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.

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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.

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