We extract cyclic information in turnover and find it can explain the momentum echo. The reversal in recent month momentum is the key factor that cancels out the recent month momentum and excluding it makes the echo regress to a damped shape. Both rational and behavioral theories can explain the reversal. This study is the first explanation of the momentum echo in U.S. stock markets.

翻译：我们提取了周转中的循环信息，并发现它可以解释动量回声。最近几个月的逆转是抵消最近几个月动量的关键因素。如果排除逆转，回声就会回归到一个阻尼形状。理性和行为理论都可以解释逆转。这项研究是对美国股市动量回声的首个解释。