2020CFA L3 原版书之 行为金融学课后习题.pdf

References 43 ■■ One behavioral approach to asset pricing suggests that the discount rate used to value an asset should include a sentiment risk premium. ■■ Behavioral portfolio theory suggests that portfolios are constructed in layers to satisfy investor goals rather than to be mean–variance efficient. ■■ The behavioral life-cycle hypothesis suggests that people classify their assets into non-fungible mental accounts and develop spending (current consumption) and savings (future consumption) plans that, although not optimal, achieve some balance between short-term gratification and long-term goals. ■■ The adaptive markets hypothesis, based on some principles of evolutionary biology, suggests that the degree of market efficiency is related to environmen- tal factors characterizing market ecology. These factors include the number of competitors in the market, the magnitude of profit opportunities available, and the adaptability of the market participants. ■■ By understanding investor behavior, it may be possible to construct investment solutions that will be closer to the rational solution of traditional finance and, because of adjustments reflecting behavioral insights, easier to accept and remain committed to. REFERENCES Ball, R. 1978. “Anomalies in Relationships between Securities’ Fama, Eugene F., M. Jensen, L. Fisher, and R. Roll. 1969. “The Yields and Yield-Surrogates.” Journal of Financial Economics , Adjustment of Stock Prices to New Information.” International vol. 6:103–126. Economic Review, vol. 10, no. 1 (February):1–21. Banz, R.W. 1981. “The Relationship between Return and Market Fama, Eugene F