心理科学
心理科學
심이과학
Psychological Science
2007年
3期
731~734
,共null页
前景理论 处置效应 证券
前景理論 處置效應 證券
전경이론 처치효응 증권
prospect theory, disposition effect, security
该项研究通过控制五只股票、每只股票有18期价格波动的实验来研究中国投资者的投资行为特征。结果发现，被试并没有表现出Bayesian最优行为，处置效应却很明显；被试之间在性别、专业、受教育程度与入市时间上的差异不构成处置效应程度上的差异。但入市资金量在5％的水平上对处置效应程度有显著作用。尽管实验中还发现均值反转信念发生作用的证据，但相对于处置效应而言，解释力度要弱。
該項研究通過控製五隻股票、每隻股票有18期價格波動的實驗來研究中國投資者的投資行為特徵。結果髮現，被試併沒有錶現齣Bayesian最優行為，處置效應卻很明顯；被試之間在性彆、專業、受教育程度與入市時間上的差異不構成處置效應程度上的差異。但入市資金量在5％的水平上對處置效應程度有顯著作用。儘管實驗中還髮現均值反轉信唸髮生作用的證據，但相對于處置效應而言，解釋力度要弱。
해항연구통과공제오지고표、매지고표유18기개격파동적실험래연구중국투자자적투자행위특정。결과발현，피시병몰유표현출Bayesian최우행위，처치효응각흔명현；피시지간재성별、전업、수교육정도여입시시간상적차이불구성처치효응정도상적차이。단입시자금량재5％적수평상대처치효응정도유현저작용。진관실험중환발현균치반전신념발생작용적증거，단상대우처치효응이언，해석력도요약。
The authors manipulated five stocks＇ price during eighteen periods to explore investors＇ behavioral pattern in Chinese stock markets. Contrary to Bayesian optimization, the results showed that the subjects exhibited a disposition effect. But variables of sex, major, education level and duration of participation in stock exchange did not affect the disposition effect. The more the fund was put into the stock market, the stronger the tendency of disposition was showed. In addition, belief in mean-reversion could also explain partially the behavior of holding losers too long and selling gainers too early, but its contribution will be much smaller than that of the deposition effect.
