資源描述:
《行為金融學(xué)[文獻(xiàn)翻譯]》由會(huì)員上傳分享,免費(fèi)在線閱讀,更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫(kù)。
1、本科畢業(yè)論文外文外文題目:BehavioralFinance出處Pacific-BasinFinanceJournalVol.11,No.4,(September2003)pp.429-437作者:JayR.Ritter原文:BehavioralFinanceThisarticleprovidesabriefintroductiontobehavioralfinance.Behavioralfinanceencompassesresearchthatdropsthetraditionalassumptionsofexpectedutilitymaximizationwithrati
2、onalinvestorsinefficientmarkets.Thetwobuildingblocksofbehavioralfinancearecognitivepsychology(howpeoplethink)andthelimitstoarbitrage(whenmarketswillbeinefficient).Thegrowthofbehavioralfinanceresearchhasbeenfueledbytheinabilityofthetraditionalframeworktoexplainmanyempiricalpatterns,includingsto
3、ckmarketbubblesinJapan,Taiwan,andtheU.S.1.IntroductionBehavioralfinanceistheparadigmwherefinancialmarketsarestudiedusingmodelsthatarelessnarrowthanthosebasedonVonNeumann-Morgensternexpectedutilitytheoryandarbitrageassumptions.Specifically,behavioralfinancehastwobuildingblocks:cognitivepsycholo
4、gyandthelimitstoarbitrage.Cognitivereferstohowpeoplethink.Thereisahugepsychologyliteraturedocumentingthatpeoplemakesystematicerrorsinthewaythattheythink:theyareoverconfident,theyputtoomuchweightonrecentexperience,etc.Theirpreferencesmayalsocreatedistortions.Behavioralfinanceusesthisbodyofknowl
5、edge,ratherthantakingthearrogantapproachthatitshouldbeignored.Limitstoarbitragereferstopredictinginwhatcircumstancesarbitrageforceswillbeeffective,andwhentheywon'tbe.Behavioralfinanceusesmodelsinwhichsomeagentsarenotfullyrational,eitherbecauseofpreferencesorbecauseofmistakenbeliefs.Anexampleof
6、anassumptionaboutpreferencesisthatpeoplearelossaverse-a$2gainmightmakepeoplefeelbetterbyasmuchasa$1lossmakesthemfeelworse.MistakenbeliefsarisebecausepeoplearebadBayesians.ModernfinancehasasabuildingblocktheEfficientMarketsHypothesis(EMH).TheEMHarguesthatcompetitionbetweeninvestorsseekingabnorm
7、alprofitsdrivespricestotheir“correct”value.TheEMHdoesnotassumethatallinvestorsarerational,butitdoesassumethatmarketsarerational.TheEMHdoesnotassumethatmarketscanforeseethefuture,butitdoesassumethatmarketsmakeunbiasedforecastsofthefuture