On efficient market conditions, stock price reflect all information, short-term stock price random walk, and technical analysis can help investors achieve excess returns.
有效市场条件下，股票价格的变动反映了所有的信息，短期股价随机游走，技术分析不能帮助投资者获得超额收益。
On the market reaction, the holdings of major shareholders make significant effect on stock prices, and the excess returns reach maximum in the announcement the day before the announcement date.
在市场反应上，大股东增持对股价影响显著，且超额收益率在公告日和公告日前一天达到最大。
IPO on the first day the stock market excess returns is a common anomaly.
IPO首日超额收益是证券市场上普遍存在的一种异常现象。
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