反应过度的 meaning in English

hyperreactive

In a relative lower position of the market index or the last period of a " bear " , larger - size ipos can get better return than market portfolio , while in a relative higher position of the market index or the initial period of a " bear " , smaller - size ipos can get better return than market portfolio . small - firm effect is obviously existed for new issues . 4 ) as for the ipos return of every month in a year , the returns of march , april , june are generally get the highest three ranks among all 12 months
实证表明：新股二级市场中长期收益表现显著好于市场组合，上市后第二和第四年超常收益增加显著；新股二级市场的中长期收益基本呈现右偏的尖顶峰分布形态；新股上市后存在短期内反应过度的特点，新股中长期的高超常收益主要由中小型市值的股票贡献，故我国股市基本属于资金推动型的市场，并存在中小盘股票的严重高估和投机性炒作问题。