关于behaviroral finance的。最后一题有些郁闷。。。
如题：the recent bubble in tech stock prices resulted in stock valuations not justifiable by even the most optimistic fundamental analysis. However, it was difficult to exploit the stocks' mispricing because invididual investors kept bidding up prices as they expected the trend to continue.
Schweiser给的参考答案是representativeness. Investors saw the upward trend as representative of future performance. 解释是：Representativeness is indicated by an "if-then" relationship. In this case, the investors expect the trend to continue. "If the market did well this quarter, then it will do well next quarter." Representativeness can be indicated in may situations. The key to identifying it is that investors see some action or price movement that implies another.
解释还算可以理解，或者可以当成一种模式。不过个人还是比较纠结：Chronic inefficiency...有考友可以分享下意见吗？感激不尽。
[此贴子已经被作者于2010-4-18 20:50:52编辑过] | 
发表于 2010-4-18 20:50
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