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1、本科毕业论文外文夕卜文题目:BehavioralFinance出处Pacific-BasinFinanceJournalVbl.ll,No.4,(September2003)pp.429-437作者：JayR.Ritter原文：BehavioralFinanceThisarticleprovidesabriefintroductiontobehavioralfinance.Behavioralfinanceencompassesresearchthatdropsthetraditionalassumptionsofexpectedutilitymaximizatio

2、nwithrationalinvestorsinefficientmarkets.Thetwobuildingblocksofbehavioralfinancearecognitivepsychology(howpeoplethink)andthelimitstoarbitrage(whenmarketswillbeinefficient).Thegrowthofbehavioralfinanceresearchhasbeenfueledbytheinabilityofthetraditionalframeworktoexplainmanyempiricalpatt

3、erns,includingstockmarketbubblesinJapan,Taiwan,andtheU.S.1.IntroductionBehavioralfinanceistheparadigmwherefinancialmarketsarestudiedusingmodelsthatarelessnarrowthanthosebasedonVonNeumann-Morgensternexpectedutilitytheoryandarbitrageassumptions.Specifically,behavioralfinancehastwobuildin

4、gblocks:cognitivepsychologyandthelimitstoarbitrage.Cognitivereferstohowpeoplethink.Thereisahugepsychologyliteraturedocumentingthatpeoplemakesystematicerrorsinthewaythattheythink:theyareoverconfident,theyputtoomuchweightonrecentexperience,etc.Theirpreferencesmayalsocreatedistortions.Beh

5、avioralfinanceusesthisbodyofknowledge,ratherthantakingthearrogantapproachthatitshouldbeignored.Limitstoarbitragereferstopredictinginwhatcircumstancesarbitrageforceswillbeeffective,andwhentheywon'tbe.Behavioralfinanceusesmodelsinwhichsomeagentsarenotfullyrational,eitherbecauseofpreferen

6、cesorbecauseofmistakenbeliefs.Anexampleofanassumptionaboutpreferencesisthatpeoplearelossaverse-a$2gainmightmakepeoplefeelbetterbyasmuchasa$1lossmakesthemfeelworse.MistakenbeliefsarisebecausepeoplearebadBayesians

7、guesthatcompetitionbetweeninvestorsseekingabnormalprofitsdrivespricestotheir"correct”value.TheEMHdoesnotassumethatallinvestorsarerational,butitdoesassumethatmarketsarerationalTheEMHdoesnotassumethatmarketscanforeseethefuture,butitdoesassumethatmarketsmakeunbiasedforecastsofthefuture.