Heterogeneity and Anchoring in Financial Markets
Heterogeneity and Anchoring in Financial Markets
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金融市场的异质性和锚定
DOI：
10.1080/09603107.2012.681025
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发表时间：
2012
期刊：
影响因子：
--
通讯作者：
Yoshiyuki Nakazono
中科院分区：
文献类型：
--
作者：
Ippei Fujiwara;Hibiki Ichiue;Yoshiyuki Nakazono;and YosukeShigemi;Yoshiyuki Nakazono and Kozo Ueda;Yoshiyuki Nakazono;Yoshiyuki Nakazono
本文的动机是验证传统金融理论中的有效市场假说。日本股市的参与者往往是多种多样的；受访者所属的公司类型可能会影响预期的形成。此外，大多数市场参与者--甚至是金融市场专业人士的机构投资者--都非常重视过去的预测值，而锚定效应的强度取决于受访者所属的公司类型以及股票市场状况。
The motivation behind this article is to verify the efficient market hypothesis as found in traditional financial theories. Participants in Japanese stock markets tend to be heterogeneous; the types of firms to which survey respondents belong can affect the formation of expectations. Furthermore, the majority of market participants – even institutional investors who are financial market professionals – place significant weight on past forecast values, and the strength of the anchoring effects depends on the types of firms to which the respondents belong, as well as the stock market conditions.