基于中国投资者行为偏差的DHS模型修正

The Revised DHS Model in Terms of the Investor Deviation in China

行为金融理论在金融理论中所占的地位越来越重要。行为金融模型中较为典型的有BSV模型、DHS模型、HS模型和BHS模型。本文基于DHS模型 ,在一个截面市场中 ,给出包括投资者保守性偏差和以归因偏差为条件的过度自信偏差的一个行为金融学模型。本文认为 。

Behavioral finance theory gains an increasing importance in finance theories. Typical behavioral finance models include BSV, DHS, HS and BHS. Under the framework of DHS model, this paper tries to build a behavioral finance model in a cross section market, consisted of investor conservatism deviation and excessive confidence deviation with the presupposition of self-attribution deviation. The investor varying risk aversion of BHS model and the investor biased expectation of the cross section model in this paper interact with each other in explaining the aggregate market and cross section market deviation.