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1、FinancialAnalystsJournalFAJVolume64•Number2©2008.CFAInstitutePERSPECTIVESAffectinaBehavioralAsset-PricingModelMeirStatman,KennethL.Fisher,andDenizAnginereoftenadmireastockordisapproveofthree-factormodel.Butaffectplaysaroleinbehav-itwhenwehearitsnameevenbeforeioralasset-pricingmod
2、els,whereitisreferredtoasWwethinkaboutitsP/Eorthegrowthof"sentiment"oran"expressivesetofcharacteristics."itscompany'ssales.ThinkofGoogleStatman(1999)describedabehavioralasset-Inc.,GeneralElectricCompany,EnronCorpora-pricingmodelthatincludesutilitarianfactors,suchtion.Likehouses,c
3、ars,watches,andmanyotherasrisk,butalsoexpressiveoraffectcharacteristics,products,stocksexude"affect."Affectisthespe-suchasthenegativeaffectoftobaccoandother"sin"cificqualityof"goodness"or"badness,"andcompaniesorthepositiveaffectofprestigioushedgeSlovic,Finucane,Peters,andMacGrego
4、r(2002)funds.Heillustratedthemodelwithananalogytodescribeditasafeelingthatoccursrapidlyandthewatchmarket.A$10,000Rolexwatchanda$50Timexwatchhaveapproximatelythesameutilitar-automatically,oftenwithoutconsciousness.Zajoncianqualities;bothwatchesdisplaythesametime.(1980),anearlyprop
5、onentoftheimportanceofButRolexbuyersarewillingtopayanextra$9,950affectindecisionmaking,wrote,"WedonotjustoverthepriceoftheTimexbecausetheaffectofaseehouse:Weseeahandsomehouse,anuglyRolex—consistingofprestigeand,perhaps,house,orapretentioushouse"(p.154)andadded:beauty—ismorepositi
6、vethanthatofaTimex.Wesometimesdeludeourselvesthatwepro-Thisarticleisaboutasset-pricingmodels,notceedinarationalmannerandweighallthemarketefficiency,althoughthetwoareinterre-prosandconsofthevariousalternatives.Butlated.Wefoundthatthereturnsofstocksadmiredthisisrarelythecase.Quiteo
7、ften"IdecidedinbyrespondentstotheFortunesurveysarelowerfavorofX"isnomorethan"IlikedX,"Webuythanthereturnsofstocksoflessadmiredcompa-thecarswe"like,"choosethejobsandhousesnies,butwedonotclaimtohaveuncoveredanewwefind"attractive,"andthenjustifytheseanomaly.Rather,wehypothesizethata
8、ffectplayschoicesbyvariousreasons,(p.155
