chap012行为金融与幅技术分析.pptVIP

INVESTMENTS | BODIE, KANE, MARCUS INVESTMENTS | BODIE, KANE, MARCUS Copyright ? 2011 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin CHAPTER 12 Behavioral Finance and Technical Analysis 行为金融与技术分析 12-* Behavioral Finance行为金融 Conventional Finance传统金融 Prices are correct; equal to intrinsic value. 资产价格正确时等于其内在价值 Resources are allocated efficiently.资源被正确的分配 Consistent with EMH与有效市场假说一致 Behavioral Finance行为金融 What if investors don’t behave rationally? 行为金融研究：如果投资者不够理性怎么办？ 12-* The Behavioral Critique来自行为学派的批评 Two categories of irrationalities:两类不理性 Investors do not alwa