CFA三级基础班：行为金融学_打印版.docx

CFA三级培训项目Topic in CFA Level lStudy Session 1-2ETHICS & PROFESSIONAL STANDARDS (1)&(2)Study Sssion 3Study Session 4Study Session 5Study Session 6Study Session 7-8Study Session 9-10Study Session 11Study Session 14Study Session 15Study Session 16BEHAVIORALFINANCECAPITALMARKETEXPECTATIONSASSETALLOCATIONANDRELATEDDECISIONSINPORTFOUOMANAGEMENTDERIVATIVESANDCURRENCYMANAGEMENTFIXED-INCOMEPORTFOUOMANAGEMENT(1(2)EQUITYPORTFOLIOMANAGEMENT(1：.&2：ALTERNATIVEINVESTMENTSFoRPORTFOUOMANAGEMENTStudySession12-13PRIVATEWEALTHMANAGEMENT&(2PortfouoMANAGEMENTforinstitutionalinvestorsTRADING.PERFORMANCEEVALUATION.ANDMANAGERSELECTIONcasesinPortfouomanagementandriskmanagementBehavioralFinanceSuccessKeys：RememberKeyWordsStudySomeCasesofTheseKeyWords.ExplaintheKeyWordsinOneSentenceRecommendationsMuchoftheterminologyisrdntinthatmoreIhJnonetermcanmeanthesamethingManyoftheconceptsareoverlapping,andmostofthequestionsdependheavilyonComprehendirigtheterminology.YoUIfocusshouldbeonunderstandingthebasicmeaningofeachtermasgiveninthematerial.与4瓦新刀值 FrameworkBehavioral Finance5-109“SS3:BehavioralFinanceR7TheBehavioralFinancePerspectiveR8TheBehavioralBiasesofIndividualsR9BehavioralFinanceandInvestmentProcessesThe Behavioral Finance PerspectiveSdI-5.ffi-RtfiTraditionalFinancevs.BehavioralFinanceWithintraditionalfnae.individualsareassumedtoberisk-averseselfinterestedutilitymaximizersrationalTraditionalfinancefurtherhpotlesizesthatatthemaketIeveDriCeSincorDorateandreflectallavailableandrelevantinformationBehavioralfinan<reincludesbehavioraleconomicinVVStorDWChOlov,behavioralscience,experimentaleconomics,andCognitiVePSVChoIQQVThWv3iwtyofapproachestakentoexamineinvestorbehavioraddstotheconfusionaboutwhatismeantbybehavioralfinance,normalbehavioralfinancemicro(BFMDexaminesbehaviorsorbiasesthatdistinguishindividualInvestorsfromtherationalactorsenvisionedinneoclassicaleconomictheory.BFMIquestionstheefectrationalityanddecision-makingprocessofindividualinvestors.orbehavioralfinancemacro(BFMA)considersmarketanomaliesthatdistinguishmarketsfromtheefficientmarketsoftraditionalfinance.7109yBFMAquestionstheefficiencyofmarkets.巨鱼新言IfiDecision-MakingProcessTbprovideaframeworkforunderstandingtheimplicationsofthedecisionmakingprocessforfinancialmarketpractitioners.WRwilluseanapproach,developedbydecisionPieorist1HowardRaiffa.“Heusesthetermsnormativeanalvsis,descriptiveanalysis,DreSCriDtiVeNormativeanalysisISconcernedwiththerationalsolutiontotheproblemathand.Itdefinesanidealthatactualdecisionsshouldstrivetoapproximate.DescriptiveanalysisISconcernedWilhthemannerinwhichrealpeopleactuallymakedecisions.Prescriptiveanalysisisconcernedwithpracticaladviceandtoolsthatmighthelppeopleachieveresultsmorecloselyapproximatingthoseofnormativeanalysis.Traditionalfinanceassumptionsaboutbehaviorasnormative.Behavioralfinanceexplanationsofbehaviorsasdescriptive.8109Effortstousebehavioralfinanceinpracticeasprescriptive.写42.wIStfiCognitiveErrorsorEmotionalBiasesBehavioralbiasescanbecategorizedascognitiveerrorsoremotionalbiases.Cognitiveerrorsstemfrombaskstatistical,information-processing.ormemoryeos;cognitiveerrorsmaybeconsideredtoresultfromreasoningbasedonfaultythinking.Emotionalbiasesstemfromimpulseorintuition;emotionalbiasesmaybeconsideredtoresultfromreasoninginfluencedbyfeelings.“Behavioralbiases,cognitiveoremotional,maycausedecisionstodeviatefromtherationaldecisionsoftraditionalfinance.Tra.FinancePerspectivesonlndiv.BehaviorTraditionalfinanceconceptsmaybethoughtofasnormative,indicatinghowpeopleandmarketsshouldbehave.Investorsareassumedtoberationalinvestors3kedecisionsconsistentv.ithUtilitVth&orvandreviseexpectationsupdatebeliefs：consistentwithBaVeSformUla10lJ9，Theyarefurtherassumedtobeself-interestedandrisk-averse,tohaveaccess:toperfectinformation,andtoprocessallavailableinformationinanunbiasedway.号且科：XUtilityTheoryTomaximizeutility,arationalinvestorwillmakedecisionsconformingtothefouraxiomsofutility:completeness,transitivity,independence,andcontinuity.CompletenessChoicesJndpreferencesareknownyTheindividualisawareofallavailablechoicesandcanvalueJndassignpreferencestoeach,suchthatbetweenanytwochoices,theindividualprefersoneovertheotherorisindifferentbetweenthem.TransitivityRankingsareappliedconsistently.11-109/IftheinvestorprefersChoiCeXtochokeYandpreferschoiceYtochokeZ,theinvestorwillpreferchoiceXtochoiceZ.写42.WIStfiUtilityTheory“Independence:Utilitiesareaddhiveanddivisible.AddingchoiceZtobothXandYwillnotaffectthepreferencerankingofXandY.Iflforexample,theinvestorprefersXtoYandweaddZtobothchoices,theinvestorwillprefer(X+Z)over(Y+Z).Also,assumingtheinvestorprefersXtoYifJnyportion,p1ofZisaddedtoXandY1theinvestor'spreferencerankingdoesnotchange.Theinvestorwillprefer(X+pZ)to(Y+pZ).Iftherankingisbasedonthesizeoftheproportion,thec