标准金融学的经验异常与行为金融学的兴起被引量：3

Empirical Anomalies in Standard Finance and the Rise of Behavioral Finance

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摘要被称为"异象"或"谜题"的一些与有效市场假定和标准金融定价模型相矛盾的实证现象带来了对现有标准金融学理论的挑战,也引发了有关金融学范式是否应该转换的论争。对于金融研究范式转换问题的不同立场源自于关于决策行为主体的决策行为基础的不同假定。行为心理基础假定基础上的行为决策分析则构成了行为金融学理论的核心,推动了行为学的兴起,而前景理论则构成行为金融学兴起的决策价值理论基础。 Some empirical anomalies or puzzles that contradict to EMH (effective market hypothesis) and standard financial pricing models have posed serious challenges to the traditional neo - classical framework of finance, and brought about a controversy over the issue whether a paradigm shift is needed. Different perspectives regarding the change of financial research modei arise from different assumptions on the base of financial decisions. Behavioral decision analyses based on behavioral psychology set up key arguments for behavioral finance. Furthermore, it prompts the rise of behavioral finance. The 'prospect theory' constitutes the foundation of value theory in behavioral finance.

作者陆家骝

机构地区中山大学行为金融与金融经济研究所

出处《华南金融研究》 2004年第2期1-8,共8页 South China Financial Research

关键词标准金融学行为金融学新古典主义股票市场决策行为决策价值理论 Behavioral Finance Standard Finance Empirical Anomalies

分类号 F830 [经济管理—金融学]

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