行为金融学[文献翻译]

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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.Behavioralfinanceencompassesresearchthatdropsthetraditionalassumptionsofexpectedutilitymaximizationwithrati

2、onalinvestorsinefficientmarkets.Thetwobuildingblocksofbehavioralfinancearecognitivepsychology(howpeoplethink)andthelimitstoarbitrage(whenmarketswillbeinefficient).Thegrowthofbehavioralfinanceresearchhasbeenfueledbytheinabilityofthetraditionalframeworktoexplainmanyempiricalpatterns,includingsto

3、ckmarketbubblesinJapan,Taiwan,andtheU.S.1.IntroductionBehavioralfinanceistheparadigmwherefinancialmarketsarestudiedusingmodelsthatarelessnarrowthanthosebasedonVonNeumann-Morgensternexpectedutilitytheoryandarbitrageassumptions.Specifically,behavioralfinancehastwobuildingblocks:cognitivepsycholo

4、gyandthelimitstoarbitrage.Cognitivereferstohowpeoplethink.Thereisahugepsychologyliteraturedocumentingthatpeoplemakesystematicerrorsinthewaythattheythink:theyareoverconfident,theyputtoomuchweightonrecentexperience,etc.Theirpreferencesmayalsocreatedistortions.Behavioralfinanceusesthisbodyofknowl

5、edge,ratherthantakingthearrogantapproachthatitshouldbeignored.Limitstoarbitragereferstopredictinginwhatcircumstancesarbitrageforceswillbeeffective,andwhentheywon'tbe.Behavioralfinanceusesmodelsinwhichsomeagentsarenotfullyrational,eitherbecauseofpreferencesorbecauseofmistakenbeliefs.Anexampleof

6、anassumptionaboutpreferencesisthatpeoplearelossaverse-a$2gainmightmakepeoplefeelbetterbyasmuchasa$1lossmakesthemfeelworse.MistakenbeliefsarisebecausepeoplearebadBayesians.ModernfinancehasasabuildingblocktheEfficientMarketsHypothesis(EMH).TheEMHarguesthatcompetitionbetweeninvestorsseekingabnorm

7、alprofitsdrivespricestotheir“correct”value.TheEMHdoesnotassumethatallinvestorsarerational,butitdoesassumethatmarketsarerational.TheEMHdoesnotassumethatmarketscanforeseethefuture,butitdoesassumethatmarketsmakeunbiasedforecastsofthefuture