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Interest Rate Adjustment and Underreaction: The Evidence from Experimental Study

机译:利率调整和反应不足:来自实验研究的证据

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Interest rate policy is getting more and more significant for investors nowadays, because of the drastic fluctuation in the economy recent years. With experiments, taking interest rate as the proxy variable, we confirmed the existence of investors' underreaction to interest rate adjustment, and we found that this underreaction is influenced by investors' previous profit and loss. Further more, we classified and discussed the underreaction by different types of investors and found that the investors with different risk preference differently in the effect on underreaction by previous profit and loss.
机译:由于近年来经济的剧烈波动,如今的利率政策对投资者越来越重要。通过实验,以利率为代表变量,我们确认了投资者对利率调整的反应不足,并且发现这种反应不足受到投资者先前损益的影响。此外,我们对不同类型的投资者的反应不足进行了分类和讨论,发现具有不同风险偏好的投资者对先前损益的反应不足的影响有所不同。

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