本文選題：行為金融學(xué)　切入點：熱手效應(yīng)　出處：《山東財經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：20世紀(jì)80年代以來，由于無法解釋大量出現(xiàn)的“金融異象”，現(xiàn)代經(jīng)典金融學(xué)的理論備受質(zhì)疑。另一方面，能有效地解釋這些“金融異象”的行為金融理論已經(jīng)成為主流金融學(xué)的一部分，并處于金融研究領(lǐng)域的前沿。行為金融學(xué)主要研究人類心理對金融行為的影響以及其所帶來的對整個市場的影響。 伴隨行為金融學(xué)自身的發(fā)展，其理論在金融實踐活動中也起著越來越重要的指導(dǎo)作用。行為金融學(xué)理論著重分析金融市場中由于心理因素引起的投資者的失誤偏差和市場的反常。學(xué)者們通過研究投資者在啟發(fā)式效應(yīng)的影響下進(jìn)行的投資行為，創(chuàng)建了許多行為金融學(xué)投資策略。這些投資策略在市場中大行其道，，成為金融學(xué)界和投資者關(guān)注的焦點。 本文采用計算實驗金融學(xué)的研究思想和方法，以股票市場中交易個體為研究對象，利用計算機仿真技術(shù)構(gòu)建基于我國股市真實歷史數(shù)據(jù)的多智能體仿真交易平臺。通過仿真平臺模擬受行為金融學(xué)啟發(fā)式效應(yīng)影響的投資者的行為，并對平臺產(chǎn)生的仿真交易數(shù)據(jù)進(jìn)行分析，研究啟發(fā)式效應(yīng)對真實投資者的投資行為的影響情況。 論文的結(jié)論是：在行為金融學(xué)的“熱手效應(yīng)”和”賭徒謬論”等啟發(fā)式效應(yīng)的影響下，個體投資者的投資收益并沒有明顯優(yōu)于其他采用隨機投資策略的投資者的收益，利用對“熱手效應(yīng)”和“賭徒謬論”啟發(fā)式效應(yīng)的研究為基礎(chǔ)的股票投資策略并不能夠明顯提高投資者的收益。
[Abstract]:Since 1980s, due to the inability to explain a lot of "financial vision", modern classical financial theory has been questioned. On the other hand, can effectively explain these "anomalies" behavioral finance theory has become a part of mainstream finance, and at the forefront of financial research field. The main study of human behavioral finance the psychology of financial behavior and the influence brought to the entire market.
Along with the development of behavioral finance, the theory also plays a more and more important role in guiding the practice of financial activities. The behavioral finance theory focuses on the analysis of the financial market due to psychological factors caused by investors and market anomalies. The investment behavior of investment by scholars, researchers in effect under the influence of the heuristic the creation of many behavioral finance investment strategy. The investment strategy is popular in the market, the financial industry and become the focus of concern for investors.
This paper calculated the research thoughts and methods of experimental finance, with individual trading in the stock market as the research object, construct the real historical data of China's stock market trading platform based on multi-agent simulation using computer simulation technology. The simulation platform is influenced by behavioral finance heuristic effect on investor behavior, transaction data and simulation platform the analysis of heuristic effects on the real investors' behavior.
The conclusion of this paper is: in the hot hand effect of behavioral finance "and" gambler's fallacy "heuristic effect, individual investors investment income is not significantly better than that of other random investment strategy of investors, the stock investment strategy research on" hot hand effect "and" gambling fallacy "heuristic the effect of basis can not significantly improve returns to investors.

【學(xué)位授予單位】：山東財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F224;F830.91

【引證文獻(xiàn)】

相關(guān)博士學(xué)位論文 前2條

1 鄒琳;人工股票市場建模與實驗方法及混沌控制研究[D];湖南大學(xué);2008年

2 蘇波;交易者的學(xué)習(xí)適應(yīng)性行為對股票市場影響的仿真實驗研究[D];廈門大學(xué);2009年

本文編號：1641761