噪声交易理论

行为金融的非理性或有限理性假设，更加符合噪声交易者现实的投资行为特征，因此金融噪声交易理论也就成为了行为金融学的重要分支。

The irrationality and the finite rationality based on behavioral finance more accord with the practical investment behavior of the noise trader , thereby the noise trade theory has become a important ramification of the behavioral finance .

噪声交易理论较好地解释了我国封闭式基金的折价交易问题。

Noise theory of transaction explains well the discount of our close funds .

基于噪声交易理论的对策博弈分析

The Game Theory Analysis on Noise Trading Theory

噪声交易理论能够解释中国封闭式基金折价现象，中国证券市场噪声交易现象严重。

Noise trading theory can explain closed-end fund discounts and noise trading is tremendous and serious in China .

噪声交易理论与传统金融理论最根本的区别在于，传统投资理论是以投资人完全理性为前提，而噪声交易理论则抛弃了投资者完全理性这一严格的假设条件，而是采用了有限理性的分析框架。

Different from the traditional financial theory , the noise trading theory abandons the strict assumptions about the perfect rationality for investors .

行为金融理论有四个重要分支：期望理论、反应过度和反应不足理论、噪声交易理论及固锚理论。

The behavioural financial theory contains four main branches : expected theory , over-reaction and weak-reaction theory , noise-trade theory and fixed-anchor theory ;

噪声交易理论是20世纪80年代以来随着信息经济学的广泛应用和行为金融学的兴起而受到学者广泛关注的。

With the wide implication of information and the development of Behavior Finance since the 1980s , Noise Trading theory is widespread concerned by the rise to scholars .

另一种则是以噪声交易理论为基础，引入噪声交易者对资产价格的影响，并将其作为一种风险引入资产定价的框架。

Another way is based on noise trading theory by inducting the influence noise traders do to asset prices and adding it into the frame of asset pricing theory as a kind of risk .

寻找合适的动量指数是噪声交易理论运用于证券资产定价的主要研究方向之一，也是本人以后的重点研究课题。

Find the true market mean-variance efficient frontier of the portfolio will be the noise trading theory applied to asset pricing in the securities research , is also the focus of my research topic since .