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行为金融综述.pdf


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1 ?????: ??? ??* Behavioral Finance: A Literature Review ???* ?????? ????????????????????? ?????????????????????????????? ??????!"?#$%&'()*+,-.??/01????23"45267892:;?<2=?>?2'()*+,? Abstract In this paper, we review the behavioral finance literature, including the development of prospect theory and other relevant theories. In addition, we discuss the explanations for return predictability from both the viewpoints of traditional and behavioral finance theories. Key Words: prospect theory; overconfidence; loss aversion; framing dependence; mental accounting; return predictab ility. *???????? ???????????????????????????????!"?#$% 2 ?????***@A??BC (financial economics) )DE?FBC GHIJ?KL???? (behavioral finance) MNO)DE?F??BC (behavioral economics) IJ?******@AQRS?? J (behaviorism) E?=? GI?KL???? MN)DE?=??? (psychological finance) GI?TUV)E?=?B C (psychological economics) ?I 1?WXYZ??[\ ]N^?=?BC _ (psychological economists) `FBC=? _ (economic psychologists) ?ab PcNFde?fg]hi=? j??kl#$`mnBC jo?= p\?Pq]rFstu#$?YZHvuBCvwx?????=?yz?{QRD??|Ue?}~????TU???jM????e??] ????? ???`?]?=??? ?????Pc?????? ??D=? j?y?????D?? ?????? ???klm?~?????BC??om?%&?????y z?|???yz?13????¢,?£¤¥?P|?§'(??u¨? aj`??-?j?ˉ°u?±)*+,?2@?u¨?a3a?′μ??? yo?·?1( (size premium ?o???·??A )???1( (value premium ?ào>aá???A )?P|??????? CAPM ?APT ?? CCAPM ??M~???m??è?¨?a'(é??u??-?3a?ê ?ìí?N2G??N2?D?N?yz??????u?ò`óòMˉ°u?±4Q??? van Raaij (1981) ???BC=? ?G??×N)?ùQRúm???? ??????é???üG? ?YT??àBCáa?NG?BC?? ???{Hv.?Hè.éé??P?êBC??d?Tìí????e jHè????ò??óP?3???yP?BCáaè?÷?ù¢???úc??Hv?êáü`BCv???d`T`??ìí (perception) ? ?? 3???y??ù¢Pt? ?uáü`BCx?ào?áü`BC??F ? v ? ??(projection) ? ? A?áü`BC ???FG ? ìí???3 f YTu|3 x??è? ??? ? t ! ?? D?§?bn??2????¢) ?? 4???????? (?NB Cáa?¢ )?M) ?? ???è.Hè?=??.éPê??????` ] ?] ?T?? BC???????èE??,?.??b?¢? ? 4X? ?a.é ??BCáa?¢2?? ?????? ? PHv?? vn ? 3 r ?????? Ef ?è?? u??xt , ?!"?# ????? 1????? John B. Watson (1878-1958) ? 1912 ??? Wat son ? Pavlov ????????theory of conditioning ?????????????????!"

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  • 页数36
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  • 时间2016-04-15
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