投資家は本当に自信過剰なのか? -行動ファイナンスの仮説について-

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  • Are Investors Really Overconfident In Stock Market? : On the Hypothesis of Behavioral Finance
  • トウシカ ワ ホントウ ニ ジシン カジョウ ナノカ コウドウ ファイナンス ノ カセツ ニ ツイテ

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The purpose of this paper is the reconsideration of the overconfidence hypothesis usually introduced in textbooks related to behavioral finance. In this paper, we expect investors'overconfidence to depend on varied circumstances. So we developed a survey representing two factors : ( 1 ) punishment for mistakes and ( 2 ) no punishment for mistakes. We present evidence that there is great improvement in the rate of correct answers in survey with punishment This evidence can be interpreted that investor's overconfidence is not so large as the supporters of pro-behavioral finance insist.

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