基于情绪的市场认知风险和市场认知收益

非理性投资者的认知风险和认知收益受投资者情绪的影响.基于投资者情绪的非理性认知风险度量模型,并利用理性和非理性投资者的相互作用,构建市场认知风险和认知收益度量模型,分别研究理性和非理性认知风险、认知收益对市场认知风险、认知收益的偏离问题.结果表明,非理性认知风险和认知收益的偏离程度与理性和非理性投资者的市场价值权重以及非理性投资者的情绪有关.

Market Perceived Risk and Market Perceived Return Based on Sentiment

The sentiment of irrational investors can affect perceived risk and perceived return. An irrational perceived risk model is constructed based on sentiment. Two models of market perceived risk and market perceived return are presented through the interaction of rational investors and irrational investors. The bias problems of irrational perceived risk and irrational perceived return relative to market perceived risk and market perceived return are studied. The results show that the degree of the bias of irrational perceived risk and irrational perceived return depends on the value weighting of rational and irrational investors and the sentiment of irrational investors.