金融学专业外文翻译---行为金融学-金融财政(编辑修改稿)

金融学专业外文翻译---行为金融学-金融财政(编辑修改稿)内容摘要：

They found that the more people traded, the worse they did, on average. And men traded more, and did worse than, women investors. Mental Accounting People sometimes separate decisions that should, in principle, be bined. For example, many people have a household budget for food, and a household budget for entertaining. At home, where the food budget is present, they will not eat lobster or shrimp because they are much more expensive than a fish casserole. But in a restaurant, they will order lobster and shrimp even though the cost is much higher than a simple fish dinner. If they instead ate lobster and shrimp at home, and the simple fish in a restaurant, they could save money. But because they are thinking separately about restaurant meals and food at home, they choose to limit their food at home. Framing Framing is the notion that how a concept is presented to individuals matters. For example, restaurants may advertise “earlybird” specials or “aftertheatre” discounts, but they never use peakperiod “surcharges.” They get more business if people feel they are getting a discount at offpeak times rather than paying a surcharge at peak periods, even if the prices are identical. Cognitive psychologists have documented that doctors make different remendations if they see evidence that is presented as “survival probabilities” rather than “mortality rates,” even though survival probabilities plus mortality rates add up to 100%. Representativeness People underweight longterm averages. People tend to put too much weight on recent experience. This is sometimes known as the “law of small numbers.” As an example, when equity returns have been high for many years (such as 19822020 in the . and western Europe), many people begin to believe that high equity returns are “normal.” Conservatism When things change, people tend to be slow to pick up on the changes. In other words,they anchor on the ways things have normally been. The conservatism bias is at war with the representativeness bias. When things change, people might underreact because of the conservatism bias. But if there is a long enough pattern, then they will adjust to it and possibly overreact, underweighting the longterm average. 4 Disposition effect The disposition effect refers to the pattern that people avoid realizing paper losses and seek to realize paper gains. For example, if someone buys a stock at $30 that then drops to $22 before rising to $28, most people do not want to sell until the stock gets to above $30. The disposition effect manifests itself in lots of small gains being realized, and few small losses. In fact, people act as if they are trying to maximize their taxes! The disposition effect shows up in aggregate stock trading volume. During a bull market, trading volume tends to grow. If the market then turns south, trading volume tends to fall. As an example, trading volume in the Japanese stock market fell by over 80% from the late 1980s to the mid 1990s. The fact that volume tends to fall in bear markets results。