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.
论文实证分析的结果表明，投资者非理性情绪是造成我国近期过高IPO折价水平的最主要原因；
The empirical result indicates that investor sentiment is the main reason of recent high level of IPO underpricing in China.
中国证券市场投资者非理性情绪和信念所表现出的复杂和混沌特征也在脉冲响应分析中得到间接的证明。
Furthermore, the impulse test indicates that irrational sentiments and beliefs pose a complex chaotic shock on the price system.
但动量效应暗示却是有一种非理性在市场中运作；投资者买进股票或大宗商品仅仅因为它们的价格涨了。
But the momentum effect suggests that an irrationality might be at work; investors could be buying shares (and commodities) just because they have risen in price.
投资者之所以会抛售，而且通常是非理性的进行交易，恐慌是最主要的情感推动因素(昨天，道琼斯指数下跌391点便是最好的例子)。
And fear and panic are the main emotions that drive investor selling, almost always irrationally (see yesterday's 391-point drop in the Dow as an example).
但是，行为经济学派一直争论不休的话题就是投资者是非理性的，并且完全受制于情绪的偏见。
But the behavioural school of economics has long argued that investors are not rational, being subject to a whole range of emotional biases.
金融市场中的羊群行为是一种非理性的行为，对于投资者的效用和整个市场的稳定都产生消极的影响。
Herding Behavior on the financial market is a non-rational action, it can bring negative effect on investors' utility and stabilization on all markets.
基于行为金融的市场择时理论放开了有效市场的假设，从投资者的非理性角度研究公司资本结构，为资本结构的研究提供了一个新的视角。
Market timing that based on behavioral finance theory give up the Efficient Market Hypothesis and study the capital structure from the investor point of view of non-rational.
委托代理问题在长期并购绩效中表现明显，但短期时出现并购方绩效提高，说明市场的不健全及投资者的非理性。
Finally, the principal-agent problem is significant in long term, but the short-term performance is improved which may be caused by the distemperedness of market and the irrationality of investors.
三是即使一些非理性投资者具有相同的行为方式，证券市场依然是有效的。
Even if irrational investors' behavior shows no difference, securities market is still efficient.
标准金融学认为，投资者是理性人，即使大部分投资者是非理性人，但是由于完美套利的存在，市场也将是有效市场。
The Standard Finance Theory holds that investors are rational, and the security market is efficient due to the possibility of perfect arbitrage, even if most of the investors are irrational.
介绍现有的非理性投机泡沫模型：时尚模型、传染模型、噪音投资者模型。
It also would introduce some irrational speculative bubbles model, such as Fads model, Contagion model and DSSW.
并从管理层非理性的角度对我国上市公司的资本结构选择、股利行为和机构投资者行为提出了基于行为公司金融的解释。
And we present an explanation of the capital-structure choice, dividend policy and institution investor behavior from the respect of behavioral corporate finance.
该理论认为证券市场中的投资者属于“有限理性人”，其行为或多或少地存在着非理性，因而容易出现行为偏差。
In behavioral finance theory the investors in the security market are "Bounded rational People", whose irrational behaviors can, less or more, easily to cause behavioral deflections.
理论上，当预期实际回报率是下降的或负值时，理性投资者是不会投入的，但实际情形并非如此，市场参与者是风险偏好的和非理性的。
In theory, no rational investor would invest when expected real return on equity is declining and negative but they still do. Market participants are risk seeking and irrational.
在某些投资者中是存在非理性繁荣的征象的。
There are also signs of irrational exuberance among some investors.
基于行为金融的市场择时理论放开了有效市场的假设，从投资者的非理性角度研究公司资本结构，为资本结构的研究提供了一个新的视角。
This paper inducts the market timing theory, base on the actual status of China's stock market to study the seasoned equity offering of China's listed companies.
基于行为金融的市场择时理论放开了有效市场的假设，从投资者的非理性角度研究公司资本结构，为资本结构的研究提供了一个新的视角。
This paper inducts the market timing theory, base on the actual status of China's stock market to study the seasoned equity offering of China's listed companies.
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