行为金融学【外文翻译】

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1、本科毕业论文外文外文题目：BehavioralFinance出处Pacific-BasinFinanceJournalVol.11，No.4，(September2003)pp.429-437作者：JayR.Ritter原文：BehavioralFinanceThisarticleprovidesabriefintroductiontobehavioralfinance.Behavioralfinanceencompassesresearchthatdropsthetraditionalassumptions

2、ofexpectedutilitymaximizationwithrationalinvestorsinefficientmarkets.Thetwobuildingblocksofbehavioralfinancearecognitivepsychology(howpeoplethink)andthelimitstoarbitrage(whenmarketswillbeinefficient).Thegrowthofbehavioralfinanceresearchhasbeenfueledbytheina

3、bilityofthetraditionalframeworktoexplainmanyempiricalpatterns,includingstockmarketbubblesinJapan,Taiwan,andtheU.S.1.IntroductionBehavioralfinanceistheparadigmwherefinancialmarketsarestudiedusingmodelsthatarelessnarrowthanthosebasedonVonNeumann-Morgensternex

4、pectedutilitytheoryandarbitrageassumptions.Specifically,behavioralfinancehastwobuildingblocks:cognitivepsychologyandthelimitstoarbitrage.Cognitivereferstohowpeoplethink.Thereisahugepsychologyliteraturedocumentingthatpeoplemakesystematicerrorsinthewaythatthe

5、ythink:theyareoverconfident,theyputtoomuchweightonrecentexperience,etc.Theirpreferencesmayalsocreatedistortions.Behavioralfinanceusesthisbodyofknowledge,ratherthantakingthearrogantapproachthatitshouldbeignored.Limitstoarbitragereferstopredictinginwhatcircum

6、stancesarbitrageforceswillbeeffective,andwhentheywon'tbe.Behavioralfinanceusesmodelsinwhichsomeagentsarenotfullyrational,eitherbecauseofpreferencesorbecauseofmistakenbeliefs.Anexampleofanassumptionaboutpreferencesisthatpeoplearelossaverse-a$2gainmightmakepe

7、oplefeelbetterbyasmuchasa$1lossmakesthemfeelworse.MistakenbeliefsarisebecausepeoplearebadBayesians.ModernfinancehasasabuildingblocktheEfficientMarketsHypothesis(EMH).TheEMHarguesthatcompetitionbetweeninvestorsseekingabnormalprofitsdrivespricestotheir“correc

8、t”value.TheEMHdoesnotassumethatallinvestorsarerational,butitdoesassumethatmarketsarerational.TheEMHdoesnotassumethatmarketscanforeseethefuture,butitdoesassumethatmarketsmakeunbiasedforecastsofthefuture