wald-
mann, 1990, Positive feedback investment strategies and destabilizing rational
speculation, Journal of Finance45, 379–95.
Edwards, W., 1968, Conservatism in human information processing, in B. Klein-
mutz (ed.), Formal Representation of Human Judgment, Wiley.
Fama, Eugene F., 1998, Market efficiency, long-term returns, and behavioral fi-
nance, Journal of Financial Economics49, 283–306.
Fama, Eugene F., and Kenneth R. French, 1988, Permanent and temporary compo-
nents of stock prices, Journal of Political Economy96, 246–73.
538 HONG AND STEIN