基于行为金融学的资产价格波动分析（Analysis of asset price fluctuation based on Behavioral Finance）.docVIP

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基于行为金融学的资产价格波动分析（Analysis of asset price fluctuation based on Behavioral Finance）.doc

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基于行为金融学的资产价格波动分析（Analysis of asset price fluctuation based on Behavioral Finance）

基于行为金融学的资产价格波动分析（Analysis of asset price fluctuation based on Behavioral Finance） Abstract: the factors that determine the short-term fluctuation of stock prices are the synthesis of psychological factors of all participating investors, including rational and irrational psychological factors. The immediate factor that determines whether or not an investor buys shares is his immediate mental state. Irrationality is the weakness that human beings can not overcome, and the irrational accumulation of individuals leads to irrational fluctuation in the whole market. This paper uses behavioral finance to analyze the fluctuation and development of asset prices from the perspective of individuals and groups. Key words: behavioral finance; conservatism; isolation effect; overreaction; reaction; self attribution; irrational fluctuation I. Introduction to behavioral finance Western Behavioral Finance (Behavioral Finance) was born in 1980s. The theories of economics and finance before behavioral finance assume that individuals will take into consideration the information they can obtain and make rational investment decisions in the decision-making process. However, researchers have found a large number of irrational investment behaviors in the field of investment. Many western economists found in the investment process, many mathematical models of finance, cannot well explain and predict actual investment activities, behavior and psychology of peoples investment activities began to attract attention. Behavioral finance is an attempt to explain how investors emotional and cognitive errors contribute to their investments in decision-making. The behavioral finance theory, including the famous (Context Dependence), on the background of conservatism (Conservation) and isolation effect (DisjunctionEffect), overreaction (Over-reaction), insufficient response (Under-reaction) etc.. Two, irrational fluctuation of asset prices and irrational man hypothesis The traditional theories of econ