摘要
以行为金融学理论为基础 ,以 2 1只非指数型封闭式基金为样本 ,对其经理是否存在几个主要的认知与行为偏差 ,即过度自信、处置效应及锚定效应进行了实证检验。结果表明 ,与现有的对国内个体投资者进行的相关研究得到的结果不同 ,基金经理没有表现出上述的几种认知与行为偏差 ,得出基金经理较广大个体投资者为理性的结论。实证结果的意义在于 ,为中国证券市场应大力发展机构投资者 ,尤其应加快发展基金业的观点提供了较有说服力的证据 ;仅从是否存在认知偏差这一角度来看 ,广大个体投资者可以选择基金这一投资方式 。
We empirically studied several cognitive and behavioral biases of Chinese security investment fund managers, such as overconfidence, disposition effect and anchoring effect. It was turned out that Chinese security investment fund managers did not exhibit these biases, differing from the empirical results of individual investors. The undeniable proof that the exuberance of Chinese security market needs to encourage institutional investors in an energetic way was put forward.In view of the rationality of the security investment fund managers, individual investors could choose security investment fund as one of their investment channels.
出处
《管理学报》
2004年第2期178-182,共5页
Chinese Journal of Management
关键词
行为金融学
认知偏差
行为偏差
证券投资基金
基金经理
behavioral finance
cognitive bias
behavior bias
security investment fund
fund manager
