leifer and Subrahmanyam (1998) propose a theory of security markets based on
investor over confidence (about the precision of private information) and biased
self-attribution (which causes changes in investors' confidence as a function of
their investment outcomes) which leads to market under- and overreactions.
Leifer和Subrahmanyam (1998)基于投資者（對(duì)私有信息的精確性）自信過剩和有偏見的自我歸因（根據(jù)投資者投資結(jié)果引起投資者信心改變）提出一個(gè)證券市場(chǎng)的理論，會(huì)導(dǎo)致市場(chǎng)不足或過度反應(yīng)。