Behavior finance learns to be discussed theoretically reach its to apply actually

1、 behavior finance learns to be discussed theoretically reach its to apply actually summary: the abnormality of the error error that behavior finance learns to emphasize the investor that in analysing money market, causes as a result of psychological element theoretically and market, it is the benefi

2、cial complement of modern banking theory. behavior finance learned to get attention in academic research not only, also got applying in practice. the basic theory that learns to finance of the relation that behavior finance learns with modern banking, behavior makes an introduction, in if why invest

3、 in security market,be being discussed, finance of actual application behavior learnsstudy positive result. keyword: behavior finance; modern banking; defence investment is politic; aggression investment is politic behavior finance learns is from microcosmic and individual action and generation the

4、element such as the psychology of the deeper administrative levels of this kind of behavior, society comes explanation, research and the phenomenon that forecast capital market and problem. be in the united states and europe, behavior finance learns more and more attention to get in academic researc

5、h not only, it also had gotten applied in practice. the knowledge that individual investor learns in applied behavior finance will avoid psychological deviation and cognitive mistake, orgnaization investor also is coming to those who develop be a center with behavior to trade in the marrow that lear

6、ns with behavior finance politic. one, the basic idea that behavior finance learns and theory up to now, behavior finance learns to had not formed a system, whole theory. the investor that at present the research achievement of the majority centers at affirming those are met to produce systematizati

7、on to affect to capital market is decision-making psychological characteristic and behavior characteristic. the first, the psychological characteristic of investor. the inspiration that handles information law. modern society information content is bigger and bigger, transmission rate is rapidder an

8、d rapidder also, the situation that money market policymaker faces is increasingly complex. policymaker will must more use inspire a law. inspiring a law is to use experience or common sense to answer a question or undertake judging, it means pair of information to undertake fast, have alternative e

9、xplanation, depend on greatly instinctive. because decision-making rate is very rapid and not integrality, use heuristic method not to give correct verdict possibly, cause cognitive mistake and judgement error thereby. heuristic method includes commonly: it is typical sex. this kind inspires sexual

10、method is a proverbial origin: “if it looks like a duck and the cry of sip sip resembles a duck, it may be a duck. “ forming when anticipating, the probability that people did not determine event through evaluating and its are observed recently the similar rate of incident. typical sex makes investo

11、r excessive to new information reaction, namely investor is being formed new information gives too much weight when anticipating. 2 it is significance. not frequent to happening incident, if people observes this is planted recently incident, so the probability that people apt estimates overly to thi

12、s kind of incident happens in future. for example, if the message of a prang is transmitted often by media recently, people will overestimate the probability that the plane did not produce crash. significance may make investor excessive to new information reaction. 3 it is conceited. people is vaing

13、lorious to his ability and knowledge. for example, say when people this thing has 90% possibility will happen or this statement is true real time, so the possibility of this kind of incident happening is less than 70% . conceited likelihood makes investor unresponsive to new information. 4 it is anc

14、hor is decided. psychologist has proved, when people undertakes quantification estimates, their estimation judgement is likely by this project foregoing value place are affected badly. for example, the distributors of two handcart is normally high price gives when beginning to negotiate, depreciate

15、again next, this distributors endeavors to stay in consumer to go up in costly case. anchor makes investor unresponsive to new information surely. the 2nd, regret. the tendency after the mankind makes a mistake is to regret, is not go seeing this kind of mistake from inside farther setting, meet kic

16、k oneself. regret to conduce to explanatory investor defer selling bade the worth theoretically already reductive stock, sell bade the share that the value already increased quickly. shefrin and statman point out, regret to show investor avoids to sell bade the worth theoretically already reductive

17、stock is not to want to make the mistake that already made becomes reality, avoid to regret thereby, the share that investor sells offer value to already increased is to avoid the price to subsequently the likelihood is reduced and be caused regret. the 3rd, acknowledge is not harmonious. acknowledg

18、e is not coordinated is people the accused evidence indicates its conviction or knowing to have is a mistake suppose when, the conflict on the psychology that people place experiences and intelligence. acknowledge does not coordinate theory to think, people existence takes action reduce the cognitiv

19、e incongruous liability that was not pondered by sufficient reason: ok and evasive new information or development go people screwy argument the belief with maintaining oneself or hypothesis are correct. if new car buyer avoids to read them selectively the advertisement of other model, and the advert

20、isement that goes seeing their place choose a model. the 4th, evasive loss. hasten benefit avoids killing is one of main motive of human behavior, and right “ hasten benefit “ with “ avoid kill “ the choice is in economic activity is consider how to avoid a loss above all, just be to get income next

21、. consider to make clear, people gifts in be engaged in finance trading “ avoid kill “ the consideration weight of the element is “ hasten benefit “ double of the element. the 5th, yang qun effect. the intention that the mutual influence of people changes to the persons preference is very tremendous

22、, going after vogue and implicit psychology is among them the most outstanding characteristic. this decision-making to economy formation and change have special force. the domain invests in finance, people often is remarkable, be not reason from numerous psychology feature and behavior. (2) the comm

23、on characteristic of decision-making behavior1994, shefrin and statman begin to study a likelihood to produce the decision-making behavior feature that the system affects to money market behavior. , characteristic of a few decision-making behavior has gotten behavior finance learns the home people a

24、ccepted, serve as the basic hypothesis to the policymaker: the first, the policymakers preference is diversiform, alterable, their preference just often forms; in decision-making processthe 2nd, the policymaker is sex of meet an emergency, their different choice according to decision-making property

25、 and decision-making environment is decision-making program or technical;the 3rd, the policymaker pursues satisfactory plan and not be optimal program surely. although these are decision-making,the characteristic of interaction is mixed between the feature the influence to the market still very not

26、clear, but a case of a physically strong patient running a high fever or suffering from such disorders as stasis of blood considers to make clear, it is relevant that investor invests character in decision-making behavior characteristic and market, leader of follow of the existence in the bubble; in

27、vestor in the excessive fluctuation that is like stock price and price and from numerous behavior; investment of premature work off gain and value of asset of; of investment of failure of too late work off are right excessive or new market information response is insufficient wait. 2, behavior finan

28、ce learns the actual application in security market specific in security market investment apply behavior finance to learn to be able to be divided for defence strategy and aggression strategy. defence strategy is to show the invests psychology and decision-making feature analysis that uses behavior

29、 finance to learn pair of people will control psychological deviation and cognitive mistake, avoid to err in investment namely; aggression investment strategy is on the foundation of the effect that the psychological error that realizes investor and decision-making error produce to the market the in

30、vestment that makes phasing answer is politic with gaining profit from which. to individual investor, actualer is to adopt defence investment strategy. individual investor is obtained in method of capital actual strength, analysis and information with hold go up to be in inferior position, often rel

31、y on to ask about hearsay to wait consequently as decision-making basis, behavior often of dispute reason. in addition individual investor is responsible to his capital, lack comes from the supervisory hierarchy of control of tripartite, bring about individual investor to make psychological deviatio

32、n and understanding mistake easily in investing a process, be necessary to use defence behavior finance to invest strategy to coach consequently investment. aggression investment strategy is used for orgnaization investor commonly, because be in daedal money market, the price that wants verify certi

33、ficate undertakes judging special difficulty, individual investor is in very hard actual in it is correct that judgement gives current market to fix a price still produced deviation, the professional investor that mastering a large number of information and good analysis skill only just undertakes j

34、udging likely. in addition, the extent of all sorts of price mistakes or deviation and persistent time are finite, individual investor energy is finite, trade cost is high, cannot use these deviation and mistake to gain profit. strategy of investment of defence behavior finance is the knowledge that

35、 uses a series of behavior finance the careful observation that has introspective type to the investment behavior of oneself and grind sentence, specific can include: should check above all the origin of information, sex of the reliability that checks information, actual effect, want close attention

36、 to have recently announce without updated news or number, want to avoid to pay close attention to the information that supports him view only. the 2nd, judgement oneself is assertive, should pay close attention to this a little bit more when investment behavior gained a series of successes recently

37、 particularly. the 3rd, want to be good at comparing the front and negative point of view, find out pair of markets to hold the most hopeful and what is of the most pessimistic attitude respectively person and why to meet hold such viewpoint. the 4th, want to avoid anchor to decide effect to bring a

38、bout not rational expectation to be worth. to orgnaization investor, more important is to be able to use aggression investment strategy. orgnaization of of all kinds investment by investment manager people specific and responsible run, investment manager people with individual investor, investing de

39、cision-making in also can make all sorts of psychology deviation and understanding mistake, also need to use defence investment strategy to try to avoid consequently. but investment manager people having good finance to invest professional knowledge and rich practical experience, the their can bette

40、r deed to oneself undertakes controlling. there is good management to supervise system zephyr danger to run measure commonly in of all kinds orgnaization, also can help investment manager on certain level people avoid to make psychological deviation and cognitive mistake. consequently, orgnaization

41、investor is more serious is to use aggression investment strategy to score gain. at present finance of adoptable aggression behavior invests strategy to basically have: ceng qi: behavior finance learns to be discussed theoretically reach its to apply actually the first, retrorse investment is politi

42、c. retrorse investment is politic, average behaved poor stock in the past and sell a stock that had behaved in the past to undertake covering interest namely. of this kind of strategy putting forward is to be based on de bondt and thaler(1985 at first, the demonstration of excessive to the stock mar

43、ket reaction studies 1987) . behavior finance theory thinks, because investor is in real investment is decision-making in, often pay attention to overly appear on the market the near future expression of the company, to its according to the near future expression of the company future undertakes for

44、ecasting, bring about circumstances of pair of near future outstanding achievement to make thereby continuously excessive reaction, those who form share price of poor to accomplishment company is beyond the mark underestimate and the beyond the mark overmeasure to share price of accomplishment actor

45、 company, offerred the opportunity that covers interest finally to invest strategy reversely. the 2nd, momentum trades politic. momentum trades politic, mix to share earnings beforehand namely trade quantity set filters criterion, when the stock accrual or trade the quantity is contented filter the

46、investment that criterion gives a share with respect to buying and selling is politic. the momentum on behavior finance meaning trades to put forward politicly, result from prices of pair of the stock in the stock market the research of continuity of the accrual intermediate. the intermediate earnings that jegadeesh and titman(1993) are combining to capital st