投资者情绪与企业投资行为_1ppt课件.pptVIP

;;“Price is what you pay, value is what you get.” - Warren Buffett; 提 纲;问题的提出; 资产定价与企业投资行为 ----传统财务理论的分析逻辑;The Efficient Market Hypothesis;Why do we believe markets are efficient?;经济史实的反思与问题的提出;*;*;*;*;*;*;*;*;一个小实验;*;*;Fashions and Fads;*;;;*;*;*;Role of Investor Behavior;;;investor sentiment;What gives rise to sentiment?;;The news event…;Commentary…;Understanding the information;Equilibrium is reached by the end of the third day…;Behavioral Finance;Behavioral Finance: Two Major Foundations;Shiller (1984):;Implications of the Model;研究框架;How might we measure sentiment?;国外研究述评