在BSV模型下矫正投资者对信息的认知偏差  

Correcting Investors' Cognitive Biases Under the Framework of BSV Model

作　　者：陈瑨[1] 

机构地区：[1]武汉大学高级研究中心,湖北武汉430072

出　　处：《山西财经大学学报》2005年第2期119-124,共6页Journal of Shanxi University of Finance and Economics

摘　　要：Barberis、Shleifer和Vishny(1998)基于投资者认知市场信息过程中出现的心理偏差,解释了过度反应和反应不足现象,并在BSV模型的框架下,进一步引入了一个心理矫正中介来矫正投资者对市场信息的认知偏差。通过建立市场管理者与中介机构之间的委托-代理体制,发现确实有可能存在此类中介。市场管理者可以制定出一套针对此类中介的最优激励机制,对其进行监督管理。Barberis, Shleifer and Vishny(1998) explained over-reactions and under-reactions, based on the psychological biases that occur in investors when they analyse market information. Under the framework of BSV model, the present study introduces a psychological correcting agency to rectify investors' cognitive biases, so that we can better understand and efficiently take impact on over-reactions and under-reactions. The paper concludes that such an agency will exist. Besides, we can establish an incentive design to monitor and manage the agency.

关 键 词：BSV模型 心理矫正 委托-代理 激励机制 

分 类 号：F830.59[经济管理—金融学]