有效市場(chǎng)、市場(chǎng)異象與行為金融(文件)
【正文】 ng, and T. Santo s, 1999“P rospect Theory and Asset Prices”,NBER Work ing Paper No. 7220.3. Daniel, K., Hirshleifer, D., Subrahmanyan, A. “A theory of overconfidence, selfattribution and security market under and overreactions” [J]. Unpublished working paper. 1997, University of Michigan., Eugene F. “Market Efficiency, Longterm returns, and behavioral finance” [J]. Journal of Financial Economics, 1998, Vol. 49, pp. 283306 “Efficient capital markets:A review of theory and empirical work” [J], Journal of Finance, 1970, Vol. 25, No. 2, May, pp. ., Eugene Kenneth R. French, “Multifactor Explanations of Assets Pricing Anomalies” [J]. The Journal of Finance, 1996, , No. 1, March, pp, 5584 , Sanford J., Stiglitz, Joseph E. “On the Impossibility of Informationally Efficient Market ”[J], American Economic Review, 1980, Jun80, Vol. 70 Issue 38. Harrison Hong, and Jeremy C. Stein, 1997,“A Unified Theory of Underreaction, Momentum Trading and Overreaction in Asset markets”,NBER Working Paper No. 6324.9. Kahneman, Daniel, and Amos Tversky, 1979, “Prospect theory: an analysis of decision under risk” [J], Econometrica 47, 263291. Barberis, Richard Thaler, “A Survey of Behavioral Finance”[A]. 2002, NBER Working Paper, forthing in the Handbook of the Economics of Finance. NorthHolland. Hersh ,Meir Statman . “Behavioral portfolio theory”[J ] . Journal of Financial and Quantitative Analysis , 2000 ,35(2) :127 —151 Hersh, and Statman Meir, (1994), “Behavioral Capital Asset Pricing Theory” [J ].Journal of Financial and Quantitative Analysis, vol. 29, No. 3, September 1994. Meir, (1999), “Behavioral Finance: Past Battles, Future Engagements” [J ]. Financial Analyst Journal, , , 1827.，《證券市場(chǎng)微觀結(jié)構(gòu)理論與實(shí)踐》[M]，復(fù)旦大學(xué)出版社，2002 行為金融揭示了投資者心理因素在決策、行為以及市場(chǎng)定價(jià)中的作用和地位,使理論更接近實(shí)際, 成功地解釋了一些EMH 框架下不能解釋的異?，F(xiàn)象,顯現(xiàn)出更好的解釋力。應(yīng)當(dāng)承認(rèn), 行為金融理論的發(fā)展并不緩慢, 這一事實(shí)本身足以展示行為金融學(xué)在當(dāng)今金融學(xué)領(lǐng)域的地位及發(fā)展前景。資產(chǎn)組合金字塔的每一層都對(duì)應(yīng)著投資
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