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Assignment代写:The behavioral finance

2018-07-10 来源: 51due教员组 类别: 更多范文

下面为大家整理一篇优秀的assignment代写范文- The behavioral finance,供大家参考学习,这篇论文讨论了行为金融学。现代金融理论是行为心理学产生的基础。而投资者行为与心理存在的关系,则是行为金融学的主要内容,它将投资者的心理分为价值感受和理性趋利。价值感受是行为心理学的主要内容,因为其中涉及到了投资者的心理活动与行为变化,但行为金融学只是单纯的将金融学与心理学进行融合,自身不能成为独立的学科。

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Modern financial theory is the basis of behavioral psychology. In the early 1950 s, modern finance theory was formally put forward, it argues that the current stock market has a variety of risks, these risks can be divided into two categories, namely systematic and unsystematic. Diversification of investment will not lead to the disappearance of systemic risks, while non-systemic risks can disappear, which will result in the difference between risks, which can be dispersed and cannot be dispersed. Because risk distinction, investors have more choice, can choose a higher risk for more, also can be at lower risk of small to reduce their own profits, the benefits and risks of financial products as a whole has become the most concern of the investors.

Some western economists from the Angle of psychology, analyzes the behavior of investors, they found that most investors itself is not reason, because investors have too high expectations, so they don't know how to avoid risk. Many investors will appear after the earnings does not meet the psychological, did not realize the importance risk, expect it to increase, once appear losses, investors would recognize the risk, to learn to avoid risk. This theory can be thought of as the beginning of behavioral finance, because it incorporates elements of psychology. Behavior finance completely solidifies in the 1980 s, the researchers found the correspondency of finance and psychology, can explain many investors through psychology, the financial market for better development.

The relationship between investor behavior and psychological existence is the main research content of behavioral finance, which divides investor psychology into two parts, namely, value feeling and rational pursuit of profit. Value refers to the feeling is in the capital market, investors show a state of mind and emotions, some investors are susceptible to the infection of others, the behavior and emotions of others will affect their own investment behavior; Some investors bet against be swayed by considerations of gain and loss. Some investors love risk because they believe it pays. Rational who refers to understand all kinds of financial theory, portfolio theory, arbitrage pricing theory, for example, in theory as the foundation, to buy financial products, keep its able to invest through to get the corresponding benefit. Value is the main content of behavioral psychology, which involves investors' psychological activity and behavior change, but some scholars believe that behavioral finance simply will be fusion, finance and psychology itself cannot become an independent discipline, therefore, behavioral finance has always been controversial.

In general, investors have the following mentality in the investment process. First, conformity. Many investors are easy to be influenced by others, have the herd mentality when making investment, and are easy to adjust their decisions according to the behavior of others. Second, overconfidence. Many investors do not know themselves and the actual situation of the market. They tend to overestimate themselves and trust their own judgment too much. Third, too much emphasis on risk aversion. Every investor wants to gain more benefits through investment activity, but too many investors fear risk, when they invest in, the first to think of not make a profit but avoid risk, this will affect their investment behavior. Behavior finance can be from the perspective of psychology, analyze the mentality of investors, by means of psychology, the correcting wrong ideas and behavior of each investor, investors and investment market toward standardization direction.

Financial markets there are many investors, rational investors share is very small, most investors are irrational investors, irrational investors are influenced by their own information, attitude, mood is more serious. Every investor has certain differences, some investors have information sources, some investors lack information sources. Moreover, there is also a preference in the choice of information. Different understandings of the same information may occur, which will have many effects on investors. Financial markets dominated by rational investors, this is the ideal state, but the implementation of high difficulty, the conditions of the current difficult to meet, such as the irrational investors number less than rational investors, rational investors can grasp the financial market information, ensure that every investor in financial market. Irrational investors cannot disappear from financial markets and can only be controlled. Behavioral finance can form a corresponding elimination mechanism, control the number of irrational investors, reduce the emergence of irrational behaviors, so that every investor can develop in a rational direction.

The financial behavior itself has certain complexity, the rational investor and the irrational investor exist together, many theories and researches revolve around these behaviors. Behavioral finance argues that financial market is not fully possible reason, it let finance have more broad research content, have contributed to the behavioral finance and finance with the possibility of the fusion, let the behavioral finance has better prospects for development.

First of all, finance and behavioral finance share the same research object. They are included in the study content related to investors, finance study Angle towards rational and irrational investors, and behavioral finance study Angle to the normal view of investors. Their research concepts have certain commonality, and their research methods are similar to each other.

Second, there are differences between finance and behavioral finance, but they can be reconciled. Investors' rationality is the key to the divergence between finance and behavioral finance. In the view of behavioral finance, investors need to rely on information. Right? Q, and the different information sources, there exist deviations in understanding will let investors when the deviation caused by investment mistakes, and mistakes repeatedly occurs, investors will reflect on their actions, when investors have good sources of information, cognitive deviation will disappear, if correctly guide investors in financial markets, investors can also gradually to the rational development. Therefore, behavioral finance believes that investors can be rational, which is the same as finance.

Third, finance has the same theory as behavioral finance. Finance and behavioral finance are considered to have common features in many theories. For example, the asset theory of finance is generally regarded as a part of behavioral finance portfolio theory. Both the pricing theory of finance and the pricing theory of behavioral finance come from the thought of supply and demand.

These suggested that there are big contact finance and behavioral finance, with the development of the modern financial industry, the finance also constantly add new content, this also is the development of behavioral finance has opportunity, behavioral finance can rely on the development of finance, let oneself have better prospects for development, in the new era to ensure their own thoughts, the validity of the theory.

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