北师大珠海分校金融学专业课程英文版教材行为金融学6至10章课后答案

Chapter61、miscalibration:isthetendencyforpeopletooverestimatetheprecisionoftheirknowledge.标准误差是人们高估自己学问准确度的一种趋势。excessiveoptimism:people’spredictionsaboutthefutureareunrealisticallyoptimistic .过度乐观：人们对于将来的推测是不切实际的乐观。better-thanaverageeffect:Better-than-averageeffectsaysthatmanyofusfeelwearesmarterormoreskilledthanaverage.好过平均水平效应：我们大多数人都认为自己的才智或技能比平均水平要好。Illusionofcontrol:peoplethinkthattheyhavemorecontrolovereventsthanobjectivelycanbetrue.掌握梦想：人们认为他们有比实际更大的支配事物的力量。self-attributionbias:thetendencyforpeopletoattributesuccessesorgoodoutcomestotheirownabilities,whileblamingfailuresoncircumstancesbeyondtheircontrol,canleadtoanincreaseinoverconfidence.自我归因偏见：人们通常把成功或好的结果归功于自己的力量，而把失败归咎于自己掌握之外的环境。Confirmationbias:thetendencytosearchoutevidenceconsistencewithone’spriorbeliefsandtoignoreconflictingdata.贬低与他们的看法相左的观点。prosofoverconfidence:我们的效应。consofoverconfidence:过度自信的缺点：过度自信会导致过度交易，从而影响金融市场。2、miscalibrationisgreaterforhardquestions,itisgreaterwhenwelookat50%confidenceranges.3、supposeyouareabouttobowlwithyourfriends.Instandard10-pinbowling,300isthemaximumscore，and200isandexcellentone.Youarefeelingbuoyanttodayandboldlypredict225asyourscore,witha90%confidencerangeofbetween200and250.Overtheyear,youhaveaveraged 175, with 90% of your results falling within 50 points of this magnitude(between125and225).Onthebasisofyourseasonrecord,youareexcessivelyoptimistic 〔by50points〕.Moreover,youaremiscalibrated,withyourconfidenceintervalbeingonly50%aswideasitshouldbe.4、过度自信有以下几个方面的表现，1、标准误差。2、过度乐观。3、好过平均水平。4、掌握幻觉。这些表现说明白过度自信是随着时间演化而来的。确定性偏差是指人们有意或无意地查找支持自己之前的看法的信息和解释,避开不同看自信不会马上消逝。5、这个球队之前 16 次常规赛的平均分数是(38*4+34*3+48+49+52+24+56+31+27+20+28)/16=36.1875,而大多数粉丝们认为他们在接下来的四次决赛的平均分会是50，所以粉丝们是过度乐观了。而他们分数会在45至55之间这个自信区间太窄了。所以粉丝是过度自信了。Chapter71、IQandEQ:智商，是人们生疏客观事物并运用学问解决实际问题的力量。而情商是与智商相对应的概念。它主要是指人在心情、情感、意志、耐受挫折等方面的品质。MoodandEmotion：Anemotionisaboutsomething,whereasamoodisageneralfeelingthatdoesnotfocusonanythinginparticular.Mood是本能的，而emotion是非本能的。Humanbrainandthebrainofotheranimal:Thecerebrumiswhatdistinguishesthehumanbrainfromthoseofothervertebrateanimals.Theabilitytoplanforthefutureiscriticaltotheadvancementofthehumanspecies.PhineasGageandElliot:2、yes,Iagree.emotionalintelligencereflectaperson’sabilitytoidentifyandmanagetheirownemotionalresponses,aswellasthoseofothers.Emotionallowustomakequick,appropriate,andrationalresponsestostimuli,includingsuchdivergentsituationsasadangerousencounterorafinancialdecision.Aperson’ssuccessisdependentonhisemotionalintelligence,inadditiontohisintelligencequotient.Soemotionalintelligencemaybejustasimportantasinvestmentknowledge.3、〔Cognitiveantecedents:〕IwillfeelhappinessandsurprisewhenIwonalotterywitha$10millionprizebecauseIknowthisisarareeventandIamsolucky.〔Intentionalobject:〕Iamsohappyandsurprisedbecauseiwontheprize.〔Physiologicalarousal:〕MybodyactuallygoesthroughhormonalchangeswhenIexperienceanemotion.AtthetimethatIwontheprize,Imightfeelmybloodpressurerisin.Physiologicalexpressions〕ImightexpressmyhappinessandsurpriseatthenewsthatIwontheprizebyscreamingorjumpingup.〔Valence〕Iamfeelingverypositivetowardthepriz.Actiontendencies〕InsomecaseImightpurchasemorelottery,butduetotheexistofmyreason,IdecideagainstbuyingmorelotterybecauseIknowIwonbesoluckyallthetime.4phineaelliot的阅历和大量其他脑部受伤的病例以及对大脑大量的争论，damasio总结出情感对理智有着重大的影响。理智和情感是人类完整的一局部，大脑和身体是连通的，假设我们不生疏身体和大脑之间的联系，我们就不能明白人类的行为。Damasio的争论说明情感与理性决策是互为补充的。51、当决策至关重要时，情感推动个体做出决策。2、情感有助于做出最优决策。Chapter81、Goodcompanyandgoodstock好的公司在于治理的质量而好的股票在于长期投资的价值。Momentum-chaserandcontrarian55%，另一只是前五10%。那么，是Momentum-chaser的话就会把多于50%的比例投资与第一只股票，而contrarian50%的比例投资与其次只股票。Internationaldiversificationanddomesticdiversification国际多元化能比国内多元化分散更多的风险。Anchoringandherding资者的影响，从而仿照他人决策。B/M—市场价值高MQ—治理好而这些都是与长期投资价值有关的因素。a.b.从外乡公司那获得的收益可能消灭在改进的监视力量以及获得的私人信息上。4〔1〕是的。A.由于距离、文化和语言关系，人们会选择当地的投资，他们生疏更多回报。C.这也是理性行为，是避险需求。文化的认同是很重要的。会受到其他公司市盈率的锚定。b．股票的名称、代码的好坏会影响人们的投资决策，进而影响股票价格。反在分红固定时才能使市场到达稳定状态。84象。Chapter91、indirectanddirecttestsofrelationshipbetweenoverconfidenceandtradingactivitySensationseekingandoverconfidenceOverconfidenceisthetendencyforpeopletooverestimatetheirknowledge,abilities,andtheprecisionoftheirinformation,ortobeoverlysanguineofthefutureandtheirabilitytocontrolit..Sensationseekingisapersonalitytraitwhosefourdimensionsarethrillandadventureseeking;experienceseeking;disinhibition;andboredomsusceptibility.UnderdiversificationandexcessivetradingStaticsanddynamicsofoverconfidence2、a.investorA:q=100-p=50 investorB:q=(150-p)/2=50b.investorA:q=100-30=70 investorB:q=(150-30)/2=60investorA。c.investorA。越自信曲线越平缓，对价格反映越大。3、4〔1〕3000300060015%的人持有10才能到达合理的分散化水平。因此大多数投资者都不够分散化。由于对金融不精通的人投资简洁不分散化。另外，由于他们过分自信，也们是缺乏专业学问。在投资组合中买入10只以上不同品种的股票。过度自信，无视的公众信息。他们简洁犯阅历主义错误。Chapter10differentiatethefollowingterms/concepts:a.Regretanddisappointment圆满和无望的愿望。相比之下无望，圆满更是一个负面心情。。那么做，由于自身的缘由就更添加圆满的成分。b.Housemoneyandbreak-eveneffects赌场盈利效应和保本效应前者：风险增加的存在寻求在事先获得后者：面前的损失,结果之前供给时机甚至是特别吸引力c.affect〔noun〕andaffect(verb)都是影响的意思名词表示受到某种事物的影响造成的结果动词表示某种事物对另一事物的影响，是一个过程d.Badmoodanddepression不良心情和抑郁前者不良心情只是临时的，愁闷程度轻后者抑郁时间持续长，程度严峻，影响工作学习和生活Inhousingmarkets,thereisapositivecorrelationbetweenpricesandtradingvolume,whenthereisahousingboom,manyhousessellat,orevenabove,thepricesaskedbysellers.Intimesofbust,homessitsonthemarketforalongtimewithaskingpricesthatexceedthepricesthatcanreasonablybeexpected.Howcanthisbeexplained?心情是高度相关的概率，参与者会选择在该行业投资someinvestmentbanksengageinproprietarytrading,whichmeansthatthefirm”stradersactivelytradefinancialsecurtitiesusingthebank”smoney,inordertogenerateaprofit.Tooffsetaslowdownin