The Model of Uninformed Traders Behaviors

摘要：

Recently,price of stock market in China is soaring,and simultaneously,accompanying violent price fluctuation.Some scholars demonstrate that serious foams exist in stock market in China according to the traditional theories of finance;others claim that continuous increasing of price comes from markets being depressed,and is reasonable.However,both of two sides explanations exists theoretical shortcomings;obviously,the continuous increasing of price lacks support of fundamentals;therefore traditional theory can not provide an answer to prevent the market from irrational.This paper introduces tangible and intangible information concepts,reconstructs the behavioral model,and finds that intangible information completely leads to the violent price fluctuation on the market dominated with individual investors,and provides a policy foundation for government intervening stock market.

关键词： Financial theory Traders behavior Intangible information Decision Uninformed trader

作者: WU Zhongqun SUN Hongxia

作者单位: School of Business and Administration,North China Electric Power University,P.R.China,102206 Arts and Social Sciences,Graduate School of Chinese Academy of Sciences,P.R.China,100049

会议类型: 国际会议

会议名称: 2007 International Conference on Management Science and Engineering(2007管理科学与工程国际学术会议)

会议地点: 河南焦作

会议语种:英文

页码: 2020-2025

在线出版日期: 2007-08-20（万方平台首次上网日期，不代表论文的发表时间）