摘要
近年来,股票市场一直是我国防范系统性金融风险的重点领域,而投资者赌博行为正是导致和加剧我国股市波动和资产价格泡沫的重要因素。基于国内外文献的研究性质,依照识别研究—特征研究—成因研究的逻辑顺序,系统地梳理、评述了投资者赌博行为及其对资产定价影响的相关研究。在此基础上,指出行为金融学的研究优势,同时提出将投资者个人层面和群体层面非理性因素相结合的研究框架,为未来关于投资者赌博行为与资产定价的相关研究提供思路与启发。
引文
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(1)传统视角下的“偏度偏好假说”认为非系统性偏度是导致赌博行为的关键变量,第五部分综述的行为金融视角下的“偏度偏好假说”则关注特质偏度。