| 泡沫、跟风和噪声探析 |
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| 引用本文： | 刘丹,王春峰.泡沫、跟风和噪声探析[J].天津理工大学学报,2003,19(4):21-24. |
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| 作者姓名： | 刘丹 王春峰 |
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| 作者单位： | 天津大学,管理学院,天津,300072 |
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| 基金项目： | 国家自然科学基金资助项目(70041039)，教育部跨世纪人才基金资助项目(9901)，教育部优秀青年教师奖励计划(001—28) |
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| 摘 要： | 股票价格的过度波动性问题近年来引起了金融学者的广泛关注,越来越多的学者认为现值模型决定的基本价格不足以解释市场价格的变化,从而把这种过度波动归结为非基础因素如泡沫、跟风或噪声的影响.本文综述了相关的理论和实证模型,讨论这些非理性因素的形成、性质和对市场的作用,也介绍了对这些非理性因素的检验方法.
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| 关 键 词： | 过度波动性 泡沫 跟风 噪声 |
| 文章编号： | 1004-2261(2003)04-0021-04 |
| 修稿时间： | 2003年5月22日 |
Summarization of the non-fundamental factors in stock price |
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| LIU Dan,WANG Chun-feng.Summarization of the non-fundamental factors in stock price[J].Journal of Tianjin University of Technology,2003,19(4):21-24. |
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| Authors: | LIU Dan WANG Chun-feng |
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| Abstract: | The over-fluctuation of stocks prices has given rise to wide concerns of financial scholars. More and more scholars tend to believe the fundamental factors can't efficiently explain the movement of price, therefore they conclude by introducing the non-fundamental factors such as bubbles, fads or noises. In this paper, Various theories and empirical models are introduced to discuss the formation, attributes and functions of these irrational factors, and the testing methods as well. |
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| Keywords: | over-fluctuation bubble fad noise |
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