投资学习题库Chap009.doc

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1、Chapter09-BehavioralFinanceandTechnicalAnalysisCHAPTER09BEHAVIORALFINANCEANDTECHNICALANALYSIS1.NotethefollowingmatchesDispositioneffect–dRepresentativenessbias–eRegretavoidance–bConservatismbias–aMentalaccounting-c2.Representativenessbias.Thesamplesizeisnotcons

2、ideredwhenmakingfuturedecisions.3.Fundamentalriskmeansthatevenifasecurityismispriced,itstillcanberiskytoattempttoexploitthemispricing.Thislimitstheactionsofarbitrageurswhotakepositionsinmispricedsecurities.Thus,thebiasmaypersistsincenoonetakesadvantageofit.4.Th

3、epremiseofbehavioralfinanceisthatconventionalfinancialtheoryignoreshowrealpeoplemakedecisionsandthatpeoplemakeadifference.Behavioralfinancemaysiteexamplesofmarketinefficiencies,buttheygivenoinsightintohowtoexploitsuchphenomenon.Thestrengthoftheirargumentreliesu

4、ponobservedmarketinefficienciesandunexplainedmarketbehavior.Therearemanyanomalies,yetmanycanbereverseengineeredorexplained.Also,whileanomaliesexist,theyrarelymeetthetestofstatisticalsignificance.5.Anunfortunateconsequenceofbehavioralfinance(BF)isatendencyforinv

5、estorstoassumemorethanactuallyisclaimedbythefield.WhileBFishighlycriticalofEMHandclaimstoofferalternativetheories,itdoesnotproposetobeapredictoroffuturereturns.InvestorsshouldbewaryofpeoplepurportingtoofferexcessreturnsunderthefaçadeofBH.Suchclaimsarelikelytobe

6、false.6.Statementb,thatapricehasmovedaboveits52weekmovingaverageisconsideredabullishsign.7.Afterthefact,youcanalwaysfindpatternsandtradingrulesthatwouldhavegeneratedenormousprofits.Thisiscalleddatamining.Fortechnicalanalysts,thisisaproblemsincetheyrarelycanbere

7、producedtopredictfutureprofits.8.GrinblattandHan(2005)showthatthedispositioneffectcanleadtomomentuminstockpriceseveniffundamentalvaluesfollowarandomwalk.Thismomentummaynotleadtoabnormalprofits,butmaycausecapitaltoflowtoinvestmentsthatappeartobenefitfromthemomen

8、tum,incontrasttowhereitwouldotherwiseflow.9-12Chapter09-BehavioralFinanceandTechnicalAnalysisArbitrageassumestheabilitytoinitiatetradesbasedonarbitrageinformation.Aseverelim