-
市场
-
产品
-
资讯
-
Moo社区
-
课堂
-
查看更多
-
功能介绍
-
费用费用透明,无最低余额限制
投资选择、功能介绍、费用相关信息由Moomoo Financial Inc.提供
- English
- 中文繁體
- 中文简体
- 深色
- 浅色
Five behavioral biases affecting investors
Five behavioral biases affecting investors
Key takeaways
Behavioral finance is the study of psychological impacts on investors's behaviors
Different from traditional finance theory, behavioral finance emphasizes the role played by psychology in individual behaviors
Five most common behavioral biases: loss aversion, anchoring bias, herd instinct, overconfidence bias, and confirmation bias
Understanding behavioral finance
Behavioral finance studies the psychological impacts on the behaviors of investors and the subsequent effects on the markets. It is based on some facts, such as investors are not always rational, their self-control is limited, and how they behave is subject to their own biases.
To understand behavioral finance, we first need to understand traditional finance theory. Traditional finance theory is comprised of three core assumptions:
Individuals have complete self-control.
Individuals understand all available data before making decisions.
Individuals are always consistent in their decision-making.
In a nutshell, traditional finance theory states that individuals always make rational decisions solely based on objective facts available.
However, irrationality is built into human nature. In reality:
We don't always have self-control.
We don't always have time to understand all the data before making a decision.
We are not always consistent in terms of decision-making.
Behavioral finance is different from traditional finance theory in that it emphasizes the role played by psychology in individual behaviors.
According to behavioral finance, investors are vulnerable to making sub-optimal decisions due to psychological influences that complicate our decision-making.
By understanding the different psychological responses to our emotions, we attempt to limit the effect of emotion on our investing decision-making.
Five behavioral biases affecting investors
Here, we highlight five prominent behavioral biases common among investors. In particular, we look at loss aversion, anchoring bias, herd instinct, overconfidence bias, and confirmation bias.
Loss aversion
Loss aversion occurs when investors care more about losses than gains. As a result, some investors might want a higher payout to compensate for losses. If the high payout isn't likely, they might try to avoid losses altogether even if the investment's risk is acceptable from a rational investor's standpoint. In investing, loss aversion can lead to the so-called disposition effect when investors sell their winners and hang onto their losers. Investors do this because they want quick gains. But when an investment is losing money, many of them would choose to hold onto it because they want to get back to their initial price.
Anchoring bias
It means some investors tend to be over-reliant on an arbitrary benchmark such as a purchase price or sticker price. Market participants with an anchoring bias tend to hold investments that have lost value because they have anchored their fair value estimate to the original purchasing price rather than to fundamentals.
Herd instinct
The term herd instinct refers to a phenomenon where people join groups and follow the actions of others because they assume that other individuals have already done their research.
Herd instincts are common in all aspects of society, including the financial sector, where investors follow what they see other investors are doing rather than relying on their own analysis. Asset bubbles or market crashes by panic buying and panic selling are believed to manifest herd instinct at scale.
Overconfidence bias
Overconfidence bias means being too confident in our abilities, making us take excessive risks. This bias is common in behavioral finance and can exert huge impact on capital markets.
Overconfidence has two components: being so confident in the quality of your information and in your ability to act on said information at the right time for maximum gain.
Confirmation bias
Confirmation bias is a term in cognitive psychology that describes how people naturally favor information that confirms their existing beliefs. Experts in behavioral finance have found that this fundamental principle applies notably to market participants. Investors search for information that confirms their existing opinions and ignore facts or data that contradict them. As a result, their own cognitive biases may reduce the value of their decisions.
For more investment knowledge and trends, welcome to Courses in the Community.
Key takeaways
主要外卖
Behavioral finance is the study of psychological impacts on investors's behaviors
Different from traditional finance theory, behavioral finance emphasizes the role played by psychology in individual behaviors
Five most common behavioral biases: loss aversion, anchoring bias, herd instinct, overconfidence bias, and confirmation bias
行为金融学是研究心理对投资者行为影响的学科
与传统金融理论不同,行为金融学强调心理学在个体行为中的作用。
五种最常见的行为偏差:损失厌恶、锚定偏差、羊群本能、过度自信偏差和确认偏差
Understanding behavioral finance
理解行为金融学
Behavioral finance studies the psychological impacts on the behaviors of investors and the subsequent effects on the markets. It is based on some facts, such as investors are not always rational, their self-control is limited, and how they behave is subject to their own biases.
行为金融学研究心理对投资者行为的影响及其对市场的影响。它是基于一些事实,比如投资者并不总是理性的,他们的自我控制是有限的,他们的行为受到他们自己的偏见的影响。
To understand behavioral finance, we first need to understand traditional finance theory. Traditional finance theory is comprised of three core assumptions:
要理解行为金融学,首先需要理解传统金融学理论。传统金融理论由三个核心假设组成:
Individuals have complete self-control.
Individuals understand all available data before making decisions.
Individuals are always consistent in their decision-making.
每个人都有完全的自制力。
个人在做出决定之前了解所有可用的数据。
个人的决策总是始终如一的。
In a nutshell, traditional finance theory states that individuals always make rational decisions solely based on objective facts available.
简而言之,传统的金融理论认为,个人总是完全根据可获得的客观事实做出理性的决定。
However, irrationality is built into human nature. In reality:
然而,非理性是人性中的一部分。在现实中:
We don't always have self-control.
We don't always have time to understand all the data before making a decision.
We are not always consistent in terms of decision-making.
我们并不总是有自制力。
在做出决定之前,我们并不总是有时间了解所有的数据。
我们在决策方面并不总是一致的。
Behavioral finance is different from traditional finance theory in that it emphasizes the role played by psychology in individual behaviors.
行为金融学与传统金融理论的不同之处在于它强调心理学在个体行为中的作用。
According to behavioral finance, investors are vulnerable to making sub-optimal decisions due to psychological influences that complicate our decision-making.
根据行为金融学,由于心理影响,投资者很容易做出次优决策,这会使我们的决策变得复杂。
By understanding the different psychological responses to our emotions, we attempt to limit the effect of emotion on our investing decision-making.
通过了解情绪的不同心理反应,我们试图限制情绪对我们投资决策的影响。
Five behavioral biases affecting investors
影响投资者的五种行为偏差
Here, we highlight five prominent behavioral biases common among investors. In particular, we look at loss aversion, anchoring bias, herd instinct, overconfidence bias, and confirmation bias.
在这里,我们重点介绍了投资者普遍存在的五种突出的行为偏差。尤其是,我们关注的是损失厌恶、锚定偏差、羊群本能、过度自信偏差和确认偏差。
-
Loss aversion
Loss aversion occurs when investors care more about losses than gains. As a result, some investors might want a higher payout to compensate for losses. If the high payout isn't likely, they might try to avoid losses altogether even if the investment's risk is acceptable from a rational investor's standpoint. In investing, loss aversion can lead to the so-called disposition effect when investors sell their winners and hang onto their losers. Investors do this because they want quick gains. But when an investment is losing money, many of them would choose to hold onto it because they want to get back to their initial price.
-
Anchoring bias
It means some investors tend to be over-reliant on an arbitrary benchmark such as a purchase price or sticker price. Market participants with an anchoring bias tend to hold investments that have lost value because they have anchored their fair value estimate to the original purchasing price rather than to fundamentals.
-
Herd instinct
The term herd instinct refers to a phenomenon where people join groups and follow the actions of others because they assume that other individuals have already done their research.
Herd instincts are common in all aspects of society, including the financial sector, where investors follow what they see other investors are doing rather than relying on their own analysis. Asset bubbles or market crashes by panic buying and panic selling are believed to manifest herd instinct at scale.
-
Overconfidence bias
Overconfidence bias means being too confident in our abilities, making us take excessive risks. This bias is common in behavioral finance and can exert huge impact on capital markets.
Overconfidence has two components: being so confident in the quality of your information and in your ability to act on said information at the right time for maximum gain.
-
Confirmation bias
Confirmation bias is a term in cognitive psychology that describes how people naturally favor information that confirms their existing beliefs. Experts in behavioral finance have found that this fundamental principle applies notably to market participants. Investors search for information that confirms their existing opinions and ignore facts or data that contradict them. As a result, their own cognitive biases may reduce the value of their decisions.
-
损失厌恶
当投资者更关心损失而不是收益时,就会出现厌恶损失的情绪。因此,一些投资者可能希望获得更高的赔付,以弥补损失。如果不太可能获得高额回报,他们可能会试图完全避免损失,即使从理性投资者的角度来看,投资的风险是可以接受的。在投资中,损失厌恶可能导致所谓的处置效应,即投资者抛售他们的赢家,并继续持有他们的输家。投资者这么做是因为他们想要快速获利。但当一项投资亏损时,他们中的许多人会选择持有它,因为他们想回到最初的价格。
-
锚定偏差
这意味着一些投资者倾向于过度依赖一个武断的基准,如收购价或标价。有锚定倾向的市场参与者倾向于持有失去价值的投资,因为他们将公允价值估计锚定在原始购买价格,而不是基本面。
-
羊群本能
“羊群本能”一词指的是一种现象,即人们加入团体,跟随他人的行动,因为他们认为其他人已经做了他们的研究。
羊群本能在社会的各个方面都很常见,包括金融行业,那里的投资者跟踪他们看到的其他投资者正在做的事情,而不是依赖自己的分析。资产泡沫或恐慌性购买和恐慌性抛售导致的市场崩盘被认为是大规模的羊群本能。
-
过度自信偏差
过度自信偏向意味着对自己的能力过于自信,使我们承担过度的风险。这种偏差在行为金融学中很常见,会对资本市场产生巨大影响。
过度自信有两个组成部分:对你的信息质量充满信心,并相信你有能力在正确的时间根据这些信息采取行动,以获得最大收益。
-
确认偏差
确认偏差是认知心理学中的一个术语,描述了人们如何自然地偏爱确认其现有信念的信息。行为金融学专家发现,这一基本原则尤其适用于市场参与者。投资者寻找证实他们现有观点的信息,而忽略与他们相矛盾的事实或数据。因此,他们自己的认知偏差可能会降低他们决策的价值。
For more investment knowledge and trends, welcome to Courses in the Community.
欲了解更多投资知识和趋势,欢迎访问课程在社区里。
moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
风险及免责提示
moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
- 分享到weixin
- 分享到qq
- 分享到facebook
- 分享到twitter
- 分享到微博
- 粘贴板
使用浏览器的分享功能,分享给你的好友吧