Andreasson (1987) found that investors tend to buy low and sell high in the absence of potential explanations for market fluctuations, but follow the flow of the market when given newspaper explanations for market fluctuations. This finding is consistent with the hypothesis that investor decisions are often based on

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Andreasson's finding suggests that when given explanations for market fluctuations in newspapers, investors tend to base their decisions on their attributions for the rise or fall of stock prices. This implies that investors are likely to make decisions based on their interpretation of the causes of market movements, rather than solely on the amount of money they are willing to risk or the minimum profit they hope to make.

Andreasson (1987) Found That Investors Tend to Buy Low and Sell