投资者行为与市场异象研究评述

摘要

随着行为金融学的异军突起，以理性人假设为基础的传统金融理论正面临着严峻的挑战。大量的研究证实市场并非是有效的，投资者行为对市场有着重要影响，因此，对于投资者行为的研究日益重要。本文从投资者在交易活动中所表现出的过度反应、过度自信、处置效应和投资者关注等行为现象，对目前有关投资者行为的研究文献进行归纳总结，并在此基础上对现有研究进行简要评述，同时指出我国在该领域未来的研究方向。%With the rise of the behavioral finance, the traditional financial theory based on the hypothesis of rational people is facing severe challenges. A lot of studies confirm that the market is not effective and the investor behavior has an important influence on the market, so the research to the investor behavior becomes more and more important. This paper, from the phenomenon about investor trading activities, such as overreaetion, overconfidence, disposition effect and investor attention, summarizes and reviews the current research literature about the behavior of investors, at the same time, it points out the future research direction in this field in China.