一个基于自信过剩和有偏见的自我归因的证券市场理论------外文翻译.doc

leifer and Subrahmanyam (1998) propose a theory of security markets based on
investor over confidence (about the precision of private information) and biased
self-attribution (which causes changes in investors' confidence as a function of
their investment outcomes) which leads to market under- and overreactions.
Leifer和Subrahmanyam (1998)基于投资者（对私有信息的精确性）自信过剩和有偏见的自我归因（根据投资者投资结果引起投资者信心改变）提出一个证券市场的理论，会导致市场不足或过度反应。