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噪音交易是金融市场中的一个基本命题,但关于投资者为何吸收噪音的研究却鲜有文献。首次尝试提出过度关注心理假说,该假说认为过度关注是人的一种非理性的注意力配置行为,过度关注心理导致人吸收噪音,进而有提前于其预期的非理性行为。通过对某高校经济类博士论文盲审关注的调查与股票投资者行为的问卷调查分析验证了该假说。运用mlogit计量模型分析认为,投资者的股票投资额度对过度关注有正向影响,投资者的教育程度对过度关注有负向影响,并发现预期行为偏差程度与将股价波动作为买卖依据的行为均受过度关注的正向影响。
Noise trading is a fundamental proposition in the financial markets, but there is little literature on why investors absorb noise. For the first time, this paper attempts to put forward an over-concerned psychology hypothesis, which holds that over-attention is an irrational attentional disposition of human beings. Over-concerned with psychology causes people to absorb noise and then advance to its expected irrational behavior. This hypothesis is validated through a survey of the blind trial of a doctoral dissertation in economics and a questionnaire survey of stock investor behavior. The use of mlogit econometric model that the investor’s stock quota has a positive impact on excessive attention, investors’ education has a negative impact on excessive attention, and found the expected deviation of behavior and the stock price volatility as the basis for buying and selling behavior Positive effect of excessive attention.