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中文摘要：
本文重点探讨了我国个人投资者与机构投资者是否存在过度自信心理以及两者在不同市场环境下的过度自信差异。研究结果表明,总体上个人投资者的过度自信程度要强于机构投资者,且当市场处于牛市行情或高波动阶段时,两类投资者的过度自信程度都会进一步增加。同时,研究还发现,个人投资者对来自于私人信息冲击的反应程度要比机构投资者大,说明个人投资者对私人信息赋予了更高的权重,所以变得更加过度自信。
英文摘要：
This paper examines whether investors in Chinese stock market have overconfident trading behaviors, and also analyz- es the overconfidence difference between individual and institutional investors in different market environments. The results show that individual investors＇ overconfidence is stronger than institutional investors in general. Furthermore, in a bull market or when the market volatility is high, the investors＇ overconfidence is more obvious. Finally, the finding that individual investors always overestimate the private information more than institutional investors may account for their different overconfident trad- ing behavior.
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