投资行为中的突显、过度自信、高估现象研究

本研究采用知觉突显(物理、熟悉、背景突显)与过度自信及股价估值匹配的测试方法,比较突显是否存在高估及过度自信现象.研究发现物理突显、熟悉、背景突显均存在高估现象、新股民、低学历、女性突显造成的知觉错觉更高;高突显同时具有高过度自信,对熟悉的股票具有高过度自信且估值高,老股民、高学历、男性,过度自信高.

An Experimental Study of Highlight-Over-confidence-Overvalue in Stock Price

In this study the test of matching highlight with over-confidence and overvalue in stock price was used to measure if highlight leads to over-confidence and overvalue.The result indicates that highlight(physics,familiarity,background highlight) leads to obvious overvalue.For new shareholders,people with low academic degrees,and females,the rate of misconception caused by highlight is fairly high;high highlight generates high over-confidence,with high over-confidence and overvalue of familiar shares.For expe...