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1、±±±±±±±±±±±±±±±±±±±INDIVIDUALINVESTORS±±±±±±CHAPTER±±±±10±±±±ANDTHEFORCEOF±EMOTION10.1INTRODUCTIONMarketmovementsarecommonlyattributedtotheemotionsofinvestors.Yetitisnotobvioushowtoseparatetheroleofemotionsfromthatoffundamentalsinproducingmarketoutcomes.InChapter7weconsid
2、eredthefoundationsofemo-tion.Welearnedthatemotionincludescognitive,physiological,andevolutionaryaspects.Itwasarguedthatemotions,wheninbalance,canfacilitatedecision-making,ratherthanhinderit.Inthischapter,wewillconsidertheextenttowhichthevariousaspectsofemotioninfluenceobs
3、ervedindividualbehaviorinthefinan-cialrealm.Thechapterbegins,inSection10.2,withadiscussionofhowmoodimpactsthedecisionsofindividualinvestors.Wewillseethatitisnoteasytocharacterizetheinteractionbetweenaninvestor’smoodandriskattitude.Next,Section10.3considerstwoemotionsthath
4、avereceivedalotofattention:prideandregret.Re-searchershaveshownthatthesetwoemotionshaveveryimportanteffectsonin-vestorbehavior.Section10.4focusesonthedispositioneffect,oneinvestorbehaviorthatcanbeexplainedbyemotion.Theempiricalevidenceindicatesthatpeopletendtosellstocksth
5、athaveperformedwelltoosoon,whileholdingontopoorlyperformingstockstoolong.Thoughtraditionallythisbehaviorhasbeenra-tionalizedusingprospecttheory,theoreticalandexperimentalevidencesuggestthatemotionsmayprovideabetterexplanation.Next,Section10.5discussesthehousemoneyeffect,s
6、o-namedfromtheobservationthatgamblerstakeincreasedrisksaf-terwinningbecausetheyfeeltheyarebettingwiththehouse’smoney.Ahousemoneyeffecthasbeendocumentedevenforverylargegambles,asresearchofgameshowcontestantbehaviorshows.Finally,Section10.6considershowaper-son’sassessmentof
7、asituationorimpressionofanother,referredtoasaffect,shapesfinancialdecision-making.168INDIVIDUALINVESTORSANDTHEFORCEOFEMOTION16910.2ISTHEMOODOFTHEINVESTORTHEMOODOFTHEMARKET?Inhisbest-sellingbookIrrationalExuberance,economistRobertShillerarguesthat“theemotionalstateofinvest
8、orswhentheydecideontheirinvestmentsisnodoubtoneofthemostimportantfactorscausingthebullmarket”exp
