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首先,对中国股市中的异常换手率是否蕴含了投资者情绪特征,以及是否由投资者情绪触发了中国股市的价格动量螺旋式循环等现象进行了实证检验。其次,基于这些中国股市的实证检验结果,对BSV,DHS,HS,GH,HHW等行为金融模型的有效性进行了分析与评价;分析结果表明,这些行为金融模型都不能对实证结果进行有效解释,行为金融数理模型的研究框架仍是不完备的。最后,根据这些评价结论对行为金融学的未来发展进行了展望。
First, whether the abnormal turnover in China’s stock market contains investor sentiment and whether the investor’s sentiment triggers the spiral of price momentum in China’s stock market is empirically tested. Second, based on the empirical test results of these Chinese stock markets, the effectiveness of behavioral financial models such as BSV, DHS, HS, GH and HHW is analyzed and evaluated. The results show that these behavioral financial models can not effectively explain the empirical results , The framework of behavioral finance mathematical model is still incomplete. Finally, based on these conclusions, the future development of behavioral finance is prospected.