基于行為金融學(xué)的證券投資行為研究.pdf

1、中國海洋大學(xué)碩士學(xué)位論文基于行為金融學(xué)的證券投資行為研究姓名：張華慶申請學(xué)位級別：碩士專業(yè)：金融學(xué)指導(dǎo)教師：孫健2003.6.1ResearchofBehavjOFSofSecurityInvestmentBasedonBehavjoralFinanceAbstractTradicionalfinancetheoryanalyzesthebehaviorsofsecuritYinvestmen％based013thehypothesis

2、thatinvestorsarerationalandthusformssuchtheoriesasModernPortfolioTheory，EfficientMarketHypothesisandCapitalAssetPricingModeletcHoweverempiricalresearchessuchastheriddleofbonus，theover—reactionandunder—reactionofstockpric

3、e，theacutefluctuationofstockpricebringgreatchallengetoit，andtherearemanydefectsonitsfundamentaltheory，tooAccordingtotherelationofpsychologyandbehaviorsofinvestorsBehavioralfinancearguesinvestorshavesomecognitivebiasesand

4、securityinvestors’behaviorsaren’trathercompletelyrational，onwhichthebehaviorsofsecurityinvestmentareanalyzedInthewakeoftheanalysiscomethetheories，sachastheProspectTheory，BehavioralPortfolioTheoryandLimittoArbitrageTheory

5、Thustheanalysistosecurityinvestors’behaviorsmoreaccordswiththepracticeThepaperanalyzestheinvestmentbehaviorsofinvestorsinChinabymeansofBehavioralfinanceTheinvestorshavesamepsychologicalcharacteristicssuchasoverconfidence

6、，followingthemassesandtheyalsoaren’tcompletelyrationalThe1imittoarbitrage，“herdbehavior”anddispositioneffectaretheirobviousperformancesThepaperanalyzestheseindetailTheresearchofbehaviorsofsecuritv1nvestmentbringsussignif