阅读心跳

• 作 者: 李雄斌
• 出 处: 证券导刊
• 发表日期: 2004年11期
• 关键词: 现代投资理论 行为金融学 证券分析 效率市场 行为金融理论 卡尼曼 投资策略 心智模式 股票市场 巴鲁克

关于投资理论的尴尬无处不在。被市场奉为圭臬的现代投资理论一直陷入自身的悖论中难以自拔。其理论的基石基于两个假设，即人们投资决策的动机的“自利”和“做出理性决定”，而投资者在投资实务中非理性行为使证券定价系统出现偏差。于是，我们看一幅令惊异的图景：经济学巨

The embarrassment about investment theory is everywhere. The modern investment theory, which is regarded by the market as a standard, has been stuck in its own paradox. The cornerstone of its theory is based on two hypotheses, namely, “self-interest” and “making a rational decision” that motivate people to make investment decisions, while investors’ irrational behavior in the investment practice distorts the securities pricing system. So, let’s look at a surprising picture: the giant economy