الفهرس 
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Abstract
A large number of empirical research over the past three decades have discovered that firm’s expected return can be discernable form it’s past stock price performance. In the current research, Firstly, I investigate the existence of two important phenomenon overreaction and under reaction phenomena, and whether these phenomena are accompanied with two main behavioural biases conservatism and representativeness biases. Trends and consistency have been used as proxies for conservatism and representativeness phenomena in Egyptian stock market over the period extended from 2000-2013. Secondly, extrapolative expectation model has been suggested as a suitable model for describing investors expectations in the real world. Using autoregressive model , certain steps have been followed to describe investors behaviours in Egyptian stock exchange market.