...:(1)规模效应(Size Effect),指小公司股票能获得更高报酬,且该溢价尢法被CAPM所解释;(2) 账面市值比效应 ( BM Effect ),指高账面市值比公司的股票能获得更高报酬,且该溢价无法被CAPM所解释:(3)年末效应(Tum.of-year Effect),指小公司所获...
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金融异象是金融学研究的热点问题,其中对账面市值比效应的研究尤为丰富。
Financial anomalies are the hot points in recent financial empirical researches. There are many papers about financial anomalies, especially BM ratio.
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。
So I use behavioral explanation to explain the BM effect: the BM effect is only because market overreaction to intangible information.
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