基于适应性理论对证券市场和投资者的建议

基于适应性理论,以帮助投资者实现理性决策为目标,针对决策过程中影响投资者理性决策的＂外部环境＂因素和＂内部限制＂提出两个方面的对策建议,一是对证券监管的对策建议,主要目标是为投资者理性决策创造一个好的＂外部环境＂;二是对投资者个人的对策建议,主要目标是有利于投资者建立一个具有较强适应能力的投资决策模式。     

有限理性﹑制度和组织决策

20世纪50年代,西蒙的“有限理性”的出现,打破了理性选择理论一统天下的局面。有限理性的提出,为组织决策重新制定了方案。同时,制度主义学派也以有限理性为理论基础,强调制度在组织决策中的作用。     

行为财务理论下的投资者有限理性行为分析

本文从行为财务理论的视角出发,阐述了决策者有限理性行为的表现,旨在说明财务决策是一种复杂的人类行为,投资者进行决策时不可避免地存在着理性不完备和认知偏差的状况。     

剖析西蒙之有限理性决策模式

赫伯特·西蒙由于"对经济组织内的决策程序所进行的开创性研究",获得瑞1978年诺贝尔经济学奖,<管理行为>一书是他的最重要的著作之一.此书包括两个方面的内容:以"有限度的理性"和"令人满意的准则"为主要内容的的决策理论;决策过程理论.本文对西蒙之有限理性决策模式的一些基本内容进行了分析和研究,对西蒙之决策思维模式进行了客观的梳理,旨在为其他学者的进一步研究提供一些参考.     

证券市场投资者行为的理性概念演变

本文阐述了理性概念从投资者完美理性到有限理性再到适应性理性的过程，为证券市场适应性演化提供理论基础，对于指导投资者实践具有一定的理论意义。     

预期效用理论与前景理论的比较研究

预期效用理论和前景理论是两种不同的理论范式,前者描绘了投资者理性行为的特征,后者则描述了投资者的实际行为过程。对这两种理论从理论模型、函数特征、投资者的态度以及投资者决策过程等四个方面进行系统地比较研究。虽然预期效用理论精确阐释了某些明显和简单的政策问题的实际选择,但大多数实际决策问题是复杂的,需要进一步丰富模型。     

基于投资者情绪的我国证券市场IPO抑价研究

IPO抑价指的是新股的发行价通常显著低于其上市首日收盘价的现象。一、基于投资者情绪的IPO抑价剖析行为金融理论认为，投资者在投资决策的过程中并不是完全理性的，而是会受到自身认知或者行为等因素的影响，做出与完全理性条件下不同的决策，从而导致了证券市场上各种异象的出现。     

有限理性与行为决策

本文通过举例说明人们在信息不完全和判断能力不完美的约束下,无法成为一个完全理性人,有限理性支配着人们的行为决策。人们的行为决策不再象完全理性人那样追求效用最大化,而是追求内心的相对满意。     

行为金融学：公司股利政策研究的新视角

行为金融学是在对现代金融理论的挑战和质疑的背景下形成的。现代金融理论是以理性人假设和EMH为基础发展起来的关于投资者在最优投资组合决策和酱市场均衡状态下如何决定各种证券价格的理论体系。     

沉没成本效应与决策相关性研究

本文通过挖掘沉没成本效应的内涵、其影响决策的内在机制以及沉没成本效应的影响因素,最后针对企业和个人如何理性地看待沉没成本效应并理性地决策提供了参考建议。研究发现沉没成本效应与决策密切相关,它是一把双刃剑,在决策中要理性看待。     

住宅价格长期稳定上涨的理论界限

在“住宅零空关”假设下,住宅的理论租金和理论价格均由宏观经济发展水平和住宅存量共同决定。合理的住宅租金上涨率等于国民收入增长率减住宅存量增长率。合理的住宅价格增长率则等于市场贴现率减去该时点住宅理论租金与住宅理论价格之比率,超过这个界限的住宅价格上涨均被看作含有泡沫成分。     

Rational Moralists and Moral Rationalists Value-Based Management: Model,Criterion and Validation

This paper considers ethical decision making by blending three streams of related research: cognitive moral development of the decision maker, rational choice theory and a subjective expected utility model. Ethical dilemmas can be defined as situations where moral certainty is compromised by rational cognition. In this paper, the authors assume that some people use a morality-first perspective and others a rationality-first perspective. Ethical scenarios were written and used to test hypotheses derived from this perspective. The instrument developed was shown to be in need of further refinement. Results are discussed in terms of relationships between participant-characteristics variables overall and subscale responses to the ethical scenarios.     

利益相关者财务治理的一致性聚类分析

本文利用聚类分析方法研究利益相关者参与企业财务治理的决策机制,以融资决策为例,将内部融资、债务融资、股权融资三种不同的融资类型作为决策者判断的方案,不同类型融资的具体数值作为三角模糊数,考虑决策者的权重对决策者一致度计算的影响,计算不同决策者之间的一致度距离,进行决策者聚类,依据聚类的结果,计算一致性相同的决策者集合的最终方案集,最后通过实例演示了上述的计算过程。     

A Matter of Survival - Determinants of Rational Behavior in B-to-B Markets

The paper focuses on the question of whether the frequently stated industrial/consumer dichotomy with respect to the involved degree of rationality in decision making, namely that it is high in b-to-b and low in b-to-c markets, is in fact justified. We develop a universal framework to determine which factors lead to rational behavior. The framework may be used for determining if a given decision situation should be analyzed by means of an economic or rather a behavioral approach. When adapting this framework to evaluate decisions in business markets, we identify conditions under which rational behavior is unlikely. Thus, from a purely theoretical standpoint, the proposed dichotomy seems questionable. Whether or not, however, the identified conditions promoting ‘irrationality’ in both industrial and consumer markets in fact must be determined empirically. Therefore, we also suggest an empirical test for the universal framework.     

A Comparison of Models Describing the Impact of Moral Decision Making on Investment Decisions

As moral decision making in financial markets incorporates moral considerations into investment decisions, some rational decision theorists argue that moral considerations would introduce inefficiency to investment decisions. However, market demand for socially responsible investment is increasing, suggesting that investment decisions are influenced by both financial and moral considerations. Several models can be applied to explain moral behavior. We test the suitability of (a) multiple attribute utility theory (MAUT), (b) theory of planned behavior, and (c) issue-contingent model of ethical decision making in organizations. In an experimental setting, 141 participants traded company shares in a computerized asset market. Over 12 periods, companies varied in morality (i.e., treatment of employees) and in profitability (i.e., expected dividends per share). Participants’ bids and asks for shares were recorded. Results indicate that moral considerations influence investment decisions, controlling for profit. Differences between the three models are discussed.     

Unethical and Fraudulent Financial Reporting: Applying the Theory of Planned Behavior

This research applies the theory of planned behavior to corporate managers’ decision making as it relates to fraudulent financial reporting. Specifically, we conducted two studies to examine the effects of attitude, subjective norm and perceived control on managers’ decisions to violate generally accepted accounting principles (GAAP) in order to meet an earnings target and receive an annual bonus. The results suggest that the theory of planned behavior predicts whether managers’ decisions are ethical or unethical. These findings are relevant to corporate leaders who seek to improve ethical work climates of organizations and to many regulators, accountants, corporate governance officials and investors.     

Assumptions in Decision Making Scholarship: Implications for Business Ethics Research

While decision making scholarship in management has specifically addressed the objectivist assumptions within the rational choice model, a similar move within business ethics has only begun to occur. Business ethics scholarship remains primarily based on rational choice assumptions. In this article, we examine the managerial decision making literature in order to illustrate equivocality within the rational choice model. We identify four key assumptions in the decision making literature and illustrate how these assumptions affect decision making theory, research, and practice within the purview of business ethics. Given the breadth of disciplines and approaches within management decision making scholarship, a content analysis of management decision making scholarship produces a greater range of assumptions with finer granularity than similar scholarship within business ethics. By identifying the core assumptions within decision making scholarship, we start a conversation about why, how, and to what effect we make assumptions about decision making in business ethics theory, research, and practice. Examining the range of possible assumptions underlying current scholarship will hopefully clarify the conversation and provide a platform for future business ethics research.     

价值判断与公司竞争力的关系分析

如何提升竞争力是公司非常关心的问题。但是不确定性和决策者的有限理性会影响到公司对竞争战略的价值判断,从而影响到公司的竞争力。运用展望理论和顾客净资产理论对此进行分析,提出一些提升公司竞争力的建议。     

Cash Stream Valuation In the Face of Transaction Costs and Taxes

The usual notion of every future cash stream having a net present value determined from a single term structure breaks down when transaction costs are taken into account, especially the sizable costs associated with short-borrowing. the difficulties are compounded by taxes, which can lead to paradoxes of disequilibrium if elementary NPV is assumed to be a rational basis for decision making. This paper systematically develops a theory of valuation which overcomes these shortcomings by accepting the multiplicity of no-arbitrage term structures that may be present for each tax class of investors, and uses the entire set of them to impute both a "long price" and a "short price" for every cash stream, regardless of the sign of the future payments. the valuation operators giving these prices are nonlinear but readily calculated from linear programming formulas.