According to behavioral finance:

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Behavioral finance suggests that people tend to have cognitive biases and stick to their existing beliefs, leading to inertia in their decision making. This can affect their perceptions and valuations of a certain firm, causing them to deviate from rational behavior. Traders may not respond immediately to new information as they may prioritize their existing beliefs over new information. The efficient market hypothesis, which suggests that it is impossible to beat the market, is not necessarily supported by behavioral finance.

According to Behavioral Finance