货银行为金融.pptVIP

Presentation BEHAVIORAL FINANCE 行为金融 演讲者:0114650符红雪 0114643夏子茜 0114648陶雨菁 0114664张灵 0114639吴文倩 0114635张国倩  Efficient or Not?  家荷兰和壳牌公司股票价格的长期偏离 Royal Dutch and Shell Company were in the Netherlands and England, respectively, in 1907, the two companies formed a strategic alliance, The two companies agreed to merge retain separate and distinct entities based on the equity ratio of 60: 40. All cash income flow into the tax adjustment and control of he company, according to this ratio. If the market value of the securities is equal to the net present value of the future cash flow, in accordance with the ratio of 60: 40 the price of royal Dutch is 1. 5 times the price. However, the reality is far from it. 皇家荷兰相对于壳牌公司的股票价格 (对60/40价值比的背高) 10% 一5% 10% 15% 20% 25% 1⊥ 2  ·皇家荷兰与壳牌公司股票价格的长期偏离是否对资 本市场的有效性提出了挑战? 市场有效性存在什么缺陷? ·它对标准金融学会带来怎样的冲击  What is behavioral finance?  NOTES. Behavioral economics and the related field behavioral finance, study the effects of social, cognitive, and emotional factors on the economic decisions of individuals and institutions and the consequences for market prices, returns, and the resource allocation. The fields are primarily concerned with the bounds of rationality of economic agents It is opposite to the efficient market hypothesis( EMH, A 效市场假说) /wiki/behavioralfinan  Behavioral finance theory holds-that the market price of the securities is not only determined by the intrinsic value of securities but also largely influenced by the behavior of Investors That is, investors psychology and behavior determine the price of the securities market and the movements have a significant impact Psychology The behavior of (心理 investors The market price of the securities The intrinsic Action value of securities  here are two themes which are prevalent in behavioral finances ● Expectancy theory ● Regret Theo  Expectancy theory Expectations theory is that the investors utility function of p