摘要
近年来,国外财务学界的研究文献大量地关注证券市场的各种异常,如一月效应、处置效应、动量效应、羊群行为等等。这些在统计上具有显著性的异常现象无法用传统财务理论来解释。必须从行为财务学的角度,来说明影响投资者的投资决策的各种行为偏差,从而引导投资者尽量克服这些行为偏差,合理决策、规避投资风险。
All kinds of abnormalities are concerned on stock market in the foreign financial documents these years, such as January effect, disposition effect, momentum effect, herd behavior.These outstanding abnormalities in statistics cannot be explained by traditional theories. With the analysis based on behavioral finance this paper illustrates these investing behavior deviation when conducting decision making. It aims at helping investcgs make reasonable decisions to avoid fish.
出处
《商业研究》
北大核心
2006年第4期149-152,共4页
Commercial Research
关键词
处置效应
心理账户
羊群行为
投资策略
disposition effect
mental accounting
herd behavior
investment strategy
