课程名称︰行为财务 课程性质︰系选修 课程教师︰胡星阳 开课学院：管理学院 开课系所︰财金系 考试日期（年月日）︰2012/04/23 考试时限（分钟）：180分钟 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : 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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