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虽然BSV、DHS等行为金融模型对动量效应的微观机制进行了研究,但这些行为理论模型存在着投资者行为逻辑假设的非一致性问题。首先,本文以模糊不确定性下建立起的资产定价模型为参照物,将BSV、DHS等理论模型中的资产定价与模糊不确定性下资产定价进行了对比研究发现,这些行为金融资产定价都与模糊不确定性下资产定价具有数学结构上的一致性。其次,根据行为决策学、心理学与神经科学等最新理论的成果表明,BSV、DHS等行为金融模型中的投资者行为模式也可从模糊不确定性的概念框架下得到解释。通过以上两方面的探讨,可以看出BSV、DHS等理论模型中的资产定价与模糊不确定性下资产定价具有逻辑结构上的一致性,可将BSV、DHS等行为金融模型中的资产定价置于一个更为基础的统一逻辑框架,试图解决行为金融模型中投资者行为逻辑假设的非一致性问题。
Although behavioral financial models such as BSV and DHS study the micromechanism of momentum effects, these behavioral models have inconsistent hypothesis of investor behavior logic. First of all, based on the asset pricing model built under fuzzy uncertainty, this paper compares the asset pricing under the theoretical models of BSV and DHS with the asset pricing under the fuzzy uncertainty. It is found that the pricing of these behavioral financial assets Asset pricing has mathematical consistency with fuzzy uncertainty. Second, based on the latest theories of behavioral decision making, psychology and neuroscience, the results show that the behavioral models of investors in behavioral financial models such as BSV and DHS can also be explained from the conceptual framework of fuzzy uncertainty. Through the above two discussions, it can be seen that the asset pricing in BSV, DHS and other theoretical models is logically structurally consistent with the asset pricing under fuzzy uncertainty. Asset pricing in BSV, DHS and other behavioral financial models In a more fundamental framework of unified logic, we try to solve the inconsistency problem of the hypothesis of investor behavior in the behavioral financial model.