Price anchors and short‐term reversals
研究发现价格锚点（如52周高点、资本利得悬置）能解释股票月度收益的短期反转，且反转行为在赢家与输家间存在不对称性，符合价格锚定偏差假说。
Abstract We find that price anchors have a role in understanding short‐run reversals in 1‐month (1 M) stock returns in conjunction with the well‐known liquidity provision channel. Specifically, we determine that 1 M reversal strategies perform much better for stocks that have (a) a low price relative to their 52‐week high (George and Hwang) and (b) a low capital gains overhang (Grinblatt and Han). Further, we uncover striking asymmetries in the reversal behavior between past winners and past losers depending upon the stock's price relative to the price reference points. These reversal asymmetries fit with the hypothesized price anchoring biases.