Daniel et al. (1998) suggest that investors overconfidence and self-attribution bias can explain momentum profit. Specifically,...

a.

None of the statements about Daniel et al. (1998) is true.

b.

investors are overconfident about their analytical skills and hence, overreact to private information and underreact to public information.

c.

both biases cause investors to underreact to both private and public information.

d.

All of the statements about Daniel et al. (1998) are true.

e.

when new information confirms investors view, their self-attribution bias makes them underreact to private information.