摘要
本文回顾了投资者情绪假说的理论和检验方法,论证了事前将投资者划分为理性投资者与非理性投资者或个人投资者与机构投资者这种分类的不合理性,从动态的角度描述一般投资者的理性与非理性的变化特征,在此基础上形成对市场投资者情绪的动态描述。
After a review of theories and test methods of investor sentiment hypothesis, this article proves that it is unreasonable to divide, in advance, investors into rational investors and irrational ones or individual investors and organizational ones. Instead, the paper describes in a dynamic way the general characteristics of investors′ rational and irrational response, and on such basis forms a dynamic description to the sentiment of investors in the market.
出处
《管理评论》
2004年第12期46-50,共5页
Management Review
