| Recent years,the domain of finance is far going into microeconomics, and behavior finance is thriving as a new branch of finance, during which period, investors'non-rationality and psychology has been becoming one of the most important part of the micro-base of the finance theories. Therefore, the study on investors'psychology and behaviors will help us understanding and explaining the abnormal phenomena appearing in our markets, which is difficult to be rationally explained by traditional finance theories. Also, it will help us further discussing the efficiency of the capital markets, improving and perfecting rules of exchange and even rules in the whole market, assisting invests overcoming the bias in psychology when trading and finally forming mature investment styles.Although a great deal of literature about investors'psychological bias and behaviors has been coming into emergence in foreign countries, however, when the"Myopic Loss Aversion", or simply"MLA", has sprang up as a psychological bias interpreting the equity premium puzzle, there is not any evidence about MLA to support the explaining, which has arose the recognition of many foreign scholars, but few of domestic study about investors'behaviors and psychological bias is evolved this, to say nothing of the further study on it.This dissertation is focus on the phenomenon and effect of the"Myopic Loss Aversion",and through conducting a statistical survey and an economic experiment on some students who major in economics and finance, we analysis the characters and the influences of MLA both from theoretic and statistic views, and find out some aspects different from previous conclusions, which is important for us to supplement the blank of study in behavior finance theories, to guide investment practice for investors and to understand abnormal phenomena in China. |
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