摘要
本文基于行为金融学框架,在Allen和Gale、Chunsheng Zhou和Jianping Mei的研究基础上,以中国的股价操纵事件为研究对象,建立适合中国股市的股价操纵理论模型。研究发现操纵者利用一般投资者的代表性偏差和处置效应等行为偏差,能够完成操纵过程获取操纵利润,并且能够利用一般投资者的代表性偏差而将部分操纵成本转嫁给一般投资者。
Under the framework of Behavior Finance and based on Allen and Gale, Chunsheng Zhou and Jianping Mei, this paper takes the China stock manipulation as research object and sets up a theory model of China stock price manipulation. We point out that the manipulator could benefit from the investor＇ s behavior biases such as representative biases and dispositional effect, at the same time, the manipulator could impute manipulation costs to the behavior-driven investors.
出处
《财经科学》
CSSCI
北大核心
2006年第11期31-38,共8页
Finance & Economics
关键词
股价操纵
行为偏差
代表性偏差
处置效应
stock price manipulation
behavior biases
representative biases
disposition effect
