Statman 1995 Behavioral Finance vs Standard Finance英文电子书.pdf

Meir Statman Professor, Deparlment of Finance Leavey School of Business Santa Clara University Finance practitioners and academics are, or should that the rationality-based market equilibrium mod- be, interested in the following questions: els in finance in general and of dividends in particu- .Why do investors like dividends? lar are alive and well-or at least in no worse shape .Why do investors hate to realize losses? than other comparable models in economics at their level of aggregation. The framework is not so .Why do investors prefer stocks of good weighed down with anomalies that a complete re- companies? construction (on behavioral/ cognitive or other lines) .How are expected returns determined? is either needed or likely to occur in the near future. .What kjnds of securities do investors like? (p. 5466) .What are the forces that shape financial regu- I argue that, today, ten years after Miller spoke, lations? standard finance is indeed so weighted down with The range of questions is wide. It includes investor anomalies that it makes much sense to continue the behavior; the interaction of investors in markets, reconstruction of financial theory on behavioral lines. which determines security prices; and the interaction Standard finance is constructed with a few com- of citizens in public policy arenas, which determines mon components that have many uses. So is behav- financial regulations. ioral finance. But the components of standard finance Standard finance-the