摘要
噪音交易是金融市场中的一个基本命题,但关于投资者为何吸收噪音的研究却鲜有文献。首次尝试提出过度关注心理假说,该假说认为过度关注是人的一种非理性的注意力配置行为,过度关注心理导致人吸收噪音,进而有提前于其预期的非理性行为。通过对某高校经济类博士论文盲审关注的调查与股票投资者行为的问卷调查分析验证了该假说。运用mlogit计量模型分析认为,投资者的股票投资额度对过度关注有正向影响,投资者的教育程度对过度关注有负向影响,并发现预期行为偏差程度与将股价波动作为买卖依据的行为均受过度关注的正向影响。
Noise Trade is a basic proposition in financial market, but there is little literature on why investors absorb noise. For the first time, the paper tries to propose an over concern psychological hypothesis, which argues that over concern is an irrational attention allocation behavior of people, and the over concern psychology leads to people＇s absorb of noise, and finally causes irrational behaviors before the expectation. The authors analyze and prove the hypothesis through an investigation on the concern of concealed evaluation system of doctors＇ dissertation in economics in a university and a questionnaire of stock investors＇ behavior. By using mlogit econometric model analysis, the authors believe that stock investment quota of investors has positive influence on over concern, while education background of investors has negative influence on over concern. Besides, deviation degree of expectation behavior and the purchasing and selling behaviors based on the fluctuation of stock price are positively influenced by over concern.
出处
《云南财经大学学报》
CSSCI
北大核心
2012年第3期92-99,共8页
Journal of Yunnan University of Finance and Economics
