金融學專業外文翻譯---行為金融學-金融財政(文件)

　

【正文】 Disposition effect The disposition effect refers to the pattern that people avoid realizing paper losses and seek to realize paper gains. For example, if someone buys a stock at $30 that then drops to $22 before rising to $28, most people do not want to sell until the stock gets to above $30. The disposition effect manifests itself in lots of small gains being realized, and few small losses. In fact, people act as if they are trying to maximize their taxes! The disposition effect shows up in aggregate stock trading volume. During a bull market, trading volume tends to grow. If the market then turns south, trading volume tends to fall. As an example, trading volume in the Japanese stock market fell by over 80% from the late 1980s to the mid 1990s. The fact that volume tends to fall in bear markets results in the mission business of brokerage firms having a high level of systematic risk. One of the major criticisms of behavioral finance is that by choosing which bias to emphasize, one can predict either underreaction or overreaction. This criticism of behavioral finance might be called model dredging. In other words, one can find a story to fit the facts to ex post explain some puzzling phenomenon. But how does one make ex ante predictions about which biases will dominate? There are two excellent articles that address this issue: Barberis and Thaler (2020), and Hirshliefer (2020). Hirshliefer (p. 1547) in particular addresses the issue of when we would expect one behavioral bias to dominate others. He emphasizes that there is a tendency for people to excessively rely on the strength of information signals and underrely on the weight of information signals. This is sometimes described as the salience effect. 3. The limits to arbitrage Misvaluations of financial assets are mon, but it is not easy to reliably make abnormal profits off of these misvaluations. Why? Misvaluations are of two types: those that are recurrent or arbitrageable, and those that are nonrepeating and longterm in nature. For the recurrent misvaluations, trading strategies can reliably make money. Because of this, hedge funds and others zero in on these, and keep them from ever getting too big. Thus, the market is pretty efficient for these assets, at least on a relative basis. For the longterm, nonrepeating misvaluations, it is impossible in real time to identify the peaks and troughs until they have passed. Getting in too early risks losses that wipe out capital. Even worse, if limited partners or other investors are supplying funds, withdrawals of capital after a losing streak may actually result in buying or selling pressure that exacerbates the inefficiency. 5 本科畢業論文外文翻譯 外文題目： Behavioral Finance 出 處 PacificBasin Finance Journal ， , (September 2020) 作 者： Jay 譯 文： 行為金融學 本文簡要介紹了行為金融學。 1 本科畢業論文外文 外文題目： Behavioral Finance 出 處 Paci