Investor psychology in capital markets: evidence and policy implications

• 成果类型: Article
• 署名作者: Daniel, K; Hirshleifer, D; Teoh, SH
• 署名单位: University System of Ohio; Ohio State University; National Bureau of Economic Research; Northwestern University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(01)00091-5
• 发表日期: 2002
• 页码: 139-209
• 关键词: investor psychology; capital markets; POLICY; accounting regulation; disclosure; behavioral finance; behavioral economics; market efficiency

摘要

We review extensive evidence about how psychological biases affect investor behavior and prices. Systematic mispricing probably causes substantial resource misallocation. We argue that limited attention and overconfidence cause investor credulity about the strategic incentives of informed market participants., However, individuals as political participants remain subject to the biases and self-interest they exhibit in private settings. Indeed, correcting contemporaneous market pricing errors is probably not government's relative advantage. Government and private planners should establish rules ex ante to improve choices and efficiency, including disclosure, reporting, advertising, and default-option-setting regulations. Especially, government should avoid actions that exacerbate investor biases. (C) 2002 Published by Elsevier Science B.V.