摘要
金融学视角的研究使用市场变量代表投资者情绪,未能触及情绪本质.从心理学视角出发,使用行为金融实验方法,研究股票投资者的真实情绪对收益率及后续决策风险偏好的影响.结果发现:1)股价单边下跌时,产生适度消极情绪的个体收益最高.2)对于后续盈利情境的决策,前期产生积极情绪的个体倾向于规避风险,产生消极情绪的个体倾向于寻求风险;对于后续亏损情境的决策,个体均表现为寻求风险.3)股价单边上涨或下跌时,个体最容易出现的具体情绪分别是"倍受鼓舞"、"内疚"等.
From the financial perspective, researchers often use market variables to representinvestor sentiment which doesn＇t involve the real investor emotion. Then this study basing onpsychology perspective, discussed the impact of real emotion to yield and the risk preferencesof next decisions. The results showed that： （1） When stock price continuously falling, investorswith medium level of negative emotions would get the highest revenue. （2） In the next decision-making about gain situation, the investors with positive emotions performed risk-avoiding,but investors with negative emotions performed risk-seeking; in the next decision-makingabout loss situation, the investors with different emotions both performed risk-seeking. （3）Theinvestors experienced specific emotions such as guilty when stock price falling, and experiencedspecific emotions such as inspired when stock price rising.
出处
《数学的实践与认识》
CSCD
北大核心
2014年第11期116-125,共10页
Mathematics in Practice and Theory
基金
国家自然科学基金(71071017)
中央高校基本科研业务费专项资金(FRF-BR-09-019)
关键词
情绪
决策
投资
风险偏好
emotions
decision-making
investment
risk preference
