行为金融学名的词解释.docx
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行为金融学名的词解释.docx
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行为金融学名的词解释
1.Overconfidence:
Peopleareoverconfidentabovetheirdecisions,i.e.Malearemoreconfidentthanfemaleinsometradingdecisions.
2.FinancialCognitiveDissonance认知失调:
Thereisatendencyforpeopletosearchforregularityamongtheircognitions.Whenthereisadiscrepancybetweenfeelingsorbehaviors,somethingmusttransformtoeliminatethedissonance.
3.TheoryofRegret:
peopleanticipateregretiftheymakeawrongchoice,andtakethisanticipationintoconsiderationwhenmakingdecisions.
4.LossAversion:
theideathatinvestorsassignmoresignificancetolossesthantheyassigntogains.
5.BiasedSelf-Attribution:
Itoccurswhenpeopleattributesuccessful
outcomestotheirownskillsbutblameunsuccessfuloutcomesonbadluck.(winsmart;losebadluck)
6.BehavioralFinance:
Thestudyofpsychology,sociologyandtraditionalfinance.
7.ProspectTheory:
canbedefinedashowinvestorsassessandcalculatethechanceofaprofitorlossincomparisontotheriskofthespecificstockormutualfund.Peoplewishthegaininsteadofthelossinthesamestockortrade.
8.PlanningFallacy谬论:
Overestimatethebenefitsandunderestimatethecosts.
9.Over-optimism:
Theattituderegardingsomethingistoopositive.
10.Representativeness(LindaEffect):
Whenpeoplerelyonrepresentativenesstomakejudgments,theyarelikelytojudgewronglybecausethefactthatsomethingismorerepresentativedoesnotmakeitmorelikely.(像”并不表示可能发生;representative工possibilities)
11.HindsightBias事后诸葛亮:
Peoplearedriventooverstatetheaccuracyoftheiroriginalpredictionsaftertheeventstookplace.
12.SampleSizeNeglect:
Whenestimatingtheprobabilityofasample,peoplemayignorethesamplesize.
13.BeliefPerseverance:
peopleareunwillingnesstoadmitthattheirfoundationalpremisesareincorrectevenwhenshownconvincingevidencetothecontrary.
14.Anchoring:
peopletendtoattachourthoughtstoareferencepointpriortomakingadecision.
15.AvailabilityBias:
theeasieritistorecalltheconsequencesofsomething,thegreaterweperceivetheseconsequencestoI选择性记忆
16.Framing:
Anissuewithdifferentviewscanleaddifferentdecisions.
17.MentalAccounting:
Forexample,peopleIehavedifferentlywhentheyareusingcreditcardandcash.IftheyusecreditcardtopayforaIet,theywilltendtoIetlargerthaniftheyusecash.Thisshowshowpeopleusesmentalaccountingtotreatmoneyasiftheyarenotthesamewhenit'sintheformofcreditcardandcash.
18.AmbiguityAversion:
Peopleprefertochoosesomethingwithfamiliaritythansomethingwithmoreunfamiliarity.
19.EfficientMarketHypothesis:
Assumethepriceiscorrectandnotransactioncosts.ThemarketispopulatedIyinvestorsoftenmakesystematicerrorsintheirassessmentsthatwillaffectmarketprices.
20.HaloEffect:
Ifyouthinkapersonisexcellentinsomeway,youalso
thinktheperson'sotherpersonalitiesaree轮晕效nt应
21.System1thinking:
Fast,Automatic,Intuitive.
22.System2thinking:
Slow,Deliberate,Analytical.
23.BoundedRationality:
Thedecisionunderlimitedinformationisrational.
24.SurvivorshipBias:
Whenamutualfundfails,itfallsoutoftheindexandthismakestheindexappearhigherthanwhatitotherwisewould.
25.DispositionTheory/Effect:
Investorsprefertoselltheprofitablestocksandholdthenon-profitablestocks.
26.NarrowFraming/DecisionIsolation:
Tooisolatetoanalysissomething.
27・EndowmentEffect禀赋效应:
Holdsomethingalreadyowedinsteadofchangingit.
28・StatusQuoBias:
Keepthecurrentsituationanddonotwanttochange.Forexample,apersonboughtawineat$10andlaterthepriceincreasesto$200,however,thepersondonotwanttosellthewine.
29・Self-perceptionTheory:
Yourattitudesareaccordingtotheenvironment.Forexample,youmayberemembersomeonebecauseofasong.
30.MereExposureTheory:
Usingsomefamiliarthingstoexplaintheunfamiliarthings,whichbeingunderstoodbetterandlessrisky.
31.CueCompetition:
Outstandingfeaturesattractmoreattentionthantheordinaryones.
32.MagicalThinking:
akindofthinkingthatone'sthoughtsbythemselvescanbringabouteffectsintheworldorthatthinkingsomethingcorrespondswithdoingit.
33.IllusionofControl:
Abeliefthatonecaninfluenceeventsevenwhenonehasnocontroloverwhatwillhappen.(Gamble)Theillusionofcontrolisthetendencyforpeopletooverestimatetheirabilitytocontrolevents,forinstancetofeelthattheycontroloutcomesthattheydemonstrablyhavenoinfluenceover.
34.Base-rateunderweighting:
Peoplecareaboutmuchmoresmallsampleratherthanthelargesample.
35.OmissionBias:
Abiasthatoccurswhenwechoosetoexcludecertaininformationforourdecision-makingprocess.
36.Gambler'sFallacy(:
MonteCarlofallacy)ifdeviationsfromexpectedbehaviorareobservedinrepeatedindependenttrialsofsomerandomprocess,futuredeviationsintheoppositedirectionarethenmorelikely.
37.ClusteringIllusion:
thetendencytowronglyperceivesmallsamplesfromrandomdistributionstohavesignificant“clustersca”usedbyahumantendencytounder-predicttheamountofvariabilitylikelytoappearinasmallsampleofrandomorsemirandomdataduetochance.(Forexample,ifapersonwinsagamerecently,peoplewillthinkthatheisagoodplayer)
38.Conservatism:
Peopledonotupdateorchangetheirideaswhentheenvironmentchanges.
39.FundamentalAttributionError:
(alsoknownascorrespondencebiasorattributioneffect)describesthetendencytooverestimatetheeffectofdispositionorpersonalityandunderestimatetheeffectofthesituationinexplainingsocialbehavior.Thiserrorismostvisiblewhenpeopleexplainthebehaviorofothers.
40.FalseConsensusEffect:
Itisacognitivebiaswherebyapersontendstooverestimatehowmuchotherpeopleagreewithhimorherandtoassumethattheyare“normal”.
41.CurseofKnowledge:
Forexample,peoplewithfinancebackgroundwillbeoverconfidentinstockstradingthanotherpeople.
42.Priming:
Peoplewillbeaffectedbypassedstimuluswhentheymakefuturechoice.
43.ExtrapolatingTendency夕卜推倾向:
Wetendtoassumethatthetrend
oftherecentpastwillcontinue.
44.RandomWalk:
Stockpricesfollownofamiliarpattern,andinfactare
random.Theydonotfollowthenormaldistribution.
45.1nvariance/Extensionalitv:
Differentmethodsleadthesameresult.
46.MoneyIllusion:
Youwillhaveawrongperceptiontothemoneywhen
youuseabignominalinterestrate(inflation).
47.Pseudo-certaintyEffect假确定性效应:
Itisaconceptfromprospect
theory.Itreferstopeople'stendencytoperceiveanoutcomeascertain
whileinfactitisuncertain.Itisobservedinmulti-stagedecision,in
whichevaluationofoutcomesinpreviousdecisionstageisdiscardedwhenmakinganoptioninsubsequentstages.
48」llusionofUnderstanding:
Youthoughtyouunderstandsomething,
butyoudon't.
49.IllusionofValidity.有效性幻觉:
Peopleoftentendtoselecttheinput
whichsupportstheoutcometheywanted.
5O.Spinoff:
Allocatethestockofsubsidiarytotheshareholdersofparent
company.
51.Bubble:
thephrasebeforeamarketcrashwhenconcernareexpressedthatthestockmarketisovervaluedoroverlyinflatedfromspeculativebehavior.
52・AcademicFinance:
Thetheoryoffinancethatmostcollegelearning.
53・AnomalyorAnomalies异常:
Somethingthatdeviatesfromthenormorcommonruleandisusuallyabnormal,suchasJanuaryeffect.
54.Arbitrage:
isthepracticeoftakingadvantageofapiecediffereneebetweentwoormoremarkets.
55.Bias:
Biasesarehumantendenciesthatleadustofollowaparticular
alogicalpath,orformacertainperspectivebasedonpredeterminedmentalnotionsandbeliefs.(Unreasonedjudgmentorprejudice.)
56.Correlation:
aconceptfromstatistics.Itisameasureofthedegreetowhichtworandomvariablestrackoneanother,suchasstockpricesandinterestrates.
57.Crash:
Asteepandabruptdropinsecuritymarketprices.
58.EfficientFrontier:
Thelineontherisk-rewardgraphrepresentingasetofallefficientportfoliosthatmaximizeexpectedreturnareeachlevel
ofrisk.
59.EfficientPortfolio:
aportfoliothatprovidesthegreatestexpectedreturnonagivenlevelofrisk.
60.ExpectedReturn:
thereturnexpectedonariskyassetbasedonanormalprobabilitydistributionforallthepossibleratesofreturn.
61.HerdingorHerdBehavior:
Herdingtranspireswhenagroupofinvestorsmakeinvestmentdecisionsonaspecificpieceofinformationwhileignoringotherrelativeinformationsuchasnewsorfinancialreports.
62.JanuaryEffect:
investorsexpectaboveaveragegainsforthemonthofJanuaryandcausethepriceofstockstogoup.Itismostlikelycausedbytheresultofafloodofnewmoneyfromretirementcontributions,combinedwithoptimismfortheNewYear.
63.ModernPortfolioTheory:
Aninclusiveinvestmentapproachthatallinvestorsareriskaverseandseekstocreateanoptimalportfolioinconsiderationoftherelationshipbetweenriskandrewardasmeasuredbyalpha,betaandR-squared.
64.Panics:
asudden,widespreadofaneconomicofmarketcollapse,whichusuallyleadstofallingstockprices.
65.PsychologyThestudyofbehaviorandmentalprocess.
66.Sociology:
Itisthesystematicstudyofhumansocialbehaviorand
groups.
67.StandardDeviation:
Itisvariableforassessingtheriskofstocks,bonds,andothertypesoffinancialsecurities.
68.TimeValueofMoney:
Itistheprocessofcalculatingthevalueofanassetinthepast,present,andfuture.Itmeansthatadollarinvestedtodayisgoingtobeworthmoretomorrow.
69.Arbitrager:
Theprofessionaltraderwhotakearbitrages.
70.Noisetrader/F
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