摘要
投资心理和投资行为是行为金融研究股票市场的两个主要工具。本文主要研究了过度自信、自我归因和正反馈交易行为之间的相互关系。研究结果表明:过度自信、自我归因心理可以导致正反馈交易行为,而正反馈交易行为可以导致过度自信和自我归因心理偏差的产生。最后,应用本文的研究结果,对我国股票市场上的一些具体现象给出了有效解释。
Investment psychology and trading behavior are two main tools in the behavioral finance. In this paper, by studying the relation between investment psychology (overconfidence and biased self-attribution) and positive feedback trading behavior, we prove that investment psychology (overconfidence and biased self-attribution) could induce positive feedback trading behavior and true is vice verse. Finally, we explain some anomalies in Chinese stocks market by means of the relation between investment psychology and positive feedback trading behavior.
出处
《管理评论》
2005年第11期19-24,共6页
Management Review
基金
国家杰出青年基金资助项目(70025303)
国家自然科学基金资助项目(70571042)。
