代写英文论文-行为金融学，传统的金融理论认为，世界范围内的参与者和经济主体都是理性的财富最大化者。然而，在做决定的时候，也会涉及到情绪和心理。情感和心理上的参与有时会影响经济主体的行为，使其变得不可预测和非理性。行为金融学被认为是行为与认知心理学理论相结合，并与传统经济学和金融学相联系的新领域。行为金融学的目的是评价人们做出非理性金融决策的原因。行为金融学的重点是确定市场参与者与理性市场参与者之间的非理性系统误差(Andrikopoulos, 2005)。接下来有关代写英文论文-行为金融学分享给留学生们阅读。
Based on the conventional financial theory, the participants and the economic agents around the world are considered to be rational wealth maximizer. However, there are several instances which would involve emotions and psychology in terms of decision making. The emotional and psychological engagement sometimes influences economic agents to behave unpredictably and irrationally. Behavioral finance is considered to be the new field which combines the aspect of behavior and cognitive psychological theory and associates this with the conventional economics and finance. The aim of the behavioral finance is to evaluate the reason behind the irrational financial decisions made by the people. The focal point of the behavioral finance is determining the irrational systematic errors of the market participants in comparison with the rational market participants (Andrikopoulos, 2005). These errors tend to affect the prices and returns within the market causing market inefficiencies. The study of behavioral finance takes into consideration of those participants that take advantage of market inefficiencies. The behavioral finance has been surpassing the aspects of modern and conventional finance. The modern finance generally focuses on the study of the investments and investigates into the dynamics of assets and liabilities. The focus of the conventional and modern finance had never been on the aspects of emotions and psychology. The modern finance, therefore, could never formulate and justify the reason behind the irrational behavior of the market participants. Over the last four decades, the modern finance has been dominating the area of financial economics. Although the conventional finance has produced different influential models and theories, the new academic school of thought has paved the path for behavioral finance. The trade-off between the two schools of thought has signaled the beginning of the fierce battle. However, theorists are of the view that the behavioral finance is at odds with the modern finance.
This is the efficient frontier in which the set of the efficient portfolio is considered to yield the highest return at the lowest possible risk. This is the phenomenon through which the portfolio managers are able to maximize the returns and thereby mitigate risks.
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