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1、CFA三级培训项目QTopic in CFA Level IIIStudy Session i-2Study Sssion 3Study Session 4ETHICS & PROFESSIONAL STANDARDS (1&BEHAVIORAL FINANCECAPAL MARKET EXPECTATIONS ( NEW】Study Session 5Study Session 6Study Session 78Study Session 9-10Study Session UStudy Session 12*13Study Session 14Study Session 15Study S
2、ession 16ASSETALLOCA11ONANDRELATEDDECISIONSINPORTFOUOMANAGEMENTDERIVATIVESANDCURRENCYMANAGEMENTNEWFIXED-INCOMEPORTFOUOMANAGEMENTI&：2)EQUITYPORTFOUOMANAGEMENT(1：.&(2)ALTERNATIVEINVESTMENTSFORPORTFOUOMANAGEMENT(NEWPRIVATEWEALTHMANAGEMENT(l)8c(2)(NEW)PORTFOUOMANAGEMENTFOR1NST11U11ONALINVESTORS【NEW)TRAD
3、INGPERFORMANCEEVALUATIONANDMANAGERSELECTION(NEWCASESINPORTFOUOMANAGEMENTANDRISKMANAGEMENTNEW Behavioral Finance Success Keys: Remember Key Words Study Some Cases of These Key Words Explain the Key Words in One Sentence” Recommendations Much of the terminology is redundant in that more than one term
4、can mean the SJme thing. Many Of the concepts are overlapping, and most of the questions depend heavily on comprehending the terminology.Your focus should be on understanding the basic meaning of each term as given in the material.4-HO旨工新章9 FrameworkBehavioral Finance SS3: Behavioral Finance R7 The
5、Behavioral Finance Perspective R8 The Behavioral Biases of Individuals R9 Behavioral Finance and Investment Processes5-110宣2.W -:SIaTheBehavioralFinancePerspectiveTraditionalFinancevs.BehavioralFinanceWithintraditionalfiance.individualsareassumedtoberisk-averseselfinterestedutilitymaximizersrational
6、TraditionalfinancefurtherhypothesizesthatJtthemarketIeVe,DrkeSirorporatandreflectIavailableandIeleVantinformation，Behavioralfinanceincludesbehavioraleconomics,investorDsycholoav.behavioralKienyexperimentaleconomics,andCoanitiVeDSVCholoaVThevarietyofapproachestakentoexamineinvestorbehavioraddstotheco
7、nfusionaboutwhatismeantbybehavioralfinance.InOrmalbehavioralfinancemicro(BFMI)examinesbehaviorsorbiasesthatdistinguishindividualinvestorsfromtherationalactorsenvisionedinneoclassicaleconomictheory./BFMlquestionstheperfectrationalityanddecision-makingprocessofindividualinvestors.Qtbehavioralfinancema
8、cro(BFMA)considersmarketanomaliesthatdistinguishmarketsfromtheefficientmarketsoftraditionalfinance.7-110/BFMAquestionstheefficiencyofmarkets.写3.WietaDecision-MakingProcessToprovideJframeworkforunderstandingtheimplicationsofthedecisionmakingprocessforfinancialmkepractitionerswewillUSganapproach,devel
9、opedbydecisionTheorist,HowardRaiHa.“Heusesthetermsnormativeanalysis,descriptiveanalysis,PrerCriDtiVe-nalskNormativeanalysissconcernedwiththenationalsolutiontotheproblemathand.】tdefinesanidealthatactualdecisionsShOUldstrivetoapproximate.DescriptiveanalysisSconcernedwiththemannerinwhichrealpeopleactua
10、llymakedecisions.Prescriptiveanalysisisconcernedvthpracticaladviceandtoolsthatmighthelppeopleachieveresultsmorecloselyapproximatingthoseofnormativeanalysis.Traditionalfinanceassumptionsaboutbehaviorasnormative.Behavioralfinanceexplanationsofbehaviorsasdescriptive.8110”Effortstousebehavioralfinancein
11、practiceasprescriptive.巨北兔保-MCognitiveErrorsorEmotionalBiasesBehavioralbiasescanbecategorizedascognitiveerrorsoremotionalbiases.Cognitiveerrorsstemfrombdsstatistical,information-processing,ormemoryerrors;cognitiveerrorsmaybeconsideredtoresultfromreasoningbsedonfaultythinking.Emotionalbiasesstemfromi
12、mpulseorintuitionemotionalbiasesmaybeconsideredtoresultfromreasoninginfluencedbyfeelings.“Behavioralbiases,cognitiveoremotional,maycausedecisionstodeviatefromtherationaldecisionsoftraditionalfinance.Tra.FinancePerspectivesonIndiv.BehaviorTraditionalfinanceconceptsmaybethoughtofasnormative,indicating
13、howpeopleandmarketsshouldbehave.，InvestorsareassumedtoberationalinvestorsmakedecisionsconsistentWitllUtiHtytheoryandreviseexpectationsupdatebeliefs*consstentv.thBaYeSfOrmUla1G11CTheyarefurtherassumedtobeself-interestedandrisk-averse,tohaveaccess:toperfectinformation,andtoprocessallavailableinformati
14、oninanunbiasedway.S-Ld3通UtilityTheoryTomaximizeutility,arationalinvestorwillmakedecisionsconformingtothefouraxiomsofutility:completeness,transitivity,independence,andcontinuity.CompletenessChoicesandpreferencesareknownThei11dvdu3isawa11?ofallSvaildblechoicesJndCJnVJlUeJndassignpreferencestoeach,such
15、thatbetweenanytwochokestheindividualprefersoneovertheotherorisindifferentbetweenthem.TransitivityRankingSareappliedconsistentlyIVllO/IftheinvestorpreferschoiceXtochoiceYandpreferschoiceYtochoiceZ,theinvestorwillpreferchoiceXtochoiceZ.巨北兔保-MUtilityTheoryIndependence:Utilitiesareadditiveanddivisible.AddingchoiceZtobothXandYwillnotaffectthepreferencerankingofXandY.If.forexample,theinvestorprefersXtoYandWeaddZtobothchoices,theinvestorwillprefer(X+Z)over(Y+Z).Also,assumingtheinvestorprefersXtoY.ifanyportion,p.ofZisaddedtoXan
