underreaction

[ʌndəri'ækʃən]

n. 不够有力的反应, 不充分反应

underreaction

underreaction[,ʌndəri'ækʃən]n.1.■不充分反应，弱反应

underreaction

underreaction

■Moreover, Jagadeesh and Titman (1993) made further research and found that in the short-term (six to twelve months), stock prices showed underreaction but in the long-term it tended to overreact.

Jagadeesh和Titman（1993）进一步的实证研究发现，在短期内（6-12个月）股票价格存在延迟反应现象而在长期内股票价格则表现出过度反应特征。

■In the next part, we examine: do security analysts underreact in generating recommendations for recovering stocks?

以及：证券分析师是否对复苏中的股票未即时做推荐？

■Anything that causes you to overreact or underreact can control you, and often does.

任何造成你反应过度或不足的事情都可能控制住你，事情往往如此。

■Hong. H. and Stein, J. (1999), A Unified Theory of Underreaction, Momentum Trading and Overreaction in Asset Markets, Journal of Finance, 54.

俞文钊等.市场经济中人的经济心理与行为[M].北京:人民教育出版社,1992.

■Keywords Overreaction;Underreaction;Behavioral finance;Model hypothesis;Questionnaire;Event-study;

反应过度;反应不足;行为金融;模型假设;调查问卷;事件研究;

■Meanwhile, we find that in Shenzhen stock market, big companies' stocks underreact to the unexpected news, and it would take at least one week for the market to digest the news.

同时,我们还发现深市大公司股票存在针对新消息反应不足的现象,新消息至少需要一周时间才能被市场慢慢消化。

■And the underreaction increases with the uncertainty of subsequent information and with the disproportionate cost associated with revision reversal.

同时，随着未来盈利不确定性的加大和变更预测修正方向成本的上升，其反应不足的程度也会上升。

■Therefore, investors underreact about the announcement of stock repurchase and cash dividend increased.In addition, it is stock repurchase that can create more wealth of stockholders.

因此，投资人对于公司的股票购回与股利增发宣告有反应不足的现象，而且，股票购回比现金股利增发更能创造股东财富。

■Foreign academics find that the analysts’ forecasts of companies’ future earnings are not usually unbiased estimation, but a positive bias always added, and there is underreaction to information.

国外的研究表明分析师的预测通常不是对未来盈利的无偏估计，而是往往存在正偏差现象，并且对信息存在反应不足。

■Our finding shows that analyst underreaction to new information may be compounded by the conservatism resulted from previous disappointments.

显示先前推荐行为的挫折经验所造成的保守行为，会加重其对后续新资讯反应不足的现象。

■We discuss influence of many factors on underreaction and overreaction in the 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。

■Our incentives-based explanation for underreaction provides an alternative to psychology-based explanations and suggests avenues for further research.

本文的以利益驱动为基础的模型，为分析师盈利预测反应不足的解释提供了心理学之外的另一个分析角度。

■Every expert has a critique of specific policies, but over time we might see that faced with the decision to underreact or overreact, most governments chose the latter.

每个专家都对具体政策提出了批评，但未来我们也许会发现在反应不足和过度反应之间，各国政府都选择了后者。

■It doesn't overreact or underreact.

池水既不会反应过激，也不会听之任之。

■Empirical Study on Overreaction and Underreaction of Shanghai Stock Exchange's A Shares

沪市A股过度反应和反应不足的实证研究

■The result shows that there is underreaction to information as well for the domestic analysts.

研究表明，国内的分析师同样存在对信息的反应不足。

■The overreaction and underreaction phenomena in financial market is important to judge if the market is consistent with the EMH.

而金融市场的反应过度和反应不足现象，对于判别金融市场是否符合有效市场假说具有重要的意义。

■Analysis of Overreaction and Underreaction in Stock Markets

股市中的过度反应与反应不足

■Keywords behavioral models;underreaction;overreaction;the characteristic model;hot hand effects;

行为模型;过度反应;不足反应;特征模型;热手效应;

■In order to explain the overreaction and underreaction phenomena, behavioral finance sets up several theoretical models including BSV model, DHS model, and HS model.

行为金融在对反应过度和反应不足进行实证检验的基础上，进一步尝试对其进行理论模型工作，其中较有影响力的是BSV模型、DHS模型和HS模型。