中文摘要：

基于股票市场的实际情况，将交易者分成具有有限理性的两类：基本分析者和动量交易者，并利用基本分析者和动量交易者的相互作用，构建了证券投资的行为金融模型。模型分析表明，基本分析者的有限理性在短期会产生反应不足，动量交易者的交易策略在长期导致反应过度。

英文摘要：

In stock market, traders can be divided into two groups of bounded rational agents-＂ fundamental analysts＂ and ＂momentum traders＂-each of whom can only process a subset of all available information. A model is built based on the interaction of these two groups. Analytical results show that the bounded rationality of the fundamental analysts creates a tendency for prices to underreact to private information in the short run and this underreaction in turn means that momentum traders can make money by trend-chasing and lead to overreaction at the long horizons.