金融异象是金融学研究的热点问题，其中对账面市值比效应的研究尤为丰富。
Financial anomalies are the hot points in recent financial empirical researches. There are many papers about financial anomalies, especially BM ratio.
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.
一种是CAPM异象，它主要包括规模效应、帐面市值比效应、长期收益率反转效应和短期惯性效应等。
One is referred as CAPM anomaly, which includes size effect, book-to-market equity effect, long-term return reversals effect, short-time momentum effect and etc.
一种是CAPM异象，它主要包括规模效应、帐面市值比效应、长期收益率反转效应和短期惯性效应等。
One is referred as CAPM anomaly, which includes size effect, book-to-market equity effect, long-term return reversals effect, short-time momentum effect and etc.
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