求3篇英文文献.情绪对投资决策影响的文章.07年以后的.不要太长.

zhangdi0000 1年前 已收到1个回答 举报

小小草啊 幼苗

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(1)《Keep Your Emotions Out Of Your Investment Choices》
Investing is always a game of knowledge, numbers and timing. One thing, however, that all of the star investors agree on, is that none of these things are as important as an even temperament. When you are investing or even thinking of investing, a close watch needs to kept on emotional decisions. Making an investment decision based on an emotion like fear or excitement could cost you big.
It definitely takes practice to keep one's emotions in check in the stock market, as they are run by the hard-wiring in our brain. The trick is never to make and act on an impulsive decision. So your stocks are down 30%. Instead of panicking and selling out of fear, you should remain calm and rely on cold, hard and logic investing laws to help you decide what you should do. Stepping out of the emotional state of mind can help you tremendously when it comes to investing.
Even basic rules of the stock market like "buy low, sell high" can get thrown out the window with emotional decisions. So to begin keeping those devastating actions at bay, start thinking about why you are making the decision you are while investing? Are you choosing what to invest in with logic and good investor experience? Or are you just picking up what's hot because you are excited about it? Asking yourself these questions on a regular basis can help you uncover some thoughts and actions you are making for the wrong reasons.
Once you begin to level your temperament when it comes to investing, you can begin making wiser decisions. Investments can be made over the long haul and give you a much higher return than impulsive sales which give you some luck here and there. Seeing things from an emotional distance can give you the clarity needed to see the big picture - much like standing further back from a building helps you see more of it. If you are not a day trader or in the pit on Wall Street, there is no reason for you to act fast an on impulse. Take it easy!
(2)《How Investor Emotions Help Us Make Bad Investment Decisions》
There are many different reasons why people choose to invest in equities, however it becomes a lot more difficult to pick the right equities and avoid the wrong ones. In many cases, investors find themselves buying into companies that are highly valued and selling them weeks, months, or even years later once their value has all but disappeared. This is what is known as the cycle of investor emotions which, not surprisingly, are parallel to the market cycle.
There are four (some argue five) documented emotions when it comes to the market cycle.
1. Trough - At this stage, the market has reached its bottom. Most recently, that would have been March 9, 2009. Emotionally, however, jumping into the market is difficult because the market has dropped so much that equities are out of favor and other asset classes (like high yield bonds and gold, most recently) became the flavor of the day. Overall, people are demoralized and discouraged about equities and often opt to "cut their losses" at this stage before it gets any worse.
2. Recovery - At this stage, the market is starting to turn around. There is still negative economic data, yet more and more companies are reporting better financial results. Still, investors are doubtful and stay away in fear of a "double-dip" or their other investments are still performing quite well.
3. Market Expansion - Here, the economy is humming along, companies are reporting record profits and tremendous financial strength. Investors are more willing to invest because of the hope such numbers tend to offer, but are sometimes reluctant to get into equities because they want to get in on a pullback. These pullbacks may or may not happen.
4. Market Peak - Here, the markets are at their most expensive and the bulk of the gains would have been priced into equity prices by now. However, worried that they have already missed too much, investors will often jump in at this stage - very little is underperforming by now anyway. There are little, if any, signs that the economic expansion will end, rates are high and the general sentiment is euphoric.
And then of course, the market turns around, beginning the stage of denial that keeps people invested in equities that they should actually dump. They will wait until the trough before offloading and switching into another asset class which, by then, is not only unwise, but too late.
These investor emotions are quite real. After all, unlike professional investment managers who play with other people's money, individual investors can associate overtime, sacrifice, blood and tears with their hard-earned investments, making themselves that much more sensitive to pain associated with losses.
(3)《Stock Investment Strategy - Take Emotion Out of the Game》
The easiest way to derail a good stock investment strategy is to bring emotion into the game. Stock securities are little pieces of a company. While human beings are very emotional creatures, the little slips of paper that represent the countless stock trades occurring every single day have no emotion. Furthermore, large institutional investors, who have the largest influence on a stock price because of the size of their trades, operate by a series of trading rules that once again have no emotion as part of the equation.
For you and I, trading stock is partially a psychological game. It's a battle between our ability to make rational decisions and our tendency to get caught up in emotions of fear, greed, and a desire to be right. Without some fancy neurological operation or disfiguring industrial accident, emotion is a part of the way all of our brains operate. Therefore, it doesn't do any good to pretend that we don't have emotion.
Instead, learning how to recognize emotional response is the key to controlling it. This is especially important when money and tight deadlines stare you in the face. To practice recognizing emotions, keep a small journal and as you look at each stock price in your portfolio note any emotions that you feel when you first see the price. Be honest with yourself because this is important. If you a saw price drop below your buy price do you feel a pang of dread in the pit of your stomach? Do you feel yourself justifying why you bought the stock in the first place? Is this followed by thoughts of why you should hold on to the stock to prove to yourself or someone else that you were right?
Rational thinking follows emotional responses. However, rational thinking is also colored by emotional responses. This is why it's important to recognize when you have these emotional responses, whether good or bad, so you can put yourself back on track and objectively evaluate whether or not you should stick with the stock or get rid of it.
Emotions can also play with your head when the stock is doing well. In my early days of trading I had a stock skyrocket and I was elated. I would look at that one stock and think about how it proved that I knew what I was doing. Rationally the math told me that I had already made plenty of money and it would be a great thing to sell the stock immediately and take the cash.
That's not what I did.
Instead I rode the stock through the end of the day and into the next morning. Before the markets opened that next day, a press release had come out about this company and while the news wasn't horrible, it wasn't positive either. By the time I was able to trade stock that day, major institutional investors followed their standard policy and dumped the stock, driving the price down. My emotions took hold on this loss as well. To make a long story short, what would've been a great financial gain became a substantial loss. Institutional investors are sometimes timid about buying back into a stock and once they have started the trend that drives the price down many private investors smartly follow as well.
Looking back on this particular stock I would've had to hold on to it for another year just to break even.
This was a tough lesson to learn, indeed. And that's why emotion should never be a part of your stock investment strategy.
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