反应不足

介绍了三个解释反应不足与反应过度的行为模型，并对这些模型进行了进一步的探讨和评价。

Furthermore , We introduce three formal models to explain under-reaction and over-reaction , and give these models further discussion .

对该问题的解释主要有机会之窗假说，反应不足假说和盈余管理假说等。

The window of opportunity hypothesis , the under-reaction hypothesis and the earnings management hypothesis are often introduced to explain the puzzle .

同时，采用投资者心态模型（BSV模型）检验发现由于中国投资者的心理偏差导致了在我国证券市场上的行为偏差&反应不足和反应过度，还引起了我国小盘股的新年效应。

Finds out the mental biases of China investors arouse the behavior biases on the security markets and Turn of Year Effect on Stock Market Prices .

反应不足则主要表现为“魅力股”或“价值股”等。

Underreaction mainly behaved as " glamour stocks and value stocks " .

第四、我国市场中股票价格不存在显著的反应不足倾向，短期内市场中的反应过度特征同样也不显著。

There is no overreaction and underreaction in short term in Shanghai market .

最后，分析了不同的因素对于股票价格的反应不足与反应过度的影响进行了分析。

We discuss influence of many factors on underreaction and overreaction in the market .

反应不足和过度都会导致疾病的发生，因此必须有精确的调控机制。

Under-or over-response may cause severe diseases , so it must be modulated precisely .

反应不足与反应过度研究综述

An Overview of Under-reaction and Over-reaction

对于下调评级，市场对低关注度股票反应不足，因此，才会产生股价漂移现象。

TO the downgrading , market response to low attention stock is insufficient , which lead to price drift phenomenon .

鉴于在目前经济疲弱的情况下，政策反应不足的危险性要远远高于反应过度，这或许是合理之举。

This may be appropriate given that there is a much greater danger from policy underreacting to current economic weakness than from it overreacting .

价格对信息调整的速度提供了一种直接衡量金融市场反应不足或反应过度的程度，进而检验市场有效性的方法。

Speed of adjustment of stock prices towards information will provide a directive measure of the degrees of under and overreaction in financial markets .

股东与管理者间存在严重的资讯不对称问题，促使公司特有资讯于投资大众间散布缓慢，股价产生反应不足的现象。

That serious problem of asymmetric information between shareholders and managers leads to firm-specific information diffuse among investors slowly and stock prices under-react to information .

首先对反应不足和反应过度进行了理论界定，并对相关文献加以回顾，然后介绍了动量投资策略和反转投资策略这两种行为投资策略。

Firstly , it defines the underreaction and overreaction and reviews the related literature . Then it introduces the momentum investment strategy and contrarian investment strategy .

首先对比了贝叶斯思维者类型预期与类型思维者类型预期，在此基础之上，论述雇佣决策者的两种预期偏差：反应不足预期偏差和反应过度预期偏差。

On the basis of the contrast between the Bayesian employers and the categorized thinking employers , we discussed the two expected bias : under-reaction and over-reaction .

解释了反应不足与反应过度后，接下来就讨论相应的投资策略，即短期的动量交易策略和长期的反转交易策略，并总结了国内外有关这两种策略有效性的实证研究。

After explaining under-reaction and over-reaction , we study corresponding investment strategies : momentum investment strategy and contrarian investment strategy . Many studies have already proved these strategies efficient .

在其模型中，动量现象的出现可以归结为投资者前期的反应不足，而长期的价格反转则是由于反应过度引起的。

In their model , the momentum phenomenon can be attributed to the lack of early reaction by investors , while the long-term price reversal is caused by overreact .

反应不足和反应过度现象的存在性不仅直接关系到有效市场假说的正确与否，而且关系到投资者是否可以通过动量投资策略和反转投资策略进行套利活动。

The existence of underreaction and overreaction directly connects with the Efficient Market Hypothesis as well as whether the investors can arbitrage by using of momentum and contrarian investment strategies .

金融市场上的异常现象大都可归纳为反应不足和反应过度这两种情况，本文将运用行为金融学来研究金融市场的风险资产的定价及市场反应特征。

Most exceptional phenomena belong to these two classes . This paper will use behavioral finance to study the reaction characteristics and the price of risking assets in the financial market .

行为金融学者们以更逼近真实市场行为的理论分析洞悉了资产价格反映过度和反应不足、动量效应、股权溢价之谜以及日历效应等等市场异象，并取得了一定的成果。

Behavioral finance scholars has been developing a new theory by better approaching the real insight into the theory of market anomaly , such as asset prices reflect the over-reaction and under-reaction , momentum effect , the equity premium puzzle and calendar effects , and so on .

指出：个体投资者的风险承受能力过低，以及投资者存在的多头偏好、过度恐惧和损失厌恶心理导致了其对利多消息反应不足、对利空消息反应过度。

Point out : the individual investor 's ability to undergo the risks is too poor , and the investors have " long preference ", " over-panic " and " loss aversion " psychology which lead to the under-reaction to good news , but over-reaction to bad news .

主要有以下四类：第一，和英语心理词汇不同，日韩、欧美的心理词汇和汉语母语者的心理词汇有着显著性的差异，主要体现在聚合关系中。日韩和欧美的聚合反应不足。

First , Japan and South Korea , European and American native speakers of Chinese mental lexicon is different from English , whose mental lexicon mainly is in the aggregation relationship , however , the group of Japan South Korea and the United States Europe are less than polymerization .

用预热的方法可以解决自蔓延合成SiC过程中硅与碳弱放热反应热量不足的问题。

Although SiC SHS process is a weakly exothermic reaction , SiC powder can be synthesized by using preheating SHS method .

二是当前城市规划工作对市场反应的不足，指出城市经营理念出现的意义。

The second is urban planning ignores market factors .

光合反应中心不足；

Lack of photosynthetic reactioncenters ;

迄今为止，在各国的研究中发现了诸多金融市场异常现象，如过度反应与不足反应、规模效应、季节效应、周内效应、无信息时的价格波动和小公司效应等。

Many financial anomalies like overreaction , underreaction , size effect , seasonal effect , week effect and so on have been found .

西医治疗本病，多运用皮质类固醇激素，虽具有明显疗效，但亦存在复发率高、副作用明显、安全性低及不良反应等不足。

Western medicine treatment of the disease , more use of corticosteroids , although has obvious curative effect , but also exists high recurrence rate and side effects and adverse reactions obviously inadequate .

结果多数学生对不良反应认识不足，对常见药物知识的正确回答率为59.36%，不良用药行为率为26.07%。

Results Most students had less knowledge on bad response , and 59.36 % of the students gave the correct answer to the question about common medicine knowledge , and 26.07 % of them had improper behavior of using medicine .

炉温过高会使焦比升高并使铁产量降低，并且导致发生炉况故障；炉温过低会使炉内反应热量不足甚至导致高炉事故发生。

The high furnace temperature will increase the coke , reduce the iron production and lead to occurrence of faults in blast furnace . The low furnace temperature will make blast furnace lack of reaction heat and even lead to blast furnace accident .

投资者非理性行为对创业板IPO抑价的表现主要有投机性与过度交易、过度反应与反应不足、羊群行为。

Investors ' irrational behavior performance of the GEM IPO underpricing mainly include the speculative and excessive trading , over-reaction and reaction , and herd behavior .

CFAST在模拟火源热解和燃烧反应上存在不足，使其在火场重构中的应用受到限制；它模拟的烟气层温度普遍高于实验值。

CFAST was weak in modeling the thermal degradation of fire source and the combustion reaction , which would limit the application of CFAST in fire scene reconstruction .