) • Over/underreaction and temporary mispricing (Lakonishok, Schleifer, and Vishny, 1994; Daniel, Hirshleifer, and Subrahmanyam, 1997) • Markets are inefficient (Basu, 1977; Rosenberg, Reid, and Landstein

monitors. Reduce the undervaluation & misprice of businesses with high intangibility. Irani & Oesch (2013) By the agency theory, it disseminates information to outsiders, allowing the discovery of management

mutual funds drive up demand for high-beta stocks, leading to systematic mispricing. We find evidence that Thai mutual fund managers, on average, favor high-beta stocks and tend to alter their portfolio

result of mispricing. Shanthikumar (2012) argues that small and medium investors’ trading behaviour based on earnings momentum strategy can account for premiums to a pattern of increasing earnings. 8 2.2