市场异象

规模效应和月份效应因其与EMH假说和CAPM模型的矛盾，在股票市场异象研究中占据重要地位。

Because of the conflicts with EMH and CAPM , the size-effect and month-effect are often discussed in the literatures about market anomalies and plays an important role .

财务困境风险、市场异象与资产定价效率

Financial Distress Risk , Market Anomalies and Market Pricing Efficiency

对市场异象的研究促进了金融学的发展，并产生了一门新的学科&行为金融（BehavioralFinance）。

Its study facilitated the development of financial science and prompted the birth of a new subject of knowledge - behavioral finance .

中国股票市场异象：过度反应和反应不足的实证分析

Anomalies in Chinese Stock Market Empirical Research of Overreaction and Underreaction

假日效应是金融市场异象的特殊表现形式，在股市中表现为节假日前后市场的异常波动。

The holiday effect is one of the special financial anomalies in the market .

节日效应这一市场异象的存在对经典的有效市场假说理论构成了挑战。

Visions festival of holiday effect poses a challenge to the Efficient Market Hypothesis classic .

本文主要对一种主要的市场异象&市场分割进行了研究综述，阐述了有效市场假说和行为金融理论对这个问题的各自的观点。

This article is mainly on the introduction of one market anomaly : market segmentation .

上海股票市场异象

Anomalies in Shanghai Stock Market

但市场异象层出不穷，其中盈余公告效应十分明显。

However , there are various anomalies in the market , including the post-earnings-announcement-drift ( PEAD ) .

该理论目前在国外已经被广泛应用，对于许多传统金融理论不能解释的金融市场异象，都能给出较合理的解释。

Being widely applied overseas , it also explains many financial market anomalies better than the traditional ones did .

作为市场异象之一，日历效应的存在对有效市场假说产生了挑战，为了证明日历效应的存在以及对其进行解释，众多学者对世界各国的金融市场进行了相关研究。

As one of the market anomalies , the calendar effects have brought a challenge to the efficient market hypothesis .

本文在对金融市场异象进行简要回顾的基础上，对上海股票市场的过度反应现象进行了系统的探索。

This thesis so looks at the anomalies study of financial market and investigates the overreaction problem of Shanghai Stock Exchange .

标准金融学多年来受到了诸多市场异象的挑战，这使人们意识到标准金融学有许多不足。

Standard finance is challenged by a lot of market anomalies for many years which make people realize that standard finance has many deficiencies .

机构投资者也不例外，又或者某些机构投资者利用这些市场异象进行套利，因此机构投资者的交易行为同样存在偏差。

Or some institutional investors use such homeomorphism to implement arbitrage . There are deviations in the behavior of institutional investors for the above reasons .

但是，越来越多已经被证实的市场异象的存在，使得理性人假说和有效市场假说面临巨大挑战，传统金融理论的正统地位受到质疑。

However , more and more market anomaly has been proven , which challenge the efficient market hypothesis . Traditional Financial Economic Theory of legitimacy being questioned .

随着金融危机的愈演愈烈，市场异象不断浮现，传统经济学理论已不足以解释这些异象的发生。

With the intensified financial crisis , the market anomalies continues to emerge , traditional economic theory has been insufficient to explain the occurrence of these anomalies .

这些可预测的模式被称之为市场异象，主要包含周内效应、周末效应、规模效应、市盈率效应、情绪效应、一月份效应、节日效应等等。

Market vision consists mainly of week effect , weekend effect , scale effect , price-earnings ratio effect , emotional effect , January effect , the holiday effect and so on .

本文首先对关于金融市场异象研究作了一个较为系统的回顾和综述，包括传统金融学和行为金融学的比较及其对过度反应现象的不同解释，以及国际上研究过度反应的基本方法。

This research gives a systematic review of anomalies of financial markets . It compares two explanations of overreaction by traditional finance and behavior finance , and introduces basic methods of overreaction study .

包括规模效应、账面市值比效应、收益率反转行为等等在内的证券市场异象的发现，为金融资产定价领域带来了一系列变革。

The so called anomalies on the security market including Size Effect , Value Premium , Reversal Behavior and so on , has brought a serial of revolutions to the field of financial asset pricing theory .

随着股票市场异象的不断发现，作为标准金融学的假定前提之一的有效市场理论受到了挑战，越来越多的金融学者们开始关注对投资者行为的研究。

With the discovering of the stock market abnormal phenomena , Efficient Market Hypothesis which is one of the premises of the classical finance has been challenged . A growing number of financial scholars have begun to focus on investor behavior .

其次，本文的研究有助于科学地解释资本市场的异象。

Secondly . it also contributes to explain the capital market vision scientifically .

行为金融理论侧重研究投资的行为理性偏误和市场的异象。

Behavioral biases of rationality and " anomalies " in securities markets are focused in behavioral finance mainly .

最后，得出结论并提出了对我国资本市场融资异象的政策建议，和投资者行为与资本市场现象研究的展望。

Finally , draw conclusions and put forward the capital market financing " vision " of the policy recommendations , and the phenomenon of investor behavior research and capital market outlook .

以解释现实金融市场种种异象为目的的行为金融学正逐渐兴起，随着投资者异质信念模型的引入，行为资产定价理论成功地阐述了大量经典资产定价理论所无法解释的市场异象。

Behavioral finance which aims at explaining the various anomalies in the modern financial market is on the rise . With the introduction of heterogeneous beliefs model , behavioral asset pricing theory has successfully described a large number of the market anomalies which traditional asset pricing theory cannot explain .

同时，本文也分析了亏损或ST公司的潜在行为是否对中国市场应计异象产生了影响及影响程度。

Meanwhile , the paper also analyzes whether the potential behavior of negative earnings company or ST company have an impacts on the Chinese stock market and its magnitude .

随着金融市场上各种异象的累积，有效市场假说（EMH）和资本资产定价模型（CAPM）的权威地位已开始动摇。

Along with various accumulations of anomalies in financial market , the correctness of Efficient Market Hypothesis ( EMH ) and the Capital Asset Pricing Model ( CAPM ) has been doubted .

中国证券市场上的异象与行为金融解释

Anomalies of Stock Market in China and Behavioral Finance Interpretation

我国资本市场应计异象存在性问题实证研究

Empirical Study of the Existence of Accrual Anomaly in Chinese Capital Market

中国资本市场应计异象问题研究&基于上市公司成长性的全新视角

Research on the Accrual Anomaly in China 's Capital Market-based on the perspective of Corporate Growth

随着资本市场的种种异象，信息风险成为又一种驱动股权融资成本的风险因素。

In capital market , information has become another risk to drive the cost of capital .