惯性现象

本文以披露业绩预告信息的公司为样本，研究盈余公告的盈余惯性现象。

The paper investigates the earnings momentum with the sample of performance forecast .

价格的惯性现象是指过去的赢（输）家组合持续成为赢（输）家组合，而反转现象是指过去的赢（输）家成为未来的输（赢）家。

Price Momentum means past winners ( losers ) continue to be winners ( losers ), and price contrarian means past winners ( losers ) become losers ( winners ) in the future .

输家组合虽整体上未表现出明显的惯性现象或者反转现象，但其对私人信息表现出明显的过度反应。

While losers fail to achieve obvious returns inertia or returns reversal on the whole , but obviously overreact to private information .

本文的研究发现，我国股市的股价惯性现象较弱，而且具有短期化和单边性的特征。

Through our empirical research , we find that price momentum is weak in China , it can only be found in short term , and the profit of momentum strategies only comes from buying winners .

本文将股票按照机构投资者持股比例高低分为不同子集，分别研究惯性和反转现象的发生情况。

The returns of the groups show the characteristics of reversal with lower institutional investor holding and the momentum with higher institutional investor holding respectively .

股票市场中的惯性与反转现象自发现以来就受到各位学者的普遍关注，成为有效市场理论下的一种异象。

The momentum and reversal phenomenon of stock market subject to the attention of scholars since it was discovered , and become the vision of efficient market theory .

惯性与反转现象的发现，直接冲击了市场有效性理论，因而它们被视为市场异象，成为传统金融理论与行为金融理论争论的焦点。

For price momentum and contrarian directly disobey the Efficient Market Hypothesis , they are looked as abnormal phenomenon of market and have become the conflict focus between traditional finance theory and behavior finance theory .

仿真结果出现了惯性反转等现象，并且两种类型投资者的比例会对实验结果带来显著影响。

By giving the two kinds of investor different behaviors and decision-making functions , the phenomenon of inertial reverse occurs in the simulation results . What is more , the proportion of the two types of investors brings significant impact to experimental results .

可是由于温度自身的一些特点，如惯性大，滞后现象严重，难以建立精确的数学模型等，给控制过程带来了很大的难题。

For example temperature 's inertia is great , it 's time-lag is serious and it is difficult to establish accurate mathematical model of the object .