TAILIEUCHUNG - Behavioral Finance vesus Srandard Finance

Finance practitioners and academics are, or should be, interested in the following questions: .Why do investors like dividends? .Why do investors hate to realize losses? .Why do investors prefer stocks of "good" companies? .How are expected returns determined? .What kjnds of securities do investors like? .What are the forces that shape financial regulations? | Behavioral Finance versus standard Finance Meir Statman Professor Department of Finance Leavey School of Business Santa Clara University Behavioral finance is built on the framework of standard finance but supplies a replacement for standard finance as a descriptive theory. Behavioral finance reflects a different model of human behavior and is constructed of different components prospect theory cognitive errors problems of self-control and the pain of regret. These components help make sense of the world of finance including investor preferences the design of modem financial products and financial regulations by making sense of normal investor behavior. Finance practitioners and academics are or should be interested in the following questions Why do investors like dividends Why do investors hate to realize losses Why do investors prefer stocks of good companies How are expected returns determined What kinds of securities do investors like What are the forces that shape financial regulations The range of questions is wide. It includes investor behavior the interaction of investors in markets which determines security prices and the interaction of citizens in public policy arenas which determines financial regulations. Standard finance the body of knowledge that is built on such pillars as the arbitrage principles of Merton Miller and Franco Modigliani the portfolio construction principles of Harry Markowitz the capital asset pricing theory of John Lintner and William Sharpe and the option-pricing theory of Fischer Black Myron Scholes and Robert Merton is so compelling because it uses only a few basic components to build a unified theory a theory that should provide answers to all the questions of finance. Few theories however are fully consistent with all the available empirical evidence and standard finance is no exception. For example Miller 1986 readily acknowledges that the observed preference for cash dividends is one of the soft spots in the current body of .

• Ngân hàng - Tín dụng
• Behavioral Finance
• Srandard Finance
• Investor Preferences
• Cash Dividends
• !Investors Prefer Stocks
• GOOd Companies
• I nvestment decision making
• Area of behavioral finance
• Types of biases
• Concepts of behavioral finance
• IMPACT OF BEHAVIORAL BIASES
• Essentials of Investments
• Technical Analysis
• Behavioral Critiqu
• Share Price
• Moving Averages
• Lecture Consumer finance
• Consumer finance
• Behavioral economics
• Financial decisions I
• Self control and temptation
• Product design brainstorm
• Hello wallet
• US financial system
• Professional Conduct
• Professional Standards
• Wealth Management
• Code of Ethics
• Financial markets
• Lecture Financial markets
• Economics 252
• Role of Psychology
• Prospect theory
• Corporate finance
• Principles of corporate finance
• Valuing bonds
• Efficient markets
• How corporations issue securities
• Payout policy
• Investment environment
• Lecture Investments
• Active portfolio management
• Capital markets
• Market efficiency
• Calculate present values
• Common stocks
• Performance measurement
• Investment portfolio
• Portfolio insurance
• Various portfolios
• Risk tolerance level of investors
• Financial literacy
• Behavioral biases
• Retirement savings
• College students
• Finance research
• Investors Prefer Stocks
• Efficient capital markets
• Behavioral challenges
• Capital budgeting
• The levered firm
• Cash management
• Special topics
• Capital structure
• Dividends and other payouts
• Raising capital
• Private Banking
• Global Technical
• Research and Behavioral Finance
• Caution Hope
• Greed
• Optimism
• ethical trouble
• Philosophical fundamentals
• Natural law
• consequentialism
• ultimate obligation
• promissory obligations
• modeling and production
• simple rule theory
• might emphasize
• usually requires
• produce results
• drilling or mining
• nghiên cứu khoa học
• thị trường ngoại hối
• lý thuyết tài chính hành vi
• chính sách ngoại hối
• tâm lý tài chính
• thị trường quốc tế
• Nghiên cứu tài chính hành vi
• Ứng dụng tài chính hành vi
• Thị trường ngoại hối Việt Nam
• Empirical evidence
• The efficient market hypothesis
• Option valuation
• Futures markets
• Securities markets
• Asset classes
• Financial instruments
• Other investment companies
• Investment companies