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材料:“我们要充分考虑人的行为,尤其是心理因素的影响,要通过一些实验来考察人,因为现在对投资者行为尚未完全了解,心理上的框架效应对风险管理的影响非常大。过去一些理论,比如说有效市场理论,随机漫步理论,还有泡沫理论,在解释市场方面还有很大的缺陷。新技术,包括互联网技术,包括更加面向客户,更加友好的这些信息技术的使用,会使金融更加民主化,换句话就是使得大众,更多的人能够更便利地运用金融这个工具。那么我们如何吸取过去的教训,将真正的理论用于金融创新这个方面,不仅是美国的事性,同样中国也面临这样的问题。” 2003年2月25日上午,美国耶鲁大学教授罗伯特希勒在由北京大学中国经济研究中心、中国人大财政金融学院和梁晶工作室联合主办的“中国金融:走向理性繁荣——建立开放条件下的金融新秩序”主题会议上的发言。 阅读材料,然后回答下列问题: 上述所引材料反应了金融理论在行为领域的发展,请问行为金融学家欧登(Odean)对过度自信的研究得出过什么结论?

问答题
2022-09-22 00:00
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正确答案
市场过度自信的研究提升到了金融学研究的重要高度,他提出了测量过度自信的方法。也得出了四个结论:
①是价格承受者,内部人或股市商过度自信时,交易量分上升。
②过度自信的交易者增加了市场的波动性。
③过度自信增加了市场净度。
④是过度自信的投资者对新信息重视不够时,各种收益正投资,是过度重视信息时,为负投资。
但最后一个结论与过度自信和反应不足有关。

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材料:“我们要充分考虑人的行为,尤其是心理因素的影响,要通过一些实验来考察人,因为现在对投资者行为尚未完全了解,心理上的框架效应对风险管理的影响非常大。过去一些理论,比如说有效市场理论,随机漫步理论,还有泡沫理论,在解释市场方面还有很大的缺陷。新技术,包括互联网技术,包括更加面向客户,更加友好的这些信息技术的使用,会使金融更加民主化,换句话就是使得大众,更多的人能够更便利地运用金融这个工具。那么我们如何吸取过去的教训,将真正的理论用于金融创新这个方面,不仅是美国的事性,同样中国也面临这样的问题。” 2003年2月25日上午,美国耶鲁大学教授罗伯特希勒在由北京大学中国经济研究中心、中国人大财政金融学院和梁晶工作室联合主办的“中国金融:走向理性繁荣——建立开放条件下的金融新秩序”主题会议上的发言。 阅读材料,然后回答下列问题: 上述所引材料反应了金融理论在行为领域的发展,请问行为金融学家欧登(Odean)对过度自信的研究得出过什么结论?
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