摘要
根据行为金融学的理论,个人投资者在情绪的影响下,会采取追涨杀跌的正反馈交易策略。随着网络的普及,股吧在个人投资者信息获取和投资决策中扮演了越来越重要的角色,股吧信息在一定程度上衡量了投资者的情绪。已有的研究表明股吧信息与股市收益之间存在相关关系。通过利用股吧发帖量构建了个人投资者情绪的代理指标,并运用实证方法验证了个人投资者情绪与股市收益间存在的相关关系。
According to the theory of behavioral finance, individual investors would take the positive feedback trading strategy of sell into corrections by the emotional effects. As the popularization of internet, the stocks BBS plays an important role more and more in access to information and investment decisions of individual investors. Some studies have showed that there was a correlation existing between stock BBS and stock market earnings. The author built a proxy indicator of individual investor sentiment from the information of stock BBS and proved that there was a correlation existing between individual investor sentiment and stock market earnings by an empirical way.
出处
《金融理论与实践》
CSSCI
北大核心
2013年第11期77-81,共5页
Financial Theory and Practice
基金
国家社会科学基金项目<机构投资者投资行为对资产定价的影响研究>
项目批准号:06BJL026
关键词
证券市场
个人投资者情绪
股吧信息
正反馈交易
individual investor sentiment
information of stocks BBS
positive feedback trading
