tailieunhanh - advances in Investment Analysis and Portfolio Management phần 9

- không giống như trái phiếu thông thường, các trái phiếu này cho người nắm giữ một số tiếng nói trong công ty quản lý; • Senior trái phiếu - trái phiếu đó có trước khi yêu cầu bồi thường tài sản của con nợ khi thanh lý; • Junior trái phiếu - trái phiếu là trực thuộc hoặc thứ cấp trái phiếu cao cấp. Bond phân tích: cấu trúc và nội dung | Investment Analysis and Portfolio Management However general level of optimism and pessimism or social mood changes over time. as Nofsinger 2005 showed in his investigation. Investors tend to bee most optimistic when the market reaches the top and they are most pessimistic when market is at the bottom. This fluctuating social mood is defined as market sentiment. Knowing the phenomenon of market sentiment might allow to predict the returns in the market when investors become too optimistic on the top of the market or too pessimistic when market reaches its bottom. A market bubble could be explained by the situation when high prices seem to be generated more by investors traders in the market optimism then by economic fundamentals. Extreme prices that seem to be at odds with rational explanations have occurred repeatedly throughout history. Summary 1. Overconfidence causes people to overestimate their knowledge risks and their ability to control events. This perception occurs in investing as well. Even without information people believe the stocks they own will perform better than stocks they do not own. Typically investors expect to earn an above -average return. 2. Overconfidence can lead investors to poor trading decisions which often manifest themselves as excessive trading risk taking and ultimately portfolio losses. If many investors suffer from overconfidence at the same time then signs might be found within the stock market. 3. Overconfidence affects investors risk-taking behavior. Rational investors try to maximize returns while minimizing the amount of risk taken. However overconfident investors misinterpret the level of risk they take. 4. Avoiding regret and seeking pride affects person s behavior and this is called the disposition effect. Fearing regret and seeking pride causes the investors to be predisposed to selling winners potential stocks with growing market prices to early and riding losers stocks with the negative tendencies in market prices too .