Overreaction in Trading
Justin Morscheck
International Journal of Finance & Banking Studies · 2019 · Vol. 7 / Issue 4 · 21-37
Publication metrics
External links open provider records or DOI searches. Provider counts are not combined. Mendeley readership measures saves, not citations.
Dimensions
Live provider badge. If unavailable, use the Dimensions link above.
Observed 21 Oct 2026, 00:21 UTC
Observed 21 Oct 2026 00:22 UTC
OpenAlex and Mendeley observations refresh on article visits, at most once per 24 hours. Unavailable data is not zero. Google Scholar opens a DOI search.
Citations received by this article, grouped by the year of the citing work. Crossref and OpenAlex lifetime totals remain separate in Publication metrics.
2017–2026 Annual history last updated:
Citations received
OpenAlex · year of the citing work
Hover over a year or focus the chart and use arrow keys to inspect values.
2017–2026 annual-history window. 2026 is year to date. Unknown years have gaps.
View data & coverage
2026 is incomplete. Within a successfully fetched ten-year window, omitted years mean zero. Years beyond a saved observation’s window remain unknown (—). Older citations are excluded, so this chart’s sum may differ from the OpenAlex lifetime total. The date above belongs to this annual history; an unsuccessful refresh keeps the previous observation.
Abstract
Using intraday trading data during the 2008 financial crisis, from the Standard and Poor’s Depository Receipt (SPDR) market, we test for evidence of the informational advantage of traders. In addition, we examine the effect of pricing error on trade price. If traders are rational, and have accurate information, they will only purchase an asset at a premium (discount) if they have reason to believe that the fundamental value of that asset will increase (decrease). Our results show that the trading price of the SPDR does not significantly predict the movement of underlying asset values. This finding is consistent with traders overreacting to disparities between price and underlying value during the financial crisis.
Keywords: {'name': 'Overreaction; Intraday Stock Prices, Intraday Volatility, Stock Price Reversals, ETFs, Market Efficiency, Financial Crisis'}
Authors & affiliations
Justin Morscheck
Affiliation not supplied
Deposited references
Supplied references, not a list of publications citing this article.
DOI: 10.2307/3666230
DOI: 10.1111/0022-1082.00205
DOI: 10.1016/S0304-405X(98)00027-0
DOI: 10.1111/j.1540-6261.1977.tb01979.x
DOI: 10.1093/rfs/5.1.123
DOI: 10.1111/j.1540-6261.1997.tb03806.x
DOI: 10.1111/j.1540-6261.1985.tb05004.x
DOI: 10.1111/j.1540-6261.1987.tb04569.x
DOI: 10.2139/ssrn.965587
DOI: 10.1016/0304-405X(87)90029-8
DOI: 10.1111/j.1540-6261.1992.tb04398.x
DOI: 10.1016/S0378-4266(99)00072-2
DOI: 10.1016/j.jempfin.2003.06.001
DOI: 10.1016/0304-405X(85)90044-3
DOI: 10.1111/0022-1082.00379
DOI: 10.1111/0022-1082.00184
DOI: 10.1093/rfs/8.4.973
DOI: 10.1093/rfs/3.2.175
DOI: 10.3386/w0456
DOI: 10.1111/j.1540-6261.1986.tb04519.x
Journal of Finance 41, 591–601.
DOI: 10.21236/AD0767426
Science 185, 1124–113