Overreaction or Fundamentals: Some Lessons from Insiders' Response to the Market Crash of 1987
发现1987年股市崩盘出乎内部人意料，崩盘后他们大量买入股票，且跌幅大的股票被买入更多，这些股票在1988年回报更高，表明过度反应是崩盘的重要原因。
ABSTRACT This paper shows that i) the Crash was a surprise to corporate insiders; ii) insiders became buyers of stock in record numbers immediately following the Crash; iii) stocks that declined more during the Crash were also purchased more by insiders; and iv) stocks that were purchased more extensively by insiders during October 1987 showed larger positive returns in 1988. The overall evidence suggests that overreaction was an important part of the Crash.