One of them is overreaction (contrarian effect). It not only has influence on investors' decision-making behavior, but also has something to do with the efficiency of the financial market.
过度反应现象（反转效应）就是其中之一，它不仅影响到投资者的决策行为，而且还关系到金融市场是否有效的问题。
So I use behavioral explanation to explain the BM effect: the BM effect is only because market overreaction to intangible information.
从行为金融方向解释，认为账面市值比效应是市场对账面市值比指标中包含的无形信息过度反应的结果。
There is delay reaction and converse reaction to good news and overreaction to bad news. These phenomena show the existence of leverage effect in China stock market.
对好消息反应延迟且逆向反应，对坏消息反应过度，这反映出中国股市“杠杆效应”的存在。
There is delay reaction and converse reaction to good news and overreaction to bad news. These phenomena show the existence of leverage effect in China stock market.
对好消息反应延迟且逆向反应，对坏消息反应过度，这反映出中国股市“杠杆效应”的存在。
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