| 基于真实信息的股票市场操纵与市场过度反应 |
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| 引用本文： | 王明涛. 基于真实信息的股票市场操纵与市场过度反应[J]. 经济经纬, 2007, 0(1): 144-147 |
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| 作者姓名： | 王明涛 |
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| 作者单位： | 上海财经大学,证券期货学院,上海,200433 |
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| 摘 要： | 市场中的跟风者是市场价格操纵的前提,也是市场出现的过度反应、导致市场效率低的主要原因;信息寻求者是推动市场达到有效、拟制市场出现过度反应的主要力量;市场中引入做空机制有助于提高市场效率、减少市场操纵;机构投资者既可能提高市场效率,也可能降低市场效率.
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| 关 键 词： | 真实信息 市场操纵 过度反应 |
| 文章编号： | 1006-1096（2007）01-0144-04 |
| 收稿时间： | 2006-11-27 |
| 修稿时间： | 2006-11-27 |
Stock Market Manipulation Based on Real Information and Market Overreaction |
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| WANG Ming-tao. Stock Market Manipulation Based on Real Information and Market Overreaction[J]. Economic Survey, 2007, 0(1): 144-147 |
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| Authors: | WANG Ming-tao |
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| Affiliation: | School of Securities and Futures, Shanghai University of Finance and Economics, Shanghai 200433, China |
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| Abstract: | Liquidity traders are the premise for market manipulating and the main reason for the stock market overreaction and low market efficiency. Information traders are the main force to improve market efficiency and restrain the stock market overreaction. The introduction of short mechanism to the market is helpful to improving market efficiency and reducing stock market manipulation. Institution investors are likely to both improve market efficiency and lower market efficiency. |
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| Keywords: | real information market manipulation overreaction |
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