CFA三级培训项目：Behavioral Finance 打印版.docx

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1、CFA三级培训项目QTopic in CFA Level IIIStudy Session i-2Study Sssion 3Study Session 4ETHICS & PROFESSIONAL STANDARDS (1&BEHAVIORAL FINANCECAPAL MARKET EXPECTATIONS ( NEW】Study Session 5Study Session 6Study Session 78Study Session 9-10Study Session UStudy Session 12*13Study Session 14Study Session 15Study S

2、ession 16ASSETALLOCA11ONANDRELATEDDECISIONSINPORTFOUOMANAGEMENTDERIVATIVESANDCURRENCYMANAGEMENTNEWFIXED-INCOMEPORTFOUOMANAGEMENTI&：2)EQUITYPORTFOUOMANAGEMENT(1：.&(2)ALTERNATIVEINVESTMENTSFORPORTFOUOMANAGEMENT(NEWPRIVATEWEALTHMANAGEMENT(l)8c(2)(NEW)PORTFOUOMANAGEMENTFOR1NST11U11ONALINVESTORS【NEW)TRAD

3、INGPERFORMANCEEVALUATIONANDMANAGERSELECTION(NEWCASESINPORTFOUOMANAGEMENTANDRISKMANAGEMENTNEW Behavioral Finance Success Keys: Remember Key Words Study Some Cases of These Key Words Explain the Key Words in One Sentence” Recommendations Much of the terminology is redundant in that more than one term

4、can mean the SJme thing. Many Of the concepts are overlapping, and most of the questions depend heavily on comprehending the terminology.Your focus should be on understanding the basic meaning of each term as given in the material.4-HO旨工新章9 FrameworkBehavioral Finance SS3: Behavioral Finance R7 The

5、Behavioral Finance Perspective R8 The Behavioral Biases of Individuals R9 Behavioral Finance and Investment Processes5-110宣2.W -:SIaTheBehavioralFinancePerspectiveTraditionalFinancevs.BehavioralFinanceWithintraditionalfiance.individualsareassumedtoberisk-averseselfinterestedutilitymaximizersrational

6、TraditionalfinancefurtherhypothesizesthatJtthemarketIeVe,DrkeSirorporatandreflectIavailableandIeleVantinformation，Behavioralfinanceincludesbehavioraleconomics,investorDsycholoav.behavioralKienyexperimentaleconomics,andCoanitiVeDSVCholoaVThevarietyofapproachestakentoexamineinvestorbehavioraddstotheco

7、nfusionaboutwhatismeantbybehavioralfinance.InOrmalbehavioralfinancemicro(BFMI)examinesbehaviorsorbiasesthatdistinguishindividualinvestorsfromtherationalactorsenvisionedinneoclassicaleconomictheory./BFMlquestionstheperfectrationalityanddecision-makingprocessofindividualinvestors.Qtbehavioralfinancema

8、cro(BFMA)considersmarketanomaliesthatdistinguishmarketsfromtheefficientmarketsoftraditionalfinance.7-110/BFMAquestionstheefficiencyofmarkets.写3.WietaDecision-MakingProcessToprovideJframeworkforunderstandingtheimplicationsofthedecisionmakingprocessforfinancialmkepractitionerswewillUSganapproach,devel

9、opedbydecisionTheorist,HowardRaiHa.“Heusesthetermsnormativeanalysis,descriptiveanalysis,PrerCriDtiVe-nalskNormativeanalysissconcernedwiththenationalsolutiontotheproblemathand.】tdefinesanidealthatactualdecisionsShOUldstrivetoapproximate.DescriptiveanalysisSconcernedwiththemannerinwhichrealpeopleactua

10、llymakedecisions.Prescriptiveanalysisisconcernedvthpracticaladviceandtoolsthatmighthelppeopleachieveresultsmorecloselyapproximatingthoseofnormativeanalysis.Traditionalfinanceassumptionsaboutbehaviorasnormative.Behavioralfinanceexplanationsofbehaviorsasdescriptive.8110”Effortstousebehavioralfinancein

11、practiceasprescriptive.巨北兔保-MCognitiveErrorsorEmotionalBiasesBehavioralbiasescanbecategorizedascognitiveerrorsoremotionalbiases.Cognitiveerrorsstemfrombdsstatistical,information-processing,ormemoryerrors;cognitiveerrorsmaybeconsideredtoresultfromreasoningbsedonfaultythinking.Emotionalbiasesstemfromi

12、mpulseorintuitionemotionalbiasesmaybeconsideredtoresultfromreasoninginfluencedbyfeelings.“Behavioralbiases,cognitiveoremotional,maycausedecisionstodeviatefromtherationaldecisionsoftraditionalfinance.Tra.FinancePerspectivesonIndiv.BehaviorTraditionalfinanceconceptsmaybethoughtofasnormative,indicating

13、howpeopleandmarketsshouldbehave.，InvestorsareassumedtoberationalinvestorsmakedecisionsconsistentWitllUtiHtytheoryandreviseexpectationsupdatebeliefs*consstentv.thBaYeSfOrmUla1G11CTheyarefurtherassumedtobeself-interestedandrisk-averse,tohaveaccess:toperfectinformation,andtoprocessallavailableinformati

14、oninanunbiasedway.S-Ld3通UtilityTheoryTomaximizeutility,arationalinvestorwillmakedecisionsconformingtothefouraxiomsofutility:completeness,transitivity,independence,andcontinuity.CompletenessChoicesandpreferencesareknownThei11dvdu3isawa11?ofallSvaildblechoicesJndCJnVJlUeJndassignpreferencestoeach,such

15、thatbetweenanytwochokestheindividualprefersoneovertheotherorisindifferentbetweenthem.TransitivityRankingSareappliedconsistentlyIVllO/IftheinvestorpreferschoiceXtochoiceYandpreferschoiceYtochoiceZ,theinvestorwillpreferchoiceXtochoiceZ.巨北兔保-MUtilityTheoryIndependence:Utilitiesareadditiveanddivisible.AddingchoiceZtobothXandYwillnotaffectthepreferencerankingofXandY.If.forexample,theinvestorprefersXtoYandWeaddZtobothchoices,theinvestorwillprefer(X+Z)over(Y+Z).Also,assumingtheinvestorprefersXtoY.ifanyportion,p.ofZisaddedtoXan