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]

个人理解，答案是对的。基于第一句话：not justifiable by even the most optimistic fundamental analysis. 和后面那句kept bidding up prices as they expected the trend to continue.希望以过去推未来，典型的representitive.

我觉得CFA喜欢考的behavior其实集中在这几个上面，比较混淆的时候选它喜欢考的那个知识点。

谢谢^_^

同意，考点还是比较集中的。又做了几道题，发现这个过去推未来的很常考。

另外，自己小感悟下：chronic efficiency指的不是特定的behavior，应该是市场的累积影响~~~所以应该不算做答案吧