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投资者情绪对股票收益的影响

The Impact of Investor Sentiment on Stock Returns

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【作者】 汪玮周大伟

【Author】 WANG Wei;ZOU Da-wei;Accounting College,Anhui University of Finance and Economics;

【机构】 安徽财经大学会计学院

【摘要】 随着行为金融学的不断发展,人们发现股票收益大小在一定程度上不仅取决于投资者对股票价格的把控,同时也受投资人主观情绪的影响。众所周知,情绪往往对人的行为具有决定性的作用,积极的情绪会产生的积极的行为,积极的行为又会引起积极的情绪,形成一种良性循环,这种主观情绪被称为投资者情绪。本文从投资者情绪的定义入手,利用数学建模论证投资者情绪与股票收益的相互影响,借助案例,分析投资者情绪给投资收益带来的影响。

【Abstract】 With the continuous development of behavioral finance, people find that the size of stock returns depends not only on the control of stock prices by investors, but also on the subjective sentiment of investors. As we all know, emotions often have a decisive effect on human behavior. Positive emotions produce positive behaviors. Positive behaviors can cause positive emotions and form a virtuous circle. This kind of subjective emotion is called investor sentiment.. This paper starts with the definition of investor sentiment, and uses the idea of mathematical modeling to demonstrate the mutual influence of investor sentiment and stock return, and through the case analysis, draws the investment enlightenment that investor sentiment brings to people.

【基金】 安徽高校自然科学研究项目“投资者异质情绪与企业创新投资:影响机理与经济后果”(KJ2017A431)
  • 【文献出处】 赤峰学院学报(汉文哲学社会科学版) ,Journal of Chifeng University(Philosophy and Social Science Chinese Edition) , 编辑部邮箱 ,2019年04期
  • 【分类号】F832.51
  • 【被引频次】1
  • 【下载频次】540
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