This paper provides evidences that stocks with higher disagreement before quarterly earnings announcement tend to be overvalued by researching on Shanghai Stock Exchange 50 (SSE50). The cumulative abnormal returns (CAR) of stocks with higher investor disagreement are significantly lower than stocks with lower investor disagreement within 60 days after earnings announcement, supporting Miller (1977)’s heterogeneous expectation theory. In addition, by using both online stock message boards and the divergence of stock analysts’ earnings forecasts as the proxies of investor disagreement, this paper finds these proxies could represent greater parts of investors’ opinion and have more profound influence on the negative relationship between investors’ disagreement and stock returns compared with using only single proxy.