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留学生作业代写:Behavioral Finance

2018-01-30 来源: 51due教员组 类别: Essay范文

下面为大家整理一篇优秀的essay代写范文- Behavioral Finance,供大家参考学习,这篇论文讨论了行为金融学。行为金融学是将行为学、心理学和认知学成果运用到金融市场上产生的一种新理论,是基于心理学实验结果提出投资者决策时的心理特征假设来研究投资者实际投资决策行为的一门学科。行为金融学认为,人们在进行决策的时候,往往会选择一个决策参考点来判断预期的损益,而非着眼于最终的财富状况。

Behavioral Finance,行为金融学,essay代写,paper代写,美国作业代写

Behavioral finance is a new theory of applying behavioral, psychological and cognitive achievements to financial market, which is based on the psychological characteristics hypothesis of investors ' decision making to study the real investment decision behavior of investors.

There are two research topics in behavioral finance: First, the market is not effective, mainly discusses the theory of financial noise; the second is that investors are not rational, they mainly discuss various cognitive and behavioral biases that investors will take place.

The securities market is not completely effective, that is, the market pricing can not fully reflect all information, there is a noise trader risk is the financial noise theory. The investment portfolio constructed by investors has the pyramid-shaped layered feature, namely the behavioral combination theory.

Investor limited rationality. Behavioral finance concludes that investors ' behavioral biases are: Decision reference point determines the attitude of the actors to risk; investors have psychological accounts; investors also have overconfidence and herd mentality.

In practice, all active management models assume that market pricing is distorted or ineffective. They think they can add value by investing in markets or assets that are distorted by pricing. Yet all people know that this invalidity is fleeting, and that these ineffectiveness may provide a benefit to the patient investor. Patience is an important part of a good investment strategy.

The theory of behavioral finance can well explain the financial problems such as the paradox, the Calendar effect Equity Premium, the option smile, the closed-end fund puzzle, the small-stock effect and so on. The cost average strategy and the selection strategy reference point are also proposed to judge the expected profit and loss, momentum trading strategy and other investment strategies. Some financial practitioners have begun to use these investment strategies of behavioral finance to guide their investment activities.

Cost average policy. The average cost strategy is to buy stocks at low cost when stock prices fall. Adopting this strategy is not to pursue utility maximization, but to reduce investment activity.

Behavioral finance believes that when people make decisions, they often choose a decision reference point to judge the expected gains and losses, rather than focusing on the ultimate wealth situation. In the process of psychological expectation, people will divide the decision into different psychological account, often have self-confidence plot, overestimate already owned goods or services, and tend to increase the use of goods or services here. It is also overly sensitive to expected losses, calculating losses of the same value far above the same value, and showing a "disposal effect" on what has already been lost, and continuing to suffer possible losses as a result of the anticipated opportunity to recover costs. Therefore, the concepts of "psychological" account and "cognitive deviation" in behavioral finance should be paid attention to in the daily financial management. Using Momentum trading strategy. That is, the stock returns and trading volume set the filter criteria, when the stock returns or stock returns and trading volume meet the filter criteria when the purchase or sale of the investment strategy. When the disposal effect is more serious in the stock market, the difference between the basic value of stock and the market price will be bigger; when the price returns to value, the momentum trading strategy can be used to profit by margin.

Market inefficiency is essentially an arbitrage opportunity, and if enough money pursues the same kind of market inefficiency, it will surely disappear. For many quantitative investors, it is always puzzling that once a certain kind of market inefficiency is discussed in detail in academic journals, it is strangely disappearing. In fact, if yesterday's ineffectiveness is well known and attracts a lot of investment capital, it is very dangerous to assume that it will still be there tomorrow. The same is true of capital markets. Therefore, do not succumb to or infatuated with the "authority" of information, should strive to pursue a personalized investment strategy.

The money managers who win in the career money management game are usually the ones who make the fewest mistakes, but many of them can be attributed to human nature-the pursuit of stability, the belief in trends, and the desire to change style and guiding ideology after failure. Some of the mistakes in portfolio management stem from the inability of fund managers to understand their clients and their investment markets, and some of the mistakes come from money managers who take the "Trustee's Wire Rope" game, on the one hand to obtain high profits, on the other hand, can not exceed the customer's risk tolerance.

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