$-$Positive serial correlation in returns is reported over the medium term. This is called $\_\_\_\_\_\_\_\_\_\_\_\_$

Group of answer choices

representativeness

momentum

anchoring

reversal

$-$ If investors initially anchor on past earnings, they $\_\_\_\_\_\_\_\_\_\_\_$ to earnings news. Later, if they believe the observed high $($or low$)$ earnings will continue into the future, they $\_\_\_\_\_\_\_\_\_\_\_\_.$

Group of answer choices

overreact, underreact

underreact, overreact

underreact, underreact again

overreact, overreact again