我国股市中的过度反应和反应不足现象实证分析

Analysis of Overreaction and Reaction-insufficiency in the Stock Market

随着证券市场中越来越多的异常现象的出现,传统的有效市场假说正不断受到质疑,其中又以股市中的过度反应和反应不足现象最为突出。该文从行为金融、统计、会计学等相关理论出发,对过度反应与反应不足的形成原因、表现、影响及应该采取的相应对策做些探讨与分析。

With the emerging of more and more abnormal phenomena in the stock market, the effectiveness of the traditional EMH（Efficient Market Hypothesis）has been challenged. Among these phenomena, overreaction and under--reaction are the most representative. On the basis of the theories of behavior finance, statistics and accountings, this paper investigates and analyzes the causes, manifestations, influence and relevant countermeasures for the overreaction and reaction-insufficiency.