情绪对股票投资收益及后续投资决策的影响

金融学视角的研究使用市场变量代表投资者情绪,未能触及情绪本质.从心理学视角出发,使用行为金融实验方法,研究股票投资者的真实情绪对收益率及后续决策风险偏好的影响.结果发现:1)股价单边下跌时,产生适度消极情绪的个体收益最高.2)对于后续盈利情境的决策,前期产生积极情绪的个体倾向于规避风险,产生消极情绪的个体倾向于寻求风险;对于后续亏损情境的决策,个体均表现为寻求风险.3)股价单边上涨或下跌时,个体最容易出现的具体情绪分别是"倍受鼓舞"、"内疚"等.

Effects from Stock Investor Emotions on the Revenues and the Risk Preferences in Next Decision-Making

From the financial perspective,researchers often use market variables to represent investor sentiment which doesn't involve the real investor emotion.Then this study basing on psychology perspective,discussed the impact of real emotion to yield and the risk preferences of next decisions.The results showed that:(1) When stock price continuously falling,investors with medium level of negative emotions would get the highest revenue.(2) In the next decisionmaking about gain situation,the investors with positive emotions performed risk-avoiding,but investors with negative emotions performed risk-seeking;in the next decision-making about loss situation,the investors with different emotions both performed risk-seeking.(3)The investors experienced specific emotions such as guilty when stock price falling,and experienced specific emotions such as inspired when stock price rising.