投资者对部分欧洲国家财政紧张的问题是否反应过度还无法确定。
Whether investors have overreacted to strained finances of some European countries remains an open question.
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.
第二部分是指噪音投资者对最近的股息冲击平均值的过度反应。这会导致噪音投资者牛市情绪或者熊市情绪的波动，结果导致价格的剧烈波动。
The temporary component is noise traders' overreaction to an average of recent dividend shocks, which results in waves of optimism or pessimism that create high price volatility.
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.
文章认为，在将来，反向策略仍然具有获利能力，但其周期将会适度增加。从获利结构上，投资者反应过度的贡献将会有所上升，而共同因素负自相关的贡献会下降。
The paper argues that contrarian strategy also is profitable in the future while its cycle will increase moderately and the contribution of overreaction to profits will rise.
“过度反应假说”认为投资者对信息的过度反应导致股票价格的过度反应。
The over-reaction Hypothesis holds that the over-reaction of the stock price is brought forth by the investors' over-reaction to information.
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.
“熊市”中，在赢者组合上的投资者行为表现为过度反应，这可能是由于投资者的代表性启发式心理造成；
On the other hand, we find in the bearish market overreaction on winner portfolio, and the possible reason is representative heuristics;
“熊市”中，在赢者组合上的投资者行为表现为过度反应，这可能是由于投资者的代表性启发式心理造成；
On the other hand, we find in the bearish market overreaction on winner portfolio, and the possible reason is representative heuristics;
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