We will doubt on the EMH by the anomalies, especially based on under-reaction and over-reaction, some savant offered momentum strategy and contrarian strategy.We summarize the studies on it.

• 讨论了金融异象对有效市场的质疑，并重点对基于反应不足和反应过度的动量和反转投资策略的国内外相关研究状况进行了描述；