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Study on Cognitive Bias and Risk Preferences of Chinese Individual Stock Investors

Author: ZhuChangLi
Tutor: MaChaoQun
School: Hunan University
Course: Management Science and Engineering
Keywords: Chinese individual investors in the stock market Cognitive biases and risk appetite Questionnaire Empirical Analysis Prospect Theory
CLC: F832.51
Type: Master's thesis
Year: 2010
Downloads: 355
Quote: 0
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Abstract


Currently behavioral finance many of the issues under study are only just beginning to be discovered. The most important part is about the behavior of stock market investors. Current domestic research in this area has just started, most of the literature review is nature-based, there are also some evidence, but most are from abroad research methods, some of the Chinese stock market anomalies apply them. At present, research and application of behavioral finance foreign research results occurs when the Western investor psychology and behavior arising from cultural differences does not apply, and because of the limitations of the theory itself, will also affect China's stock market research effectiveness. This article is based on the above issue to China and cognitive biases of individual investors risk appetite conduct research and make decisions based on this application. First, the paper summarizes the research status at home and abroad as well as behavioral finance research at home and abroad as a result of cross-cultural differences and other reasons the case, and the basis of economic psychology, cognitive biases and investor risk appetite related theory and the expected utility theory were introduced. Then, using the questionnaire survey method to analyze Chinese individual investors' cognitive biases and risk preferences and other psychological factors deviation is mainly based on experimental economics study abroad, combined with domestic and international cultural differences, designed in line with China's human psychology questionnaire, conduct research, analysis of the survey found that Chinese individual investors in the stock market there is a high degree of anchoring effect, overconfidence, representativeness bias, conservative bias, disposition effect, mental accounting, the reference point bias dependence, etc. , there is also a certain attribution bias; presence of uncertainty aversion effect, loss aversion, risk appetite and other places money effect characteristics; China's unique policy of the city this factor. While the use of the linear regression method, the Chinese individual investors' cognitive biases an empirical study, focusing on overconfidence based on trading volume for empirical analysis and the results found that the Chinese stock market individual investors in the actual existence of the investment process with cognitive biases. Finally, a combination of Chapters III and IV of the study conclusions were based on cognitive bias in decision-making and risk appetite application, which for Chinese individual investors to make a more rational and objective decision-making has played a great role in promoting. Meanwhile, the Chinese government and market regulators can more effectively take measures to promote the development of the market.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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