premium finance

This paper tries to narrate the explanations of the equity premium puzzle from classical economics and behavioral finance.

本文将试图从古典经济学和行为金融学两个方面对理论学界对股权溢价之谜的解释进行综述。

Researchers generally based on asymmetric information theory, systems theory and behavioral finance theory, trying to explain the phenomenon of IPO premium, thus forming the different hypotheses.

研究者一般基于信息不对称理论、制度理论和行为金融学理论，试图去解释IPO溢价现象，由此形成了不同的理论假说。

Behavioral finance scholars has been developing a new theory by better approaching the real insight into the theory of market anomaly, such as asset prices reflect the over-reaction and under-reaction, momentum effect, the equity premium puzzle and calendar effects, and so on.

行为金融学者们以更逼近真实市场行为的理论分析洞悉了资产价格反映过度和反应不足、动量效应、股权溢价之谜以及日历效应等等市场异象，并取得了一定的成果。

Asset pricing is considered as the core of modern finance; it involves puzzles such as the equity premium puzzle and the risk-free rate puzzle, which have attracted an extensive research interest.

资产定价既是现代金融的核心，也是许多困惑之所在，其中最著名的就是股权溢价之谜和无风险利率之谜。

The emergence of behavioral finance is bright to the puzzle. Its representative theory-myopic loss aversion theory can offer a relatively reasonable explanation to the equity premium puzzle.

行为金融学的出现为股权溢价之谜的解决带来了曙光，其代表性的理论&短视性损失厌恶理论，对股权溢价之谜提供了一个较为合理的解释。