Overreaction is known as one of stock market anomalies, and was investigated on long-term returns in NYSE firstly by De Bondt and Thaler in 1985 that is the beginning of research upsurge of behavioral finance.

• De Bondt和Thaler(1985)对美国股市是否存在过度反应的实证研究是行为金融学研究热潮的开端。