摘要
通过实证研究,我们发现上证综合指数中,50的整数倍点是投资者的心理关口,充当着阻力位与支撑位的作用。具体表现为股指在50的整数点附近停留的机率显著较少,而突破这些心理关口会造成变化幅度加大。我们同时发现,和国外股市不同,上证综合指数向下突破心理关口的幅度相对于向上突破心理关口的幅度要小,我们认为这是由于我国禁止卖空交易造成的。
Through the empirical study we fm＇d that there has a psychological harder in Shanghai Composite Index at multiples of 50. As the key reference points for some irrational investors, this psychological barrier affecrs their investment decisions. The barrier serves as resistance or support levels, breaking which results in a big movement of the index. We also find that it is different from abroad, that Shanghai Composite index moves in a big margin when the barrier moves upward than downward, that is because short sale is prohibited in China.
出处
《金融研究》
CSSCI
北大核心
2006年第2期61-69,共9页
Journal of Financial Research
关键词
行为金融学
心理关口
股票指数
M值
behavior finance, psychiological barrier, stock index, M value
