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本篇個主要講述行為金融學,行為金融學的目的是評價人們做出非理性金融決策的原因。行為金融學的重點是確定市場參與者與理性市場參與者之間的非理性系統性錯誤(Andrikopoulos, 2005)。這些錯誤往往會影響市場內的價格和收益,導致市場效率低下。行為金融學的研究考慮了那些利用市場無效率的參與者。本篇論文代筆價錢文章由英國第一論文 Assignment First輔導網整理,供大家參考閱讀。

The aim of the behavioral finance is to evaluate the reason behind the irrational financial decisions made by the people. The focal point of the behavioral finance is determining the irrational systematic errors of the market participants in comparison with the rational market participants (Andrikopoulos, 2005). These errors tend to affect the prices and returns within the market causing market inefficiencies. The study of behavioral finance takes into consideration of those participants that take advantage of market inefficiencies.
The behavioral finance has been surpassing the aspects of modern and conventional finance. The modern finance generally focuses on the study of the investments and investigates into the dynamics of assets and liabilities. The focus of the conventional and modern finance had never been on the aspects of emotions and psychology. The modern finance, therefore, could never formulate and justify the reason behind the irrational behavior of the market participants. Over the last four decades, the modern finance has been dominating the area of financial economics. Although the conventional finance has produced different influential models and theories, the new academic school of thought has paved the path for behavioral finance. The trade-off between the two schools of thought has signaled the beginning of the fierce battle.
However, theorists are of the view that the behavioral finance is at odds with the modern finance.It can be said that the evolution of the behavioral finance is directly associated with the time when the modern finance paved the path for the same. No matter what the behavioral finance has been aimed to determine, there are several challenges and criticism related to this new field of finance. The challenges of behavioral finance are mainly due to its narrow and limited evolutionary theories. One of the greatest challenges of behavioral is its adherence to individual level analysis. The fact that behavioral financial theorists consider individual as the object of inquiry is in itself contradictory in nature (Olsen, 2008). On one hand, behavioral finance is based on the findings of the social sciences and on the other hand, the decisions of the investors or individuals have been narrowed.


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