投资学英文课件：Chap012 Behavioral Finance and Technical Analysis

1、Investments, 8th editionBodie, Kane and MarcusMcGraw-Hill/IrwinCopyright 2009 by The McGraw-Hill Companies, Inc. All rights reserved.12-2Behavioral Finance Investors Do Not Always Process Information Correctly Investors Often Make Inconsistent or Systematically Suboptimal Decisions12-3Information Pr

2、ocessing Critique Forecasting Errors Overconfidence Conservatism Sample Size Neglect and Representativeness12-4Behavioral Biases Framing Mental Accounting Regret Avoidance Prospect Theory12-5Figure 12.1 Prospect Theory12-6Limits to Arbitrage Fundamental Risk Implementation Costs Model Risk12-7Limits

3、 to Arbitrage and the Law of One Price Siamese Twin Companies Equity Carve-outs Closed-End Funds12-8Figure 12.2 Pricing of Royal Dutch Relative to Shell (Deviation from Parity)12-9Evaluation of the Behavioral Critiques Bubbles and Behavioral Economics Arguments that the Evidence Does Not Support One

4、 Type of Irrationality Relatively New Field12-10Technical Analysis and Behavioral Finance Trends and CorrectionsDow TheoryMoving averagesBreadth Sentiment IndicatorsTrin StatisticConfidence IndexPut/Call Ratio12-11Figure 12.3 Dow Theory Trends12-12Figure 12.4 Dow Jones Industrial Average in 198812-13Figure 12.5 Moving Average for Microsoft12-14Example 12.4 Moving Averages12-15Figure 12.6 Moving Averages12-16Figure 12.7 Market Diary12-17Table 12.1 Breadth12-18Figure 12.8 Actual and Simulated Levels for Stock Market Prices of 52 Week