2015年CFA考试三级考试重点详解行为金融十二大问题
发表时间： 2015/12/22
.png)
CFA考试三级考试重点之Behavioral Finance，行为金融十二大问题：
1、比较传统金融与行为金融在投资决策上的区别。
2、比较utility theory 和Prospect theory 在投资决策上的区别。
3、比较传统金融学与行为金融学（CS、BAP、BPT、APH）在资本市场与组合构造中的不同。
2、比较utility theory 和Prospect theory 在投资决策上的区别。
3、比较传统金融学与行为金融学（CS、BAP、BPT、APH）在资本市场与组合构造中的不同。
4、Cognitive errors(9)efinition, Consequence & Overcoming.
5、Emotional bias(6)efinition, Consequence & Overcoming.
6、如何Behaviorally ModifyAsset Allocation.
7、三种投资者分类方法VS调查问卷分类法
5、Emotional bias(6)efinition, Consequence & Overcoming.
6、如何Behaviorally ModifyAsset Allocation.
7、三种投资者分类方法VS调查问卷分类法
8、行为金融如何影响顾问-客户关系？
9、行为金融如何影响投资组合构建？
10、行为金融如何影响投资分析？
11、行为金融如何影响集体讨论？
12、行为金融如何影响市场行为？
Reading The behavioral finance perspectiveReading The behavioral biases of individualsReading Behavioral finance and investment processes1.1 Traditional finance vs. behavioralfinanceWithin traditional finance, individuals are assumed to be risk‐averse,self-interested utility maximizers. (rational). Traditional finance furtherhypothesizes that, at the market level, prices incorporate and reflect allavailable and relevant information.
Behavioral finance includes behavioral economics, investorpsychology, behavioral science, experimental economics, and cognitivepsychology. The variety of approaches taken to examine investor behavior addsto the confusion about what is meant by behavioral finance.
– Behavioral finance micro (BFMI) 个人examines behaviors or biases that distinguish individual investorsfrom the rational actors envisioned in neoclassical economic theory.
BFMI questions the perfect rationality and decision‐making processof individual investors– Behavioral finance macro (BFMA) 市场considers market anomalies that distinguish markets from theefficient markets of traditional– finance.
BFMA questions the efficiency of markets.
1.2 Decision‐making process
To provide a framework for understanding the implications of thedecision making process for financial market practitioners, we will use anapproach, developed by decision Theorist, Howard Raiffa.
He uses the terms normative analysis, descriptive analysis,prescriptive analysis.
– Normative analysis（规范的） isconcerned with the rational solution to the problem at hand. It defines anideal that actual decisions should strive to approximate.
– Descriptive analysis（叙述的） isconcerned with the manner in which real people actually make decisions.
– Prescriptive analysis（指定的） isconcerned with practical advice and tools that might help people achieveresults more closely approximating those of normative analysis.
Traditional finance assumptions about behavior as normative.
Behavioral finance explanations of behaviors as descriptive.
Efforts to use behavioral finance in practice as prescriptive2.1 Traditional finance perspectives on individualbehaviorTraditional finance concepts maybe thought of as normative,indicating how people and markets should behave.
Investors are assumed to be rational investors– make decisions consistent with utility theory– and revise expectations (update beliefs) consistent with Bayes';formula.
They are further assumed to be self‐interested and risk‐averse（CP loss averse）, to haveaccess to perfect information, and to process all available information in anunbiased way.
2.1.1 Utility Theory
To maximize utility, a rational investor will make decisionsconforming to the four axioms of utility: completeness, transitivity,independence, and continuity.
– Completeness(完整性): Choicesand preferences are known.
The individual is aware of all available choices and can value andassign preferences to each, such that between any two choices, the individualprefers one over the other or is indifferent between them.
– Transitivity（传递性）: Rankingsare applied consistently.
If the investor prefers choice X to choice Y and prefers choice Y tochoice Z, the investor will prefer choice X to choice Z.
Independence（独立性）: Utilitiesare additive and divisible.可加，分割– Adding choice Z to both X and Y will not affect the preferenceranking of X and Y. If, for example, the investor prefers X to Y and we add Zto both choices, the investor will prefer (X + Z) over (Y + Z).
– Also, assuming the investor prefers X to Y, if any portion, p, of Zis added to X and Y, the investor';s preference ranking does not change. Theinvestor will prefer (X + pZ) to (Y + pZ).
– If the ranking is based on the size of the proportion, the choicesare not– independent.
Continuity（连续性）:Indifference curves are smooth and unbroken.
– Assume there are three choices, L, M, and N, such that the investorprefers L to M and M to N. There must be a combination of L and N (portions aand b) that makes the investor indifferent between (aL + bN) and M.
– This ensures that indifference curves are unbroken (i.e.,continuous).
热点阅读：
金程教育CFA一级考试命中率95.63%
2015年度CFA特许金融分析师专业资格认证仪式圆满结束
2015年CFA北京协会特许金融分析师专业资格认证仪式
金程CFA课程为什么受到欢迎？
2015年12月CFA考试成绩查询时间
12月CFA考试成绩出来后该干些什么？
怎样有效的进入CFA备考角色？
2016年CFA考试常见问题一览表（史上最全）
2016年CFA二级考试，你计划怎么备考？
大龄青年在职2年通过CFA三级考试！
全国咨询热线：400-700-9596
北京地区：010-88086667、88087384、13611369466（24小时热线）
北京国际金融培训中心官方微博：http://www.weibo.com/1680927057
敬请关注官方微信：bj_finance
回复“2015CFA教材”获取最新CFA教材。
回复“2016考纲”获取2015&2016CFA各级别考纲对比。
回复“mock”获取2009-2015年 mock题。
回复“1512”获取2015年12月 level 1官方Mock。
回复“notes”获取2015年CFA一级notes。
北京国际金融培训中心
.png)
完善以下资料，免费领取FRM一二级备考资料
上一篇：CFA挑战MBA地位？
下一篇：
12月CFA考试成绩出来后该干些什么？
.jpg)
