行为金融学理论与投资基金经理的选择

Behavioral Finacial Theory and Investment Fund Manager′s Choice

行为金融学理论着重分析金融市场中由于心理因素引起的投资者的失误偏差和市场的反常。传统的金融学理论确定投资基金经理的选择标准时仅考虑了经理对于信息的收集分析等能力。但是行为金融学理论认为人的心理因素有可能造成主观错误 :如普遍性、显著性、过度自信、抛锚性等判断错误。这些主观错误会造成基金经理在市场中的过度反应与反应不足。投资者在确定投资对象与选择基金经理时 ,除了传统金融理论中的相关因素外 。

According to traditional financial theory,when choosing one fund to invest,investors must consider whether the fund managers have the ability to gather information and process information better.Behavioral finance is a new field in economics.The theory of behavioral finance claims that investors and managers have many kinds of behavioral biases.These behavioral biases may result in some subjective misbehaviors,such as representativeness,prominence,overconfidence and anchoring.Which may cause investors and fund managers to overreact and underreact in the market.The optimal fund manager must not only get much information and process infomation better,but also know the theory of behavioral finance and the impact of the investors' behavior biases to the market.