行为金融学对有效市场理论的挑战  

The Challenge of Behavior Finance on the Theory of Effective Market

作　　者：王蕾[1] 王欣[2] 兰柏超[1] 

机构地区：[1]山东科技大学工商管理学院,山东271019 [2]上海大学国际工商与管理学院,上海201800

出　　处：《上海大学学报（社会科学版）》2003年第3期75-77,共3页Journal of Shanghai University(Social Sciences Edition)

摘　　要：随着金融市场以及金融理论的发展,市场中不断出现的非理性行为使人们对有效市场理论的质疑日益加深。行为金融学从一个新的视角对金融市场进行了分析,对投资者产生了积极的指导作用。本文对经典金融理论及行为金融学进行了阐述、分析、比较,并且用行为金融学对当前金融市场的异常现象进行了解释,使人们对行为金融学有更深的认识。With the development in the finance market and finance theory, people hold an increasing doubt about the theory of effective market because the unreasonable conducts keep emerging in the marketplaces. The scholars studying behavior finance make an analysis into the finance market from an entirely new angle and the conclusion offers a positive guidance for investors. This paper makes an elaboration of, analysis into, and comparison between finance theory and behavior finance. The author interprets the abnormal phenomenon in the current finance markets.

关 键 词：市场有效性 行为金融学 动量效应 非理性行为 

分 类 号：F830[经济管理—金融学]