答案和详解如下： Q6. Minter's move into index funds after his experiment with stock picking can be best explained as: A) use of the "ceteris-paribus" defense. B) an overreaction to his incompetence. C) anchoring. Correct answer is B) Minter believes he made some mistakes when selecting his stocks. In response to the surprise -- that his investments lagged the market -- he appears to have overcompensated, lapsing into an extremely passive and overdiversified portfolio. Anchoring reflects a tendency to stick with an earlier forecast or plan even in the face of information that suggests the forecast or plan was not wise. Minter completely changed his strategy, so there was no anchoring. The "ceteris-paribus" defense is not relevant. Q7. An investor is averse to experiencing losses. Which of the following behaviors will result from the loss aversion? It will lead to: A) the buying of loser stocks. B) risk-aversion behavior. C) risk-seeking behavior. Correct answer is C) If an investor is loss averse, they may become risk-seeking in order to make up their losses quickly. They would do so by investing in more risky assets that have a chance of high returns that would cover the losses. Q8. Jill Davis tells her broker that she does not want to sell her stocks that are below the price she paid for them. She believes that if she just holds on to them a little longer they will recover, at which time she will sell them. What behavioral characteristic does Davis have as the basis for her decision making? A) Loss aversion. B) Conservatism. C) Representativeness. Correct answer is A)
Davis uses loss aversion as the basis for her decision making. She holds on to stocks that are down from the purchase price in the hopes that they will recover. She is reluctant to accept a loss. Q9. Frank Weatherford possesses the behavioral characteristic of loss aversion and has cash he must invest. Which of the following best describes Weatherford’s loss aversion? Weatherford’s loss aversion will be mitigated if he monitors his portfolio: A) less frequently and if the stock market is falling. B) more frequently and if the stock market is falling. C) less frequently and if the stock market is rising. Correct answer is C) If an investor is loss averse, their loss aversion will be mitigated if he or she monitors the portfolio less frequently. Unfortunately, most investors monitor the portfolio on a daily basis. Loss aversion also falls if the stock market is rising. In this case, investors are more likely to buy stock and dampen their loss aversion. | 
发表于 2009-1-19 14:48
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