| 交易行为的类型与一个行为模型 |
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| 引用本文： | 黄峰,杨朝军,胡微微. 交易行为的类型与一个行为模型[J]. 系统管理学报, 2005, 14(5): 477-480 |
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| 作者姓名： | 黄峰 杨朝军 胡微微 |
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| 作者单位： | 1. 上海交通大学,安泰管理学院,上海,200052
2. 浙江传媒学院,杭州,310018 |
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| 基金项目： | 国家自然科学基金资助项目(70373053) |
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| 摘 要： | 依据行为金融学的研究方法从信念角度出发区分交易者行为类型,进而探讨股价的形成机制。基于投资者在信息处理中存在系统性认知偏差,对不知情交易者为何成为交易策略相反的正反馈交易者和保守交易者进行了分析。通过行为模型,得出与传统理性市场观点不同的结论,在追逐信息租金过程中,不知情交易者的不完全理性对我国股价有显著影响,并对过度反应现象给出相应解释。
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| 关 键 词： | 正反馈交易者 知情交易者 保守交易者 认知偏差 信息租金 |
| 文章编号： | 1005-2542(2005)05-0477-04 |
| 修稿时间： | 2004-12-30 |
Trading Behavior Styles and a Behavior Model |
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| HUANG Feng,YANG Zhao-jun,HU Wei-wei. Trading Behavior Styles and a Behavior Model[J]. Systems Engineering Theory·Methodology·Applications, 2005, 14(5): 477-480 |
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| Authors: | HUANG Feng YANG Zhao-jun HU Wei-wei |
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| Affiliation: | HUANG Feng~1,YANG Zhao-jun~1,HU Wei-wei~2 |
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| Abstract: | Based on cognitive psychology and prospect theory,this paper analyses the three types of stock-traders in the qualitative perspective and mathematical model: Informed traders who are composed mainly of institutional investors;positive feedback traders and conservative traders both of which are uninformed and come mainly from the group of individual investors.By a behavior model we can get a quite different result from rational market theory: Those irrational traders would have a significant influence on stock prices along the process of pursuing information rent.Overreaction phenomenon can be interpreted by a viewpoint of positive feedback. |
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| Keywords: | positive feedback traders informed traders conservative traders congnitive biases information renr |
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