| 投资者异质性与股票市场泡沫:一个综述性讨论 |
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| 引用本文： | 周业安,宋翔.投资者异质性与股票市场泡沫:一个综述性讨论[J].教学与研究,2011(4). |
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| 作者姓名： | 周业安 宋翔 |
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| 作者单位： | 中国人民大学经济学院,北京,100872 |
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| 基金项目： | 北京地区普通高等学校学科群项目资助 |
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| 摘 要： | 传统的资产定价理论通常假设投资者是同质的,但这一理论无法有效解释股票市场泡沫。现实中,投资者在主观和客观上都存在着明显的差异,这些差异使得投资者对市场预期具有异质性信念,在异质性的影响下表现出不同的投资行为,从而对资产定价产生重要的影响。近期的研究逐渐摆脱了同质性假设的框架,引入投资者异质性来解释股票市场过度波动和泡沫等现象,这些研究给未来的证券市场监管提供了新的视角。
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| 关 键 词： | 行为金融 异质性投资者 股票市场泡沫 |
A Review on Heterogeneity of Investors and Bubbles in the Stock Market |
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| ZHOU Ye-an,SONG Xiang.A Review on Heterogeneity of Investors and Bubbles in the Stock Market[J].Teaching and Research,2011(4). |
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| Authors: | ZHOU Ye-an SONG Xiang |
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| Institution: | ZHOU Ye-an,SONG Xiang(School of Economics,Renmin University of China,Beijing 100872,China) |
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| Abstract: | The traditional asset pricing theory often assumes that the investors are homogeneous.But this theory fails to effectively explain the bubbles in the stock market.The reality is that obvious objective and subjective differences exist among investors,leading to heterogeneous beliefs in their predictions about the market.These,in turn,have inserted important influence on asset pricing.There is evidence that recent studies have abandoned the framework of homogeneous assumption.The investor heterogeneity has be... |
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| Keywords: | behavioral finance heterogeneous investors stock market bubbles |
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