| 投资者行为与证券市场波动 |
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| 引用本文： | 赵鹏举. 投资者行为与证券市场波动[J]. 价值工程, 2009, 28(4): 149-150 |
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| 作者姓名： | 赵鹏举 |
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| 作者单位： | 中原工学院金融系,郑州,450007 |
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| 摘 要： | 证券市场的剧烈波动性是难以用新古典金融理论解释.行为金融学的相关理论可以很好地解释证券市场的过度波动性,投资者情绪、潮流会推动资产价格偏离基本价值,形成市场泡沫。立足于投资者行为,引入适应性预期,可以对股票收益的自相关和过度波动特征一个一致和完备的解释。
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| 关 键 词： | 市场波动 非理性交易者 适应性预期 反馈交易 |
The Behavior of Investors and the Volatility of Stock Market |
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| Zhao Pengju. The Behavior of Investors and the Volatility of Stock Market[J]. Value Engineering, 2009, 28(4): 149-150 |
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| Authors: | Zhao Pengju |
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| Affiliation: | Department of Finance;Zhongyuan Institute of Technology;Zhengzhou 450007;China |
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| Abstract: | It was hard to explain the excess volatility of stock market use neoclassic finance theory. Behavior finance can give a good explanation to this phenomenon. Emotion of investor, fade can drive the asset price to deviate the fundamental value. Based on the investors behavior, adopted the adaptive expectation, can express the stock market return autocorrelation and excess volatility well. |
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| Keywords: | market volatility irrational traders adaptive expectation feedback trading |
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