, analysts exhibit systematic optimism rather than systematic underreaction or overreaction. The results also highlight that the … simultaneous phenomena of overreaction and underreaction is more pronounced in high intangible asset firms compared to low …Several prior studies indicate that financial analysts exhibit systematic underreaction to information; others …

overconfidence leads to an overreaction to private information followed by an underreaction when the information becomes public …. Design/methodology/approach -In this study, the authors test analysts' overconfidence through the overreaction preceding a … public announcement followed by an underreaction after the announcement. If overconfidence occurs, over- and underreactions …

overconfidence leads to an overreaction to private information followed by an underreaction when the information becomes public …. Design/methodology/approach – In this study, the authors test analysts' overconfidence through the overreaction preceding a … public announcement followed by an underreaction after the announcement. If overconfidence occurs, over- and underreactions …