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对于个人投资者来说,不管是面对全线飘红,按捺不住地感到喜悦,还是满眼泛绿,浑身出冷汗、心跳失常,是享受,还是难以忍受?股市玩的就是“心跳”。大家都会叹口气说,这是“股市心理”、“投资心理”。在传统经济学里,人被假设为“理性的”。然而诸多事实却在不断地告诉我们,投资者由于受到情绪和偏见的影响,其行为常常表现为“无理性”的。经济、金融研究单纯依靠数据模型的做法早在1967年就受到了俄勒冈大学巴曼(Bauman)的质疑。1977年,罗尔(Roll)的研究认为,作为标准金融学基石的CAPM不能
For individual investors, both in the face of rosy across the board, could not help but feel the joy, or full of greenery, covered with sweat, heartbeat, is to enjoy, or unbearable? The stock market is playing “heartbeat.” Everyone will sigh that this is “stock market psychology ”, “investment psychology ”. In traditional economics, people are assumed to be “rational ”. However, many facts keep telling us that investors often behave as “irrational” because of their emotions and prejudices. Economic and financial research relying solely on the data model approach was challenged by Bauman at the University of Oregon back in 1967. In 1977, Roll’s study concluded that CAPM, the cornerstone of standard finance, could not