造成市场过度反应的原因既包括结构非理性的因素，也有投资者非理性心理的作用。
Irrational market structure and irrational expectation of investors are the main causes of it.
自然的，这些新的市场参与者可能对于利好或利空消息反应过度。
So these new market participants may react in an exaggerated way to good or bad news.
市场反应过度，股票下跌(尤其是大的银行)，安全资产如黄金的价格上涨。
Markets reacted badly, with shares down (particularly in big Banks) and safe assets, such as gold, rallying.
配对交易者认为市场对埃克森的交易反应过度，因此买入埃克森并卖出雪佛龙。
Pairs traders, believing the market has overreacted to the deal, are buying Exxon and selling Chevron.
不幸的是，市场惯于反应过度。
本文采用1997 - 2004年上海证券交易所的所有股票交易数据，对我国股票市场的过度反应及其成因进行实证分析。
The paper analyzes empirically the overreaction phenomenon and its causes in Chinese stock market with the data of Shanghai stock exchange during the period of 1997-2004.
实证表明，中国证券市场的反向利润绝大多数源于股票的反应过度，有少部分源自共同因素在时间序列上的负相关。
Empirical evidence shows that the majority of contrarian profits in Chinese stock market are due to overreaction while a small part is due to negative correlation of common factor in time series.
二级市场的价格信号具有引致上市公司进行产业转移的功能，虽然存在着过度反应。
The price signal in secondary market can lead to the industrial shift of listed companies, although there exists an overreaction.
其次，并购期间，市场存在过度反应并能获取超额受益；
Second, there were over reactions and excess return during M&A.
实证结果表明我国证券市场的个股存在短期过度反应现象。
The empirical result indicates some individual stock of our security market exist the short-term overreaction phenomenon.
行为金融的相关研究认为证券市场投资者存在各种认知偏差，从而导致对近期信息的过度反应。
Research in behavioral finance suggests that investors in stock market have many cognitive biases, thus tend to overreact to recent 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。
So I use behavioral explanation to explain the BM effect: the BM effect is only because market overreaction to intangible information.
金融市场上的异常现象大都可归纳为“反应不足”和“反应过度”这两种情况，本文将运用行为金融学来研究金融市场的风险资产的定价及市场反应特征。
Most exceptional phenomena belong to these two classes. This paper will use behavioral finance to study the reaction characteristics and the price of risking assets in the financial market.
这是因为市场不完全有效，市场存在对公司业绩的过度反应。
This is because the market is valid incompletely, the market exists excessive reaction to the company's performance.
过度反应是证券市场异象之一。
研究发现在股票更名前后存在超常交易量和超额收益率，市场对更名事件存在过度反应。
The abnormal trading volume and returns around the period of the rename of the stock and the overreaction of the market on the rename of the stock are found.
然后，本文采用了市场调整的累计异常收益模型、买入并持有收益模型、单因素风险调整模型、三因素模型和特征模型来检验上海股票市场是否存在过度反应现象。
At the same time, this article studies the overreaction of Shanghai Stock Exchange using the CARs model, Buy-and-Hold model, CAPM, three factors model and Characteristic model.
相反，股指期货为现货市场稳定发挥了积极的促进作用，对现货市场的过度反应起到了一定修正功能。
In contrast, index futures have played an active role in maintaining the stability of the spot market, and a certain correction function on the over - reaction with spot 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。
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.
但是，这可能不是债务危机的万能解药，市场可能又一次反应过度了。
However, this may not be the panacea to the debt crisis and markets may be over-reacting as they are prone to do.
市场总是会过度反应已有风险的不确定性。
Markets tend to overdiscount the uncertainty related to identified risks.
市场总是会过度反应已有风险的不确定性。
Markets tend to overdiscount the uncertainty related to identified risks.
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