→ vincent7977 :已收錄至財金系 04/23 18:07
課程名稱︰行為財務
課程性質︰系選修
課程教師︰胡星陽
開課學院：管理學院
開課系所︰財金系
考試日期（年月日）︰2012/04/23
考試時限（分鐘）：180分鐘
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
Your answers can be either in Chinese or in English.
1.Psychologists have found extensive evidence to support representativeness
of human behaviors. Describe it and give some examples. Why is it
inconsistent with economic rationality?
2.Psychologists have found extensive evidence to support loss aversion of
human behaviors. Describe it and give some examples. What is the cost to
investors of loss aversion?
3.Previous research finds a “post earnings announcement drift effect”. It
means that when the announced earning is higher(lower) than what is expected,
the market not only responds positively (negatively) immediately, the prices
continue to go up (drop) over the next three months. Can you provide any
rational or behavioral reasons on investors to explain this phenomenon?
4.First National Bank (FNB), one of the four largest retail banks in the
South African market, introduced its Million-a-Month-Account (MaMA) in 2005.
The MaMA account is a no fee savings account which pays a nominal interest
rate, 0.25 percent, and rewards savers with the one prize entry for every
$100 invested. Prize drawings are held monthly and at each drawing 114 prizes
are awarded, ranging in value from $1 million to $1,000. At that time, the
annual regular deposit interest rate is 6.40%. Do you think this kind of
account can generate sufficient interests in South Africa? Who will be
potential customers?
5.Many experiments show that sometimes people overreact and sometimes they
underreact. Give some such examples. Is there any reason that can explain
these seemingly contradictory behaviors? When is it more likely for people to
overreact and when is it more likely to underreact?
6.There is extensive evidence of “home bias” which describes the
phenomenon that investors prefer to buy stocks of companies from their own
countries. Home bias however suffers from under-diversification. Please
provide some explanations for this behavior.
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