This paper investigates whether there is reversal phenomenon of stock price in Shanghai stock market. The results show that the prior period's worst stock return performers (losers) outperform the prior period's best return performers (winners) in medium-term and long-term.
本文通过中国上海证券市场价格反转现象的实证检验发现，中国证券市场短期内表现为“强者不强”；中长期内表现为“强者转弱，弱者变强”，市场存在价格反转现象。
参考来源 - 中国证券市场价格反转现象研究·2,447,543篇论文数据，部分数据来源于NoteExpress
价格反转的危险令人堪忧。
即使突破了三角形型态此仍有假突破以及价格反转的倾向，并开始往相反的方向移动。
Even when a triangle is violated there is a tendency for false breaks and prices reverse and begin to trend in the opposite direction.
同时，利用DHS模型，进一步阐释了由于投资者的过度自信而导致最终IPO股票出现价格反转。
Moreover, we use the DHS model to demonstrate that it is investors 'overconfidence that leads to the price reversal of IPO stocks 'prices.
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