Follow Through and Overlapping Action
'Follow Through' and 'Overlapping Action' refer to the effect in animation of parts of a character/object dragging behind the main action and reacting accordingly. In any given movement, certain parts of the body can have a delayed reaction e.g. long hair, loose flesh (jowls, fat), plus drapery, earrings etc. We would expect to see these things obey a different law of physics to the main thrust of the body, and observing this will make an animation much more convincing.
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Walt Disney, pushing for a higher standard from his animators, said, "Things don't come to a stop all at once guys; first there's one part and then another."


These illustrations of a cartoon dog illustrate the point perfectly. His loose tie, flapping ears and snout all react to the head turn marginally after the skull ('overlapping action'). We then see those parts 'follow through' after the dog has stopped moving.
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The way that we perceive the drag on these appendages communicates a lot about the specific weight and softness of the character. Any of these elements could be reduced or exaggerated and it would tell us something different about the character.

I have noticed the use of this on the animation of Gromit's ears. It is a very subtle follow through effect but tells us a lot about the weight of the ears and the slight drag has an appealing bounciness to it which helps add that little bit more expression.

If possible, it may be best to animate the follow through/overlapping action parts after figuring out the main action, as further embellishment.
In the case of this simple animation, you should at first concentrate on the man jumping down, and then add the cape, concentrating then only on the flow of the fabric.

It is not merely on the lifeless parts that we see these effects. Consider how the body settles after an action. Arms will continue to swing when the whole body has come to a standstill. This animation exaggerates the point, but these aspects are always present and worth looking out for.