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1、本科畢業(yè)論文外文夕卜文題目:BehavioralFinance出處Pacific-BasinFinanceJournalVbl.ll,No.4,(September2003)pp.429-437作者:JayR.Ritter原文:BehavioralFinanceThisarticleprovidesabriefintroductiontobehavioralfinance.Behavioralfinanceencompassesresearchthatdropsthetraditionalassumptionsofexpectedutilitymaximizatio
2、nwithrationalinvestorsinefficientmarkets.Thetwobuildingblocksofbehavioralfinancearecognitivepsychology(howpeoplethink)andthelimitstoarbitrage(whenmarketswillbeinefficient).Thegrowthofbehavioralfinanceresearchhasbeenfueledbytheinabilityofthetraditionalframeworktoexplainmanyempiricalpatt
3、erns,includingstockmarketbubblesinJapan,Taiwan,andtheU.S.1.IntroductionBehavioralfinanceistheparadigmwherefinancialmarketsarestudiedusingmodelsthatarelessnarrowthanthosebasedonVonNeumann-Morgensternexpectedutilitytheoryandarbitrageassumptions.Specifically,behavioralfinancehastwobuildin
4、gblocks:cognitivepsychologyandthelimitstoarbitrage.Cognitivereferstohowpeoplethink.Thereisahugepsychologyliteraturedocumentingthatpeoplemakesystematicerrorsinthewaythattheythink:theyareoverconfident,theyputtoomuchweightonrecentexperience,etc.Theirpreferencesmayalsocreatedistortions.Beh
5、avioralfinanceusesthisbodyofknowledge,ratherthantakingthearrogantapproachthatitshouldbeignored.Limitstoarbitragereferstopredictinginwhatcircumstancesarbitrageforceswillbeeffective,andwhentheywon'tbe.Behavioralfinanceusesmodelsinwhichsomeagentsarenotfullyrational,eitherbecauseofpreferen
6、cesorbecauseofmistakenbeliefs.Anexampleofanassumptionaboutpreferencesisthatpeoplearelossaverse-a$2gainmightmakepeoplefeelbetterbyasmuchasa$1lossmakesthemfeelworse.MistakenbeliefsarisebecausepeoplearebadBayesians7、guesthatcompetitionbetweeninvestorsseekingabnormalprofitsdrivespricestotheir"correct”value.TheEMHdoesnotassumethatallinvestorsarerational,butitdoesassumethatmarketsarerationalTheEMHdoesnotassumethatmarketscanforeseethefuture,butitdoesassumethatmarketsmakeunbiasedforecastsofthefuture.