行为金融学理论（Behavioral finance theory）.docVIP

行为金融学理论（Behavioral finance theory） The modern financial theory classic that peoples decisions are based on rational expectations (Rational Expectation), risk avoidance (Risk Aversion), the utility maximization and constantly update their knowledge and decision making assumptions, but a lot of psychological research shows that peoples actual investment decision is not so. Secondly, the modern financial theory and the efficient market hypothesis is established on the basis of effective competition in the market, and a large number of studies show that non rational investors often can obtain higher returns than investors. Behavioral finance is based on this kind of market vision, and develops a new financial study using the psychological study of peoples actual decision-making process. Behavioral finance studies the mispricing of investment in the investment market due to its own investment behavior, and the resulting behavioral anomaly is the place where Alfa (beyond the market rate of return) is generated. Experts on behavioral finance more, managers have more chances to find Alfa, but also the financial behavior so the seed and buried self destruction, Alfa in the market is less, the market will become more effective, and behavioral anomalies in the market less, then study the financial financial will have no need to there. Second, the more managers who want to beat the market, the harder they work, the more effective the market will become and the less likely it will be to beat the market. The emergence of 4.3.1. behavioral finance As early as 1950s, people began to study behavioral economics, but earlier studies were rather scattered. It was not until 1970s that Kahneman (Daniel Kahneman) and Tversky (Amos Tversky) conducted extensive and systematic research on this field. Behavioral economics emphasizes that peoples behavior is not only driven by interest, but also influenced by many psychological factors. The prospect theory combines psychological research and e