投资中的心理学(第4版)(美国商学院原版教材精选系列)

《投资中的心理学(第4版)》：美国商学院原版教材精选系列

《投资中的心理学(第4版)》的目的在于使投资者通过了解投资过程的心理偏差，更好地应用传统投资工具。阅读《投资中的心理学(第4版)》之后，你会真正了解传统投资工具的价值。事实上，人的大脑思维及情绪非常复杂，仅用一些简单的词语来描述影响人们投资决策的心理因素是远远不够的。《投资中的心理学(第4版)》是最早开始对投资心理学这一课题进行深入调查和研究的成果之一。传统金融学的成果丰硕，开发了许多投资工具，例如资产定价模型、投资组合理论、期权定价理论。虽然投资者在做出投资决策时可以使用这些工具，但是通常情况下，他们却很少使用，这是因为心理因素对投资决策的影响要远远大于金融理论。由于心理偏差的存在，投资者往往难以做出正确决策。通过对自己心理偏差的了解，投资者就能够战胜这些投资障碍，从而增加自己的财富。《投资中的心理学(第4版)》首先描述什么是心理偏差，并用日常行为加以解释。然后，阐述心理偏差对投资决策的影响。最后，采用学术研究的成果来证明投资者当中确实存在的一些问题。人们对投资者心理的了解正在日益加深，了解心理偏差补充了传统的金融工具的作用，能够让投资者作出更有效、更准确的投资决策。

作者：（美国）约翰·诺夫辛格（JohnR.Nofsinger）

Chapter1PsychologyandFinance1
TraditionalversusBehavioralFinance2
Prediction3
BehavioralFinance5
SourcesofCognitiveErrors6
BiasandWealthImpact8
WhattoExpect9
Questions10
Endnotes10

Chapter2Overconfidence11
OverconfidenceAffectsInvestorDecisions12
OverconfidentTrading13
OverconfidenceandtheMarket16
OverconfidenceandRisk16
lllusionofKnowledge17
lllusionofControJ19
Choice19
OutcomeSequence19
TaskFamiliarity19
Information19
ActiveInvolvement19
PastSuccesses20
OnlineTrading20
OnlineTradingandPerformance21
Questions22Endnotes22

Chapter3PrideandRegret24
DispositionEffect24
DispositionEffectandWealth25
TestsofAvoidingRegretandSeekingPride26
InternationalTestsoftheDispositionEffect28
DispositionOutsidetheStockMarket28
SellingWinnersTooSoonandHoldingLosersTooLong29
DispositionEffectandNews29
ReferencePoints30
CantheDispositionEffectImpacttheMarket？31
DispositionandInvestorSophistication32
Summary32
Questions33
Endnotes33

Chapter4RiskPerceptions35
House-MoneyEffect36
Snakebite（orRiskAversion）36
TryingtoBreakEven36
EffectonInvestors37
Endowment（orStatusQuoBias）Effects38
EndowmentandInvestors39
PerceptionofInvestmentRisk39
MemoryandDecisionMaking40
MemoryandInvestmentDecisions40
CognitiveDissonance41
CognitiveDissonanceandInvesting41
Summary44
Questions44
Endnotes44

Chapter5DecisionFrames46
FramingandChoice46
FramingandInvesting48
FramingandtheRisk-ReturnRelationship48
FramingandPrediction50
ThinkingModeandDecisionProcesses50
MeasuringThinkingMode51
RiskFramingandThinkingStyle52
FramingPensionDecisions53
Summary53
Questions54
Endnotes54

Chaoter6MentalAccounting55
MentalBudgeting56
MatchingCoststoBenefits56
MatchingDebt57
Sunk-CostEffect58
EconomicImpact59
MentalAccountingandInvesting60
InvestorTrading60
AssetAllocation61
MarketImpact64
Questions64
Endnotes65

Chapter7FormingPortfolios66
ModernPortfolioTheory66
MentalAccountingandPortfolios66
PerceptionsonRisk68
RiskPerceptionintheRealWorld70
BuildingBehavioralPortfolios70
HouseholdPortfolios72
NaiveDiversification73
RetirementPlans74
Questions75
Endnotes75

Chapter8RepresentativenessandFamiliarity76
Representativeness76
RepresentativenessandInvesting77
ExtrapolationBias78
Familiarity80
FamiliarityBreedsInvestment81
LocalBias83
FamiliarityBreedsInvestmentProblems84
CombiningFamiliarityandRepresentativenessBiases85
Questions86
Endnotes86

Chapter9SocialInteractionandInvesting88
TalkingtheTalk89
ImitateThyNeighbor'sPortfolio89
SocialEnvironment89
InvestmentClubs91
InvestmentClubPerformance91
InvestmentClubsandSocialDynamics93
TheMedia93
SpeedIsNotoftheEssence94
Herding95
HerdingintoStocks95
"ARose.combyAnyOtherName"96
Short-TermFocus96
Faith97
SocialValidation97
Questions97
Endnotes97

Chapter10EmotionandInvestmentDecisions99
FeelingsandDecisions99
FeelingsandFinance100
FeelingsAffectInvestmentDecisions101
Sunshine101
NegativeEmotions103
Optimism104
Sentiment106
MarketBubbles107
TheThrillsofInvesting108
Sunmary109
Questions109
Endnotes110

Chapter11Self-ControlandDecisionMaking111
Short-TermversusLong-TermFocus112
ControllingYourself112
SavingandSelf-Control113
401（k）andIRAPlans114
Self-ControlandDividends115
BeatingtheBiases116
Strategy1:UnderstandtheBiases116
Strategy2:KnowWhyYouAreInvesting116
Strategy3:HaveQuantitativeInvestmentCriteria117
Strategy4:Diversify117
Strategy5:ControlYourInvestingEnvironment117
AdditionalRulesofThumb118
UsingBiasesforGood119
SaveMoreTomorrow119
SaveandWin120
Questions121
Endnotes121
Credits123
Index124