非預期收益對個人行為參照點變動的影響——基于處置效應下的研究.pdf

1、西南交通大學碩士學位論文非預期收益對個人行為參照點變動的影響基于處置效應下的研究姓名：肖莉申請學位級別：碩士專業(yè)：金融學指導教師：黃登仕20111106AbstractTheresearchofbehavioralfinancepresentsthat，infinancialmarketinvestors，judgrnentanddecisionmakingprocesswillbeinfluencedinvoluntarybyvari

2、ouspsychologyincludingcognitiveprocess，emotionalprocess，willprocess，inordertofallintocognitivetrapandbringaboutgeneralcognitivebiasHowever“dispositioneffect’’isinvestorstendtoholdthestockswhichhasarisenlossinhisaccountfo

3、raIlextendedperiodoftimeandtoprematurelyselltheearningsgeneratedstocksThedifferencewithtraditionalfinanceisthatinvestorsinthisthesisareirrationalResearchofreferencepointsanddispositioneffecthelpstograspinvestors’tradingb

4、ehaviorandhastheimportantmeaningtoimproveinvestors’rationality，promotethemarketefficiencyAsIknow，thesecuritiesmarketinourcountryhasshorthistory，lacksexperience，anddonotestablishaperfectmanagementsystem，furthermore，theinv

5、estmentconceptandpsychologystillhavenotbeenformedwithcomparativelymaturestyle，andasymmetricinformationsituationexistscommonlyThedomesticliteraturesofdispositioneffectarerelativelymore，buttheyseldomusethemarketdataandexpe

6、rimentaldesigntodoempiricalresearch，andmostintendtousedatafrompersonalaccountsinsteadofmarketdataMoreoverthestudyofchangeofreferencepointisextremelylessandthechangedirectionofreferencepointisnotnearlyinvolvedintherangeof

7、myreadingInthispaper，stocksfromtheShanghaistockexchangeandShenzhenstockexchangeA—sharemarketweremadeofsample，theyincludedoneswhicharebasedondatafromApril2006toDecember2009，ruledoutthedatainthefinancialsectorruledoutthest

8、ockbyST，PTstocksandoneswhosecontinuoustimewaslessthan10quartersAccordingtoallsample，wecarlAnalyzewhetherthereferencepointwouldchangewiththespecificeventshappenedandwhetherthedifferentgenderswouldhavedifferentinfluenceond

9、ispositioneffectFirstly，thispaperusedparameterstoverifyexistsofthedispositioneffectonthemarketinvestors’referencepointwouldchangeaccordingtothespecificevents，andwomenweremoreobviousthanmeninthedispositioneffectThennonpar

10、ametrictestWasusedasfeasibilitytestandresultsalsoshowedthatinvestors’referencepointwouldchangeaccordingtothespecificevents，andwomeninthedisposalreflected，weremoreobviousthanmenFurthermore，thisessayverifiedpreviousempiric