Investor Emotions and the Psychodynamics of Asset Pricing Bubbles: A Chinese Perspective

IF 1.7 3区经济学 Q3 BUSINESS, FINANCE

Journal of Behavioral Finance Pub Date : 2022-11-12 DOI:10.1080/15427560.2022.2138391

R. Taffler, X. Bellotti, V. Agarwal, Linglu Li

引用次数: 2

Abstract

This paper explores the powerful emotions unleashed during asset pricing bubbles. Adopting a psychoanalytic perspective, we develop a five-stage path-dependent model of such financial crises and test this empirically on the Chinese 2005 – 2008 and 2014 – 2016 stock market bubbles. Results are consistent with our underlying theory and demonstrate how investors experience a range of highly charged emotions directly related with different market states during such episodes. Our evidence suggests that if we wish properly to understand and explain such destructive events, we also need to recognize the fundamental role investor unconscious fantasies and market psychodynamic processes play in their etiology.

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投资者情绪与资产定价泡沫的心理动力学:一个中国视角

本文探讨了资产定价泡沫中释放的强烈情绪。采用精神分析的视角，我们建立了金融危机的五阶段路径依赖模型，并对中国2005 - 2008年和2014 - 2016年的股市泡沫进行了实证检验。结果与我们的基本理论一致，并展示了投资者在此类事件中如何经历与不同市场状态直接相关的一系列高度紧张的情绪。我们的证据表明，如果我们希望正确地理解和解释这些破坏性事件，我们还需要认识到投资者无意识幻想和市场心理动力过程在其病因中所起的基本作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Behavioral Finance Multiple-

CiteScore

4.60

自引率

10.50%

发文量

期刊介绍： In Journal of Behavioral Finance , leaders in many fields are brought together to address the implications of current work on individual and group emotion, cognition, and action for the behavior of investment markets. They include specialists in personality, social, and clinical psychology; psychiatry; organizational behavior; accounting; marketing; sociology; anthropology; behavioral economics; finance; and the multidisciplinary study of judgment and decision making. The journal will foster debate among groups who have keen insights into the behavioral patterns of markets but have not historically published in the more traditional financial and economic journals. Further, it will stimulate new interdisciplinary research and theory that will build a body of knowledge about the psychological influences on investment market fluctuations. The most obvious benefit will be a new understanding of investment markets that can greatly improve investment decision making. Another benefit will be the opportunity for behavioral scientists to expand the scope of their studies via the use of the enormous databases that document behavior in investment markets.