志同學(xué)
2022-07-21 23:50答案說框架依賴 is unlikely to explain the persistence of momentum； 另外，答案說害怕后悔是后見之明的一種，有這種說法嗎？ 請(qǐng)解答這兩個(gè)選項(xiàng)
所屬：CFA Level III > Asset Allocation and Related Decisions in Portfolio Management 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個(gè)回答
Johnny助教
2022-07-22 09:30
該回答已被題主采納
同學(xué)你好。產(chǎn)生Momentum的一個(gè)原因是人們害怕錯(cuò)失機(jī)會(huì)，也就是regret，而regret能體現(xiàn)出hindsight bias。Hindsight bias reflects the human tendency to see past events as having been predictable, and regret can be particularly acute when the market is volatile and investors feel they could have predicted the significant market moves and thereby increased profit or reduced loss. Faced with regret at not owning a mutual fund or stock when it performed in the previous year, investors may be driven emotionally to remedy this regret.
當(dāng)市場波動(dòng)率很大時(shí)，人們的后悔情緒會(huì)尤其明顯，因?yàn)橥顿Y者認(rèn)為他們本可以預(yù)見市場變化，這樣就可以增加收益或減少損失了。由于沒有在去年持有一只上漲的股票，這會(huì)導(dǎo)致人們的后悔情緒上升，于是他們就會(huì)現(xiàn)在去持有過去上漲的股票來彌補(bǔ)這個(gè)regret，從而導(dǎo)致momentum。
而framing bias是人們會(huì)根據(jù)不同方式的提問來給出不同的回答，它并不是導(dǎo)致momentum的原因
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