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反应过度与反应不足假说和有效市场假说是根本对立的,它们主张股票价格不能完全反应股票市场上的各种信息。诸多实证研究表明,不仅在欧美发达国家的成熟市场上,而且在如中国一样的新兴市场上,都存在反应过度与反应不足。行为金融学从分析投资者的心理偏差出发,建立了投资者行为模型,认为在不确定条件下,投资者的决策受到其心理偏差的影响,从而导致股票价格偏离了预期水平。
Overreaction and Inadequate Reaction The hypotheses and the Efficient Market Hypothesis are diametrically opposed to each other, arguing that stock prices do not fully reflect the various information on the stock market. Many empirical studies show that there are both overreaction and underreaction in the mature markets of developed countries in Europe and the United States as well as in emerging markets like China. Behavioral finance from the analysis of the psychological deviation of investors, the establishment of a model of investor behavior, that under uncertainty, investors’ decisions are subject to their psychological bias, resulting in stock prices deviate from the expected level.