Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 28, 2010 erstellt
Description:
This paper compares the extent to which different irrational behavior patterns explain the momentum effect. I find that price momentum increase in the average correlation of analysts' forecast errors. I argue that these results provide evidence that the momentum effect may be better understood within a framework built on overconfidence about correlated signals than one built on limited attention and gradual information flow