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首页> 外文期刊>Journal of Emerging Market Finance >Long-term Overreaction, Regulatory Policies and Stock Market Anomalies: Evidence from Egypt
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Long-term Overreaction, Regulatory Policies and Stock Market Anomalies: Evidence from Egypt

机译：长期过度反应，监管政策和股市异常：来自埃及的证据

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The main objective of this article is to examine the long-term overreaction for all listed shares in the Egyptian Stock Exchange. I find evidence of long-term overreaction which is not due to size effect. Therefore, a contrarian strategy by buying losers and selling winners is likely to be profitable. The findings also suggest that the overreaction phenomenon in the Egyptian stock market is not sensitive to the length of the formation period. Interestingly, I find a link between the regulatory policies and long-term overreaction as I find no evidence of investor overreaction within the strict price limit regime. On the other hand, the over-reaction phenomenon is clear during the circuit-breaker regime. The findings also show that the overreaction phenomenon in the Egyptian Stock Exchange cannot be attributed to the seasonality effect.
机译：本文的主要目的是研究埃及证券交易所所有上市股票的长期过度反应。我发现长期反应过度的证据，这不是由于尺寸效应引起的。因此，通过购买失败者和出售胜利者的逆势策略很可能会获利。研究结果还表明，埃及股市中的过度反应现象对形成期的长度不敏感。有趣的是，我发现监管政策与长期过度反应之间存在联系，因为我没有发现在严格的价格限制机制内投资者过度反应的证据。另一方面，在断路器状态下，过度反应现象很明显。研究结果还表明，埃及证券交易所的反应过度现象不能归因于季节性效应。

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