The Reversal of Large Stock-Price Decreases
研究发现，极端的10天负收益率后，通常会出现超预期的正收益率，这种价格调整持续约2天，且不受方法问题干扰，对理解市场效率有启示。
Extremely large negative 10-day rates of return are followed on average by larger-than-expected positive rates of return over following days. This price adjustment lasts approximately 2 days and is observed in a sample of firms that is largely devoid of methodological problems that might explain the reversal phenomenon. While perhaps not representing abnormal profit opportunities, these reversals present a puzzle as to the length of the price adjustment period. Such a slow recovery is inconsistent with the notion that market prices quickly reflect relevant information.