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.
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