A Bibliometric Analysis on Overreaction and Underreaction of Investors
Sourav Acharjee 
Amit Kumar Das
Poonam Das
Abstract
Investors significantly influence asset prices and market dynamics, but their tendency to misinterpret information can introduce inefficiencies. Recognising the need for comprehensive analysis to map the intellectual landscape and identify key research trends, this study conducts a bibliometric analysis of 141 publications from 1982 to 2022 using the Scopus database. A systematic literature review, ensuring comprehensive coverage, identifying research gaps, synthesising findings, minimising bias, and guiding future research, is emphasised. The analysis, performed with VOSviewer software, reveals a growing interest in investor behaviour, highlighting core themes such as Investor Sentiment, Momentum, Contrarian Strategies, and Market Anomalies. Co-occurrence analysis traces thematic progression, emphasising pivotal concepts like “overreaction,” “underreaction,” and “market efficiency.” Less-explored areas like Trading Strategies, Long-term Performance, and Earning Revisions are noted. The findings offer a comprehensive view of the evolving landscape in investor behaviour research and suggest future research directions, including long-term behavioural patterns and cross-cultural studies.
Keywords: Asset Pricing, Bibliometric Analysis, Behavioural Finance, Market Anomalies, Market Efficiency
Early cite: April 28, 2025
DOI: : https://doi.org/10.4038/cbj.v16i1.203
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Suggested citation:
Acharjee, S., Das, A. K., & Das, P. (2025). A bibliometric analysis on overreaction and underreaction of investors. Colombo Business Journal. Advance online publication. https://doi.org/10.4038/cbj.v16i1.203
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Sourav Acharjee
Department of Business Administration, Assam University, India
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Amit Kumar Das
Department of Business Administration, Assam University, India
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Poonam Das
Department of Business Administration, Assam University, India
