股市涨跌排行榜效应和投资者有限关注行为分析word格式论文.docxVIP

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股市涨跌排行榜效应和投资者有限关注行为分析word格式论文.docx

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股市涨跌排行榜效应和投资者有限关注行为分析word格式论文

ABSTRACTLimitedattentionistheforefrontofbehavioralfinancetheory.Consideringthe massinformation,investorscognitiveabilityislimited,theyneedallocatetheir cognitiveresourcesindifferentthings,thereforeintheinvestmentdecision-making, investorsarelimitedrational.Theytendtobuythestockthathavemoreattention.In recentyears,Scholarsofdomesticandoverseashavedonealotofresearchtolimited attentiontheory.Althoughthestockmarketupdroplisthasalowcostsourceof information, it usuallywill attract investors’limited attention.Thispaperfirstdiscussesthelimitedattention,updropliststockreturnsandthe internalfunctionmechanism,.Whenthelistisannounced,thefrontofthestocklist gainsmoreinvestorsattention,inthefutureyieldsthosestockgainshigherthanthe listofthelow-rankingstock,i.e.Thisistheupdroplisteffect.Basedonthestock market’sdataofJanuary2010toAugust2012,wepayattentiontocausetheupsand downsoftheeffectonthelistoftheinspection,confirmedtheexistenceofincrease rankingeffect.Inaddition,basedoninvestorsconcern,atthesametimecontrolthe differencebetweentheindustrycircumstance,webuildinginspectionstockportfolio. Verifythehighattentionofthestockportfolioincomewillbehigherthanattention low stock portfolioin the future.Thisarticleresearchconclusionis:bytheinfluenceofinvestorsattention, updroplisteffectexisted.Atthesametime,withmoredifferenceoflimited attention,uplisteffectismoreobvious,butdroplisteffectisnotobvious.Further researchshowsthat,tothesameindustrycircumstance,thedifferencesattentionof investorswillaffectthedecision,makinginvestorsattentiondrivetransaction behaviorproducedifference,leadtothehighattentionstockreturnshigherthanlow attentionstock.Atthesametime,intheresearchconditionofthispaper,we foundthe companyvaluesizeoninvestorsattentiondrivetradeinfluenceisnotobvious,and investorstotheattentionofinvestorsemotionsdrivetradinghaveobviousinfluence. Withinvestorsconcern,turnoverrateandinvestorsentimentastheexplanatory variable,canverygoodexplanationincomedifference.Explainthatinvestors’ behaviorbyli