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综谷
7 years ago
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1 smart money 5

2 1 overconfidence 90% 70%, 2, 3 6

3 4, % 22.18% Thaler Johnson

4 (reference point) (ambiguity aversion) 12 (mental accounts) Shefrin Statman P P44 8

5 Robert Prentice 4 1 Bounded Search 4 Robert Prentice, Whither Securities Regulation? Some Behavioral Observations Regarding Proposals For Its Future, 51 Duke L. J (2001); Lawrence A. Cunningham, Behavioral Finance and Investor Governance (working paper 2001) 9

6 5 2 Bounded Rationality 6 3 Heuristics bias Availability and Self Attribution Biases heuristics bias 5 Robert J. Shiller and J. Pound, Survey Evidence on the Diffusion of Interest and Information Among Investors, 12 J. of Econ. Behavior and Org. 46 (1989). 6 Cf. Henry T.C. Hu, Misunderstood Derivatives: The Causes of Informational Failure and the Promise of Regulatory Incrementalism, 102 Yale L.J. 1457, 1499 (1993) 10

7 4 Framing Effects 7 5 Overconfidence Dale Griffin and Amos Tversky 7 Steven M.H. Wallman, Competition, Innovation, and Regulation in the Securities Markets, P53 11

8 CFTC CFTC 8 CFTC 6 Confirmation Bias Groupthink 8 Sanford A. Fine, Back to the(single Stock) Future: The New Regulatory Framework Governing Single-Stock Futures Trading, 54 Admin. L. 9 J. Klayman, Varieties of Confirmation Bias, 32 The Psychology of Learning and Motivation 385(1995). 12

9 Irving Janis, Victims of Groupthink (1972). James D. Cox & Harry L. Munsinger, Bias in the Boardroom: Psychological Foundations and Legal Implications of Corporate Cohesion, 48 L. & Contemp. Prob.83, ; Robert J. Haft, Business Decisions by the New Board: Behavioral Science and Corporate Law, 80 Mich. L. Rev. 1, (1981) 11 Chip Heath, Richard P. Larrick & Joshua Klayman, Cognitive Repairs: How Organizational Practices Can Compensate for Individual Shortcomings, 20 Res. in Org. Behavior 1 (1998) 12 Jeffrey M. Laderman et al., The Epidemic of Insider Trading, Bus. Wk., Apr. 29, 1995, at 78 13

10 CFTC CFTC CFTC CFTC 13 Linda Babcock, George Lowenstein & Samuel Issacharoff, Creating Convergence: Debiasing Biased Litigants, 22 J. L. & Soc. Inquiry 913, 920 (1997). 14

11 William O. Douglas, Protecting the Investor, 23 Yale Rev. 521, 524 (1934) 15

12 3 16

13 changyun wang the behavior and performance of major types of futures traders the journal of futures markets Barberis, Nicholas, and Ming Huang, 2001, Mental accounting, loss aversion, and individual stock returns, Journal of Finance 56, DeBondt, Werner F.M., and Richard H. Thaler, 1995, Financial decision making in markets and firms: A behavioral perspective, in R. A. Jarrow, V. Maksimovic, and W. T. Ziemba, ed.:handbooks in Operations Research and Management Science, Volume 9, Finance. pp (Elsevier) 6 Kahneman, Daniel, and Mark W. Riepe, 1998, Aspects of investor psychology, Journal of Portfolio Management, Kahneman, Daniel, and Amos Tversky, 1979, Prospect theory: An analysis of decision under risk, Econometrica

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<4D6963726F736F667420576F7264202D20BDD7A4E5B6B0A455A555A658A8D6AAA95FA477A752B0A3A5BCB56FAAEDA4E5B3B93130302E30372E30355F2E646F63> 股市投資人之風險承擔對投資決策因素之影響 - 以某證劵公司高雄地區投資人為例陳榮方國立高雄應用科技大學企業管理系副教授 [email protected] 陳麗梅國立高雄應用科技大學高階經營管理研究所研究生 [email protected]