文章基本信息

标题：THE IMPACT OF BEHAVIORAL FINANCE ON STOCK MARKETS
本地全文：下载
作者：FELICIA RAMONA BIRAU
期刊名称：Analele Universităţii Constantin Brâncuşi din Târgu Jiu : Seria Economie
印刷版ISSN：1844-7007
出版年度：2012
卷号：3
出版社：Academica Brâncuşi
摘要：This article presents a new approach in the analysis of capital markets, namely behavioral finance. Behavioral finance is the study of the influence of the psychological factors on financial markets evolution. Financial investors are people with a very varied number of deviations from rational behaviour, which is the reason why there is a variety of effects, which explain market anomalies. Classical finance assumes that investors are rational and they are focused to select an efficient portfolio, which means including a combination of asset classes chosen in such a manner as to achieve the greatest possible returns over the long term, under the terms of a tolerable level of risk. Behavioral finance paradigm suggests that investment decision is influenced in a large proportion by psychological and emotional factors.
关键词：behavioral finance; classical finance; market efficiency; investment decision; psychological factors; capital ;market; rational behavior