摘要
传统的检验市场过度反应的方法是采用De Bondt和Thaler构造的赢家组合和输家组合,通过检验赢家组合和输家组合的超额收益率来判断市场是否存在过度反应。有别于传统的检验市场过度反应的方法,本文基于我国股票市场上A股和H股估值变化的特殊视角,实证分析了我国A股市场存在的过度反应现象。
Using the winner portfolio and loser portfolio established oy De Bondt and Thaler,by calculat ing the cumulated abnorma returns of the oortfolioes. we can examine whetner the market has the over-reaction phenomenon,This is the traditional method used to examine the stock market＇s over-reaction phenomenon. Different from the traditional me^nom.in sepcial angle of view,this paper oases on the changes of evaluation between China＇s A-snare Market and HongKong＇s H-snares Market,and analyzes the over-reaction phenomenon of China＇s A-share Market.
出处
《特区经济》
北大核心
2009年第2期92-94,共3页
Special Zone Economy
关键词
A股
H股
过度反应
估值
China＇s A -share Markets
Hongkong＇s H -share Market,Evaluation
