老师可以解释下这道题吗？

问题如下：

A trader is able to obtain persistent abnormal returns by adopting an investment strategy that purchases stocks that have recently experienced high returns. This strategy exploits a market-pricing anomaly best described as:

选项：

A.data mining.

B.momentum.

C.the overreaction effect.

解释：

1. Incorrect. Data mining is not a market anomaly but a type of process that could be used to discover statistically significant price patterns.

2. Correct. A momentum anomaly occurs when securities that have experienced high short-term returns continue to generate higher returns in subsequent periods. Therefore, if a trader can obtain persistent abnormal returns by adopting an investment strategy that purchases stocks that have recently experienced high returns, then he or she is exploiting a momentum anomaly.

3. Incorrect. The overreaction effect is a pricing anomaly that occurs when investors overreact to the release of unexpected public information, inflating (depressing) stock prices of companies releasing good (bad) information.

• describe market anomalies