analysis of investment strategy analysis（分析投资策略分析）.docVIP

Analysis of investment strategy analysis Summary of the 1980s the rise of behavioral finance theory of human psychology and behavior caused by bad investments and market differences as in the analysis of investor psychology, behavioral characteristics based on the investment strategies discussed. Keywords behavioral finance theory, investment strategy investment psychology An overview of behavioral finance Traditional financial theory is based on market participants are rational, based on the assumption that people in this basis, the core of the traditional finance is the name of the efficient market hypothesis (EMH). The hypothesis that the relevant information if not distorted and in fully reflected in securities prices, the market is efficient. According to this hypothesis, developed a variety of financial theories, including modern portfolio theory (MPT), the capital asset pricing theory (CAPM), arbitrage pricing theory (APT ), option pricing theory (OPT) and so together constitute the foundation of modern financial theory, but also constitute the modern theoretical basis for securities investment strategy. However, with the continuous development of the financial securities market, the traditional finance theory and financial securities markets continue to occur with the reality of conflict, a large number of empirical studies have found that people’s behavior, the subjective feelings of psychological factors in the financial investment plays a significant role in People do not always make decisions in a rational manner in reality there are many cognitive biases and not entirely rational phenomenon, securities investment behavior will show a variety of extreme and emotional characteristics; is manifested in the stock market the stock prices of ‘vision’, such as: January effect, the weekend (Monday) effect, etc., is difficult to use traditional financial theory, these ‘visions’ give a reasonable explanation in this case, from the 1950s of behavioral