Using exact and complete Korean data of investor trading, we provide an anatomy of investor types' trading throughout the short-horizon overshootingand-reversal pattern in stock returns. We document two forms of non-optimal trading behaviour associated with the pattern: First, institutional investors' chasing of return shocks at the overshooting point, particularly in the large-cap segment. Second, individual investors' buying of winner stocks in the small-cap segment, consistent with an attention-driven speculative buying bias.attention-driven buying, investor response to stock return shocks, overshooting and short-term reversals, trading flows of investor types

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We show that contrasting results on trading volume's predictive role for short‐horizon reversals in stock returns can be reconciled by conditioning on different investor types' trading. Using unique trading data by investor type from Korea, we provide explicit evidence of three distinct mechanisms leading to contrasting outcomes: (i) informed buying—price increases accompanied by high institutional buying volume are less likely to reverse; (ii) liquidity selling—price declines accompanied by high institutional selling volume in institutional investor habitat are more likely to reverse; (iii) attention‐driven speculative buying—price increases accompanied by high individual buying‐volume in individual investor habitat are more likely to reverse. Our approach to predict which mechanism will prevail improves reversal forecasts following return shocks: An augmented contrarian strategy utilizing our ex ante formulation increases short‐horizon reversal strategy profitability by 40–70% in the US and Korean stock markets.

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The article focuses on the history of development and the establishment on the European cultural territories of Dadaism. Based on the chronological approach, it shows the place of Dadaism in the dynamics of the first experiments of French (Fauvism) and Italian (Futurism) avant-garde. Despite the lack of consistency in the aesthetical and artistic orientations of the Dadaists, the scatteredness in individual articles and manifestos of their ideas, the starting points should be the theses on the relation of the “Dada” art and “reality”, which at the turn of the 19th – 20th centuries, was distorted by poets and painters. Dada offers its own vision of “reality”, where various aspects of it can intersect, namely, social and artistic. The article considers originality of both the aesthetic and artistic, and political and ideological orientation of German and Swiss Dadaists, as well as the role of Dadaism in the formation of surrealism. It states that the theoretical searches of the Dadaists need further analysis, since their scientific explorations of the 1920s-30s went beyond the borders of European countries and aroused considerable interest among those writers and poets who, starting 1914, formed and developed the “Ukrainian model of futurism”. The author analyzed the most indicative artistic and expressive means “worked out” in the process of Dadaistic searches and confirmed the original aesthetic platform of this direction during the 1910s-30s conditions.