{"id":16013,"date":"2019-01-03T00:00:21","date_gmt":"2019-01-02T16:00:21","guid":{"rendered":"https:\/newsletter.sinica.edu.tw\/?p=16013"},"modified":"2021-08-11T16:48:39","modified_gmt":"2021-08-11T08:48:39","slug":"%e8%a1%8c%e6%83%85%e7%b8%bd%e6%98%af%e5%9c%a8%e5%b8%8c%e6%9c%9b%e4%b8%ad%e6%af%80%e6%bb%85%ef%bc%9f-%e5%b0%88%e8%a8%aa%e4%bd%95%e6%b7%ae%e4%b8%ad","status":"publish","type":"post","link":"https:\/newsletter.sinica.edu.tw\/16013\/","title":{"rendered":"\u884c\u60c5\u7e3d\u662f\u5728\u5e0c\u671b\u4e2d\u6bc0\u6ec5\uff1f \u5c08\u8a2a\u4f55\u6dee\u4e2d"},"content":{"rendered":"<div id=\"post-summary-area\" class=\"aio-icon-component iconstyle style_3\">\n<div class=\"aio-icon-box default-icon\">\n<div class=\"aio-icon-header\">\n<h1 class=\"aio-icon-title ult-responsive\" data-ultimate-target=\"#Info-box-wrap-7138 .aio-icon-title\" data-responsive-json-new=\"{&quot;font-size&quot;:&quot;&quot;,&quot;line-height&quot;:&quot;&quot;}\">\u6295\u8cc7\u7b56\u7565\u7814\u7a76<\/h1>\n<p class=\"aio-icon-title ult-responsive\" data-ultimate-target=\"#Info-box-wrap-7138 .aio-icon-title\" data-responsive-json-new=\"{&quot;font-size&quot;:&quot;&quot;,&quot;line-height&quot;:&quot;&quot;}\">\u83ef\u723e\u8857\u8afa\u8a9e\uff1a\u300c\u884c\u60c5\u7e3d\u662f\u5728\u7d55\u671b\u4e2d\u8a95\u751f\uff0c\u5728\u534a\u4fe1\u534a\u7591\u4e2d\u6210\u9577\uff0c\u5728\u61a7\u61ac\u4e2d\u6210\u719f\uff0c\u5728\u5145\u6eff\u5e0c\u671b\u4e2d\u6bc0\u6ec5\u3002\u300d\u5176\u4e2d\u6709\u54ea\u4e9b\u9810\u671f\u5fc3\u7406\u548c\u52d5\u80fd\u6548\u61c9\u5f71\u97ff\uff1f\u672c\u6587\u5c08\u8a2a\u4e2d\u7814\u9662\u7d71\u8a08\u6240\u7684\u4f55\u6dee\u4e2d\u7814\u7a76\u54e1\u3002<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"entry-content\">\n<div class=\"smart_content_wrapper\">\n<div class=\"editway201704 vc_row wpb_row vc_row-fluid dt-default\">\n<div class=\"wpb_column vc_column_container vc_col-sm-12\">\n<div class=\"vc_column-inner\">\n<div class=\"wpb_wrapper\">\n<div class=\"wpb_text_column wpb_content_element\">\n<div class=\"wpb_wrapper\">\n<p>\u300c 2000 \u5e74\u53d7\u81fa\u5927\u8ca1\u91d1\u7cfb\u5408\u8058\u4e4b\u9080\uff0c\u6211\u958b\u4e86\u4e00\u9580\u300e\u8ca1\u52d9\u7d71\u8a08\u300f\u8ab2\u7a0b\u3002\u7576\u6642\u80a1\u5e02\u6b63\u503c\u79d1\u6280\u6ce1\u6cab\uff0c\u6211\u5f88\u597d\u5947\u70ba\u4ec0\u9ebc\u6703\u6709\u9019\u500b\u73fe\u8c61\uff0c\u52a0\u4e0a\u53d7\u5230\u8ca1\u91d1\u7cfb\u540c\u4e8b\u548c\u5b78\u751f\u7684\u8033\u6fe1\u76ee\u67d3\uff0c\u6f38\u6f38\u89ba\u5f97\u8ca1\u52d9\u7684\u300e\u5be6\u8b49\u7814\u7a76\u300f\u883b\u6709\u8da3\uff0c\u5c31\u4e00\u76f4\u7814\u7a76\u5230\u73fe\u5728\u2026\u2026\u300d<\/p>\n<div id=\"attachment_4362\" style=\"width: 754px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-4362\" src=\"https:\/research.sinica.edu.tw\/wp-content\/uploads\/2018\/01\/finance-hwai-chung-ho-01.jpg\" alt=\"\u5f9e\u5c0f\u9ed1\u677f\u4e0a\u7684\u6578\u5b78\u984c\u96e3\u4e0d\u5012\u4f55\u6dee\u4e2d\uff0c\u5c0d\u6578\u5b57\u7684\u9748\u654f\uff0c\u9577\u5927\u5f8c\u8f49\u5316\u70ba\u7d71\u8a08\u5206\u6790\u7684\u672c\u9818\u3002 \u5716\u2502\u7814\u4e4b\u6709\u7269\" width=\"744\" \/><p id=\"caption-attachment-4362\" class=\"wp-caption-text\">\u5f9e\u5c0f\u9ed1\u677f\u4e0a\u7684\u6578\u5b78\u984c\u96e3\u4e0d\u5012\u4f55\u6dee\u4e2d\uff0c\u5c0d\u6578\u5b57\u7684\u9748\u654f\uff0c\u9577\u5927\u5f8c\u8f49\u5316\u70ba\u7d71\u8a08\u5206\u6790\u7684\u672c\u9818\u3002 \u651d\u5f71\u2502\u5f35\u8a9e\u8fb0<\/p><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<div class=\"wpb_text_column wpb_content_element\">\n<div class=\"wpb_wrapper\">\n<p>\u7814\u7a76\u5ba4\u4f4d\u65bc\u4e2d\u7814\u9662\u7d71\u8a08\u6240\u7684\u8ff4\u5eca\u6df1\u8655\uff0c\u4f55\u6dee\u4e2d\u50cf\u500b\u96b1\u58eb\u822c\u3002\u7f6e\u8eab\u80a1\u5e02\u6230\u7dda\u4e4b\u5916\uff0c\u4ee5\u56b4\u8b39\u7684\u7d71\u8a08\u6a21\u578b\u3001\u6b77\u53f2\u7684\u80a1\u5e02\u8cc7\u6599\uff0c\u9a57\u8b49\u80a1\u7968\u5e02\u5834\u7684\u7406\u6027\u8207\u4e0d\u7406\u6027\u3002<\/p>\n<\/div>\n<\/div>\n<div class=\"wpb_text_column wpb_content_element\">\n<div class=\"wpb_wrapper\">\n<h2><img decoding=\"async\" src=\"http:\/research.sinica.edu.tw\/img\/team\/02.svg\" alt=\"\u554f\" width=\"45\" \/><b>\u6295\u8cc7\u4eba\u6709\u7406\u6027\u55ce\uff1f<\/b><\/h2>\n<p class=\"start-reply\"><img decoding=\"async\" src=\"http:\/research.sinica.edu.tw\/img\/talker\/33.svg\" alt=\"\u7b54\" width=\"45\" \/><span class=\"need-reply-icon\">\u5e02\u5834\uff0c\u7531\u4eba\u7684\u884c\u70ba\u69cb\u6210\u3002\u904e\u5f80\u300c<a href=\"https:\/www.stockfeel.com.tw\/%E9%97%9C%E6%96%BC%E6%95%88%E7%8E%87%E5%B8%82%E5%A0%B4%E5%81%87%E8%AA%AA\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u6548\u7387\u5e02\u5834<\/a>\u300d\u5047\u8aaa\u8a8d\u70ba\u300c\u6295\u8cc7\u4eba\u90fd\u662f\u7406\u6027\u7684\u300d\uff0c\u800c\u4e14\u5e02\u5834\u4e0a\u7684\u8cc7\u8a0a\u6703\u8fc5\u901f\u5730\u88ab\u6240\u6709\u6295\u8cc7\u4eba\u77e5\u9053\uff0c\u56e0\u6b64\u6295\u8cc7\u4eba\u53ef\u4ee5\u5728\u591a\u7a2e\u65b9\u6848\u4e2d\uff0c\u7406\u6027\u9078\u64c7\u80fd\u4f7f\u5171\u540c\u5229\u76ca\u6700\u5927\u5316\u7684\u4e00\u7a2e\u65b9\u6848\u3002<\/span><\/p>\n<p>\u4f46 2017 \u5e74\u7372\u5f97\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u7684\u00a0<a href=\"https:\/zh.wikipedia.org\/wiki\/%E7%90%86%E6%9F%A5%E5%BE%B7%C2%B7%E5%A1%9E%E5%8B%92\" target=\"_blank\" rel=\"noopener noreferrer\">Richard H. Thaler\u00a0<\/a>\uff0c\u66fe\u7d93\u505a\u4e00\u500b\u6709\u8da3\u7684\u5be6\u9a57\uff0c\u95e1\u8ff0\u53e6\u4e00\u4f4d\u8afe\u8c9d\u723e\u7d93\u6fdf\u5b78\u734e\u5f97\u4e3b Herbert Simon \u6240\u63d0\u7684\u300c<a href=\"https:\/zh.wikipedia.org\/wiki\/%E6%9C%89%E9%99%90%E7%90%86%E6%80%A7\" target=\"_blank\" rel=\"noopener noreferrer\">\u6709\u9650\u7406\u6027<\/a>\u300d(bounded rationality)\uff0c\u8b49\u660e\u4eba\u6c92\u6709\u8fa6\u6cd5\u5b8c\u5168\u7406\u6027\u3002<\/p>\n<p>Richard H. Thaler \u5728 1997 \u5e74 5 \u6708\u65bc\u300a\u91d1\u878d\u6642\u5831\u300b(Financial Times) \u520a\u767b\u4e00\u5247\u6d3b\u52d5\u5ee3\u544a\uff0c\u5e0c\u671b\u5927\u5bb6\u4f86\u5831\u540d\u53c3\u52a0 \u201cpick a number game&#8221; \uff0c\u5927\u734e\u662f\u82f1\u570b\u822a\u7a7a\u5f80\u8fd4\u502b\u6566\u8207\u7d10\u7d04\/\u829d\u52a0\u54e5\u7684\u6a5f\u7968\u3002\u73a9\u6cd5\u5f88\u7c21\u55ae\uff0c\u53ea\u8981\u73a9\u5bb6\u5728 1~100 \u4e2d\u9078\u4e00\u500b\u6574\u6578\u5beb\u5728\u4fe1\u4e2d\u3001\u5bc4\u56de\u4e3b\u8fa6\u55ae\u4f4d\uff0c\u622a\u6b62\u5f8c\u5c07\u6240\u6709\u6536\u5230\u7684\u6578\u5b57\u8490\u96c6\u8d77\u4f86\u300c\u53d6<a href=\"https:\/zh.wikipedia.org\/wiki\/%E5%B9%B3%E5%9D%87%E6%95%B0\" target=\"_blank\" rel=\"noopener noreferrer\">\u5e73\u5747\u6578<\/a>\u3001\u518d\u4e58\u4ee5\u4e09\u5206\u4e4b\u4e8c \u300d \uff0c\u6700\u9760\u8fd1\u9019\u500b\u6578\u5b57\u7684\u73a9\u5bb6\uff0c\u5c31\u662f\u8d0f\u5bb6\u3002<\/p>\n<p>\u5047\u8a2d 5 \u500b\u4eba\u53c3\u52a0\u6bd4\u8cfd\uff0c\u4ed6\u5011\u9078\u64c7 10, 20, 30, 40 \u548c 50 \uff0c\u5728\u6b64\u60c5\u6cc1\u4e0b\uff0c\u5e73\u5747\u6578\u662f 30\uff0c\u800c 30 \u7684\u4e09\u5206\u4e4b\u4e8c\u662f 20 \uff0c\u56e0\u6b64\u6700\u521d\u9078\u64c7 20 \u7684\u73a9\u5bb6\u662f\u52dd\u5229\u8005\u3002<\/p>\n<blockquote>\n<h4><strong>\u9019\u904a\u6232\u7684\u96b1\u542b\u610f\u7fa9\u662f\u2500\u2500\u4eba\u5011\u7684\u9810\u671f\u5fc3\u7406\u3001\u6709\u9650\u7684\u7406\u6027\u3002<\/strong><\/h4>\n<\/blockquote>\n<p>\u82e5\u6309\u7167\u300c\u5e02\u5834\u662f\u7406\u6027\u300d\u5047\u8aaa\uff0c\u6240\u6709\u73a9\u5bb6\u61c9\u8a72\u6703\u9810\u671f\u5225\u4eba\u9078\u64c7\u4ec0\u9ebc\u6578\u5b57\u3001\u4e26\u53d6\u5e73\u5747\u6578\u518d\u4e58\u4ee5\u4e09\u5206\u4e4b\u4e8c\uff1b\u7136\u5f8c\u53c8\u9810\u671f\u5225\u4eba\u61c9\u8a72\u4e5f\u6703\u9019\u9ebc\u505a\uff0c\u53c8\u518d\u53d6\u5e73\u5747\u6578\u518d\u4e58\u4ee5\u4e09\u5206\u4e4b\u4e8c\u2026\u2026\uff1b\u7d93\u904e\u9019\u6a23\u7684\u5faa\u74b0\uff0c\u76f4\u5230\u6700\u5f8c\u6bcf\u500b\u4eba\u90fd\u6703\u9078\u64c7 1\u3002<\/p>\n<p>\u4f46\u7121\u8ad6\u662f 1997 \u5e74\u300a\u91d1\u878d\u6642\u5831\u300b\u9019\u6b21\u3001\u6216\u6211\u5728\u5404\u5834\u5408\u73a9\u9019\u500b\u904a\u6232\uff0c\u90fd\u767c\u73fe\u7406\u6027\u662f\u6709\u9650\u7684\uff0c\u4eba\u5011\u4e00\u958b\u59cb\u53ea\u6703\u731c\u6e2c\u5225\u4eba\u7684\u7b54\u6848\u5169\u5230\u4e09\u6b21\u5faa\u74b0\uff0c\u7136\u5f8c\u5c31\u9078\u4e00\u500b\u76f4\u89ba\u5927\u6982\u6c92\u932f\u7684\u6578\u5b57\u3002<\/p>\n<blockquote>\n<h4><strong>\u4e0d\u540c\u5e02\u5834\u7fa4\u9ad4\uff0c\u6703\u7406\u6027\u5230\u4ec0\u9ebc\u7a0b\u5ea6\uff0c\u6211\u5011\u53ef\u80fd\u4e0d\u77e5\u9053\uff0c\u5c31\u9700\u8981\u8490\u96c6\u8cc7\u6599\u3001\u6839\u64da\u7d71\u8a08\u4f86\u4f30\u8a08\uff0c\u9019\u5c31\u662f\u7d71\u8a08\u7684\u91cd\u8981\u6027\u3002<\/strong><\/h4>\n<\/blockquote>\n<h2><img decoding=\"async\" src=\"http:\/research.sinica.edu.tw\/img\/team\/02.svg\" alt=\"\u554f\" width=\"45\" \/><b>\u9810\u671f\u5fc3\u7406\u662f\u4ec0\u9ebc\uff1f<\/b><\/h2>\n<p class=\"start-reply\"><img decoding=\"async\" src=\"http:\/research.sinica.edu.tw\/img\/talker\/33.svg\" alt=\"\u7b54\" width=\"45\" \/><span class=\"need-reply-icon\">\u4ee5\u80a1\u7968\u5e02\u5834\u4f86\u8aaa\uff0c\u80a1\u7968\u7684\u50f9\u683c\u7531\u5e02\u5834\u4f9b\u9700\u6c7a\u5b9a\u3002\u82e5\u6295\u8cc7\u4eba\u9810\u671f\u67d0\u80a1\u672a\u4f86\u8868\u73fe\u826f\u597d\uff0c\u6703\u7d1b\u7d1b\u9032\u5834\u8cb7\u9032\uff0c\u80a1\u50f9\u5c31\u6703\u4e0a\u63da\u3002\u82e5\u6295\u8cc7\u4eba\u5c0d\u67d0\u80a1\u9810\u671f\u60b2\u89c0\uff0c\u6703\u7d1b\u7d1b\u8ce3\u51fa\uff0c\u5c0e\u81f4\u80a1\u7968\u4e0b\u8dcc\u3002<\/span><\/p>\n<p>\u4f46\u5176\u5be6\u53f0\u80a1\u7684\u300c\u83dc\u7c43\u65cf\u300d\u5e38\u5e38\u641e\u4e0d\u6e05\u695a\u80a1\u7968\u4e0a\u6f32\u6216\u4e0b\u8dcc\u7684\u539f\u56e0\uff0c\u807d\u805e\u5c0f\u9053\u6d88\u606f\u5c31\u8ddf\u98a8\u300c\u8ffd\u9ad8\u6bba\u4f4e\u300d\uff0c\u5c0e\u81f4\u640d\u5931\u6158\u91cd\u3002\u5176\u5be6\u9019\u80cc\u5f8c\u6709\u300c\u52d5\u80fd\u6548\u61c9\u300d\u53ef\u4ee5\u89e3\u91cb\uff0c1993 \u5e74\u7531<a href=\"http:\/www.e-m-h.org\/JeTi93.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\u00a0Jegadeesh and Titman\u00a0<\/a>\u63d0\u51fa\uff0c\u6307\u7684\u662f\u80a1\u7968\u5831\u916c\u7387\u6709\u6301\u7e8c\u6027\u7684\u73fe\u8c61\uff0c\u5f37\u8005\u6046\u5f37\u3001\u5f31\u8005\u6046\u5f31\u3002<\/p>\n<div id=\"attachment_4363\" style=\"width: 854px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-4363\" class=\"wp-image-4363 size-full\" src=\"http:\/research.sinica.edu.tw\/wp-content\/uploads\/2018\/01\/finance-hwai-chung-ho-02.jpg\" alt=\"\u8ddf\u98a8\u7684\u83dc\u7c43\u65cf\uff0c\u82e5\u672a\u7559\u610f\u80a1\u7968\u5e02\u5834\u7684\u300c\u52d5\u80fd\u6548\u61c9\u300d\uff0c\u5e38\u51fa\u73fe\u9019\u4e9b\u5167\u5fc3\u7368\u767d\u3002 \u5716\u8aaa\u8a2d\u8a08\u2502\u6797\u5a77\u5afb\u3001\u5f35\u8a9e\u8fb0\" width=\"844\" height=\"528\" \/><p id=\"caption-attachment-4363\" class=\"wp-caption-text\">\u8ddf\u98a8\u7684\u83dc\u7c43\u65cf\uff0c\u82e5\u672a\u7559\u610f\u80a1\u7968\u5e02\u5834\u7684\u300c\u52d5\u80fd\u6548\u61c9\u300d\uff0c\u5e38\u51fa\u73fe\u9019\u4e9b\u5167\u5fc3\u7368\u767d\u3002 \u5716\u8aaa\u8a2d\u8a08\u2502\u6797\u5a77\u5afb\u3001\u5f35\u8a9e\u8fb0<\/p><\/div>\n<\/div>\n<\/div>\n<h2><img decoding=\"async\" src=\"http:\/research.sinica.edu.tw\/img\/team\/02.svg\" alt=\"\u554f\" width=\"45\" \/><b>\u52d5\u80fd\u6548\u61c9\u662f\u4ec0\u9ebc\uff1f<\/b><\/h2>\n<p class=\"start-reply\"><img decoding=\"async\" src=\"http:\/research.sinica.edu.tw\/img\/talker\/33.svg\" alt=\"\u7b54\" width=\"45\" \/><span class=\"need-reply-icon\">\u7531\u65bc\u52d5\u80fd\u6548\u61c9\uff0c\u80a1\u7968\u5831\u916c\u5f37\u8005\u6046\u5f37\u3001\u5f31\u8005\u6046\u5f31\u3002\u6709\u4e9b\u6295\u8cc7\u4eba\u85c9\u6b64\u63a1\u53d6\u300c\u8ffd\u9ad8\u6bba\u4f4e\u300d\u6cd5\uff0c\u8cfa\u53d6\u4e00\u5b9a\u671f\u9593\u5167\u80a1\u50f9\u6301\u7e8c\u4e0a\u6f32\u3001\u6216\u6301\u7e8c\u4e0b\u8dcc\u904e\u7a0b\u4e2d\u7684\u300c\u50f9\u5dee\u300d\u3002<\/span><\/p>\n<p>\u6295\u8cc7\u4eba\u6703\u6709\u9810\u671f\u5fc3\u7406\uff0c\u9810\u671f\u5fc3\u7406\u53c8\u53d7\u5230\u5c0f\u9053\u6d88\u606f\u5f71\u97ff\u3002\u7531\u65bc\u5c0f\u9053\u6d88\u606f\u7684\u8cc7\u8a0a\u50b3\u905e\u50cf\u6f23\u6f2a\u4e00\u5c64\u5c64\u64f4\u6563\u51fa\u53bb\uff0c\u56e0\u6b64\u80a1\u50f9\u5728\u4e00\u5b9a\u671f\u9593\u5167\u5448\u73fe\u6f32\u7e7c\u7e8c\u6f32\u3001\u8dcc\u7e7c\u7e8c\u8dcc\uff0c\u597d\u50cf\u6709\u500b\u300c\u52d5\u80fd\u300d\u5728\u6301\u7e8c\u63a8\u9ad8\u6216\u62c9\u4f4e\u80a1\u50f9\u3002<\/p>\n<blockquote>\n<h4><strong>\u52d5\u80fd\u6295\u8cc7\u7b56\u7565\uff0c\u5c31\u662f\u904b\u7528\u9019\u7a2e\u73fe\u8c61\u4f86\u898f\u5283\u6295\u8cc7\u7d44\u5408\uff1a\u8cb7\u9032\u8d0f\u5bb6\u80a1\u7968\uff08\u6f32\u7e7c\u7e8c\u6f32\uff09\u3001\u642d\u914d\u8ce3\u51fa\u8f38\u5bb6\u80a1\u7968\uff08\u8dcc\u7e7c\u7e8c\u8dcc\uff09\u3002<\/strong><\/h4>\n<\/blockquote>\n<div class=\"wpb_text_column wpb_content_element\">\n<div class=\"wpb_wrapper\">\n<p>\u7136\u800c\uff0c2000 \u5e74\u4e4b\u5f8c\u7684\u80a1\u7968\u5e02\u5834\uff0c\u9019\u7a2e\u52d5\u80fd\u6548\u61c9\u4f3c\u4e4e\u6d88\u5931\u4e86\u3002\u6709\u4e9b\u4eba\u8a8d\u70ba\u662f\u56e0\u70ba\u5927\u5bb6\u90fd\u77e5\u9053\u9019\u7a2e\u8cfa\u9322\u65b9\u6cd5\uff0c\u6709\u4e9b\u4eba\u8a8d\u70ba\u662f\u6642\u6a5f\u4e0d\u5c0d\u3002\u4f46\u6211\u5011\u8a8d\u70ba\u52d5\u80fd\u6548\u61c9\u61c9\u8a72\u9084\u5b58\u5728\uff0c\u53ea\u662f\u88ab\u4e00\u4e9b\u300c\u96dc\u8a0a\u300d\u7d66\u63a9\u84cb\uff0c\u6240\u4ee5\u5c31\u6488\u51fa 1930 \u5e74 1 \u6708\u5230 2010 \u5e74 12 \u6708\u7684\u7f8e\u570b\u80a1\u5e02\u8cc7\u6599\uff0c\u548c\u5b78\u751f\u4e00\u8d77\u8a2d\u8a08\u6211\u5011\u7684\u300cWL-LH \u52d5\u80fd\u6295\u8cc7\u7b56\u7565\u300d\u505a\u5be6\u8b49\u7814\u7a76\u3002<\/p>\n<\/div>\n<\/div>\n<div class=\"wpb_text_column wpb_content_element\">\n<div class=\"wpb_wrapper\">\n<h2><img decoding=\"async\" src=\"http:\/research.sinica.edu.tw\/img\/team\/02.svg\" alt=\"\u554f\" width=\"45\" \/><b>\u5be6\u8b49\u7814\u7a76\u6709\u54ea\u4e9b\u767c\u73fe\uff1f<\/b><\/h2>\n<p class=\"start-reply\"><img decoding=\"async\" src=\"http:\/research.sinica.edu.tw\/img\/talker\/32.svg\" alt=\"\u7b54\" width=\"45\" \/><span class=\"need-reply-icon\">\u5f9e 1930 \u5e74 1 \u6708\u5230 2010 \u5e74 12 \u6708\u7684\u7f8e\u570b\u80a1\u5e02\u8cc7\u6599\u4e2d\uff0c\u6211\u5011\u4f9d\u64da\u5404\u80a1\u7968\u5831\u916c\u8f38\u8d0f\u5206\u6210 4 \u7a2e\u6295\u8cc7\u7d44\u5408\uff0c\u4e26\u8a2d\u8a08 WL-LH \u6295\u8cc7\u7b56\u7565\u6a21\u578b\uff1a\u300c\u8cb7\u9032\u6f32\u5e45\u88ab\u4f4e\u4f30\u7684\u8d0f\u5bb6\u80a1\u7968\u3001\u8ce3\u51fa\u8dcc\u5e45\u88ab\u4f4e\u4f30\u7684\u8f38\u5bb6\u80a1\u7968\u300d\u3002 (Winners with Low IPR minus Losers with High IPR, \u7c21\u7a31 WL-LH)<\/span><\/p>\n<div id=\"attachment_4387\" style=\"width: 854px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-4387\" class=\"wp-image-4387 size-full\" src=\"http:\/research.sinica.edu.tw\/wp-content\/uploads\/2018\/01\/finance-hwai-chung-ho-03.jpg\" alt=\"\u4f55\u6dee\u4e2d\u5718\u968a\u7684 WL-LH \u6295\u8cc7\u7d44\u5408\u6a21\u578b\u3002 \u8cc7\u6599\u4f86\u6e90\u2502Implied price risk and momentum strategy. \u5716\u8aaa\u91cd\u88fd\u2502\u6797\u5a77\u5afb\u3001\u5f35\u8a9e\u8fb0\" width=\"844\" height=\"284\" \/><p id=\"caption-attachment-4387\" class=\"wp-caption-text\">\u4f55\u6dee\u4e2d\u5718\u968a\u7684 WL-LH \u6295\u8cc7\u7d44\u5408\u6a21\u578b\u3002 \u8cc7\u6599\u4f86\u6e90\u2502Implied price risk and momentum strategy. \u5716\u8aaa\u91cd\u88fd\u2502\u6797\u5a77\u5afb\u3001\u5f35\u8a9e\u8fb0<\/p><\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p>\u5176\u5be6\u9019\u8207\u904e\u5f80\u7684\u52d5\u80fd\u6295\u8cc7\u7b56\u7565\u5dee\u4e0d\u591a\uff0c\u5dee\u5225\u5728\u65bc\uff0c\u6211\u5011\u900f\u904e\u7f8e\u80a1\u6b77\u53f2\u8cc7\u6599\u5206\u6790\uff0c\u65bc\u6295\u8cc7\u7b56\u7565\u4e2d\u522a\u6389\u4e00\u4e9b\u300c\u96dc\u8a0a\u300d\uff1a\u300c\u6f32\u5e45\u88ab\u9ad8\u4f30\u300d\u7684\u8d0f\u5bb6\u80a1\u7968\uff0c\u4e5f\u5c31\u662f\u52d5\u80fd\u71c3\u6599\u5df2\u7d93\u71d2\u5b8c\u3001\u6703\u958b\u59cb\u4e0b\u8dcc\uff1b\u9084\u6709\u300c\u8dcc\u5e45\u88ab\u9ad8\u4f30\u300d\u7684\u8f38\u5bb6\u80a1\u7968\uff0c\u56e0\u70ba\u8d85\u8dcc\u3001\u672a\u4f86\u6703\u518d\u6f32\u56de\u4f86\u3002\u9019\u5169\u8005\u5206\u5225\u4ee3\u8868\u6295\u8cc7\u4eba\u5c0d\u65bc\u5e02\u5834\u4e2d\u597d\u8207\u58de\u7684\u8cc7\u8a0a\uff0c\u5448\u300c\u904e\u5ea6\u53cd\u61c9\u300d\u7684\u73fe\u8c61\u3002<\/p>\n<p>\u56f0\u96e3\u7684\u662f\uff0c\u5982\u4f55\u5224\u5b9a\u6f32\u5e45\u6216\u8dcc\u5e45\u662f\u5426\u88ab\u9ad8\u4f30\uff1f\u6211\u5011\u5f9e\u300c\u8cc7\u8a0a\u64f4\u6563\u300d\u7684\u89d2\u5ea6\u51fa\u767c\uff0c\u63d0\u51fa\u4e00\u500b\u8cc7\u7522\u50f9\u683c\u6a21\u578b\u3002\u7136\u5f8c\u85c9\u7531\u50f9\u683c\u6a21\u578b\uff0c\u8a2d\u8a08\u4e00\u500b\u50f9\u683c\u98a8\u96aa\u6307\u6a19\uff0c\u6709\u6548\u5730\u7be9\u9078\u6389\u8d85\u6f32\u6216\u8d85\u8dcc\u7684\u80a1\u7968\uff0c\u5f9e\u800c\u9a57\u8b49\u4e86\u5e02\u5834\u7684\u9810\u671f\u5fc3\u7406\u548c\u52d5\u80fd\u6548\u61c9\uff0c\u4e5f\u540c\u6642\u8aaa\u660e\u5e02\u5834\u7684\u4e0d\u6548\u7387\u6027\u3002<\/p>\n<p>\u5176\u4e2d\u76f8\u95dc\u7684\u7d71\u8a08\u6a21\u578b\u7b97\u5f0f\uff0c\u901a\u5e38\u5927\u5bb6\u770b\u4e86\u5c31\u982d\u75db\uff0c\u9019\u88e1\u5148\u4e0d\u8d05\u8ff0\uff0c\u6709\u8208\u8da3\u7684\u670b\u53cb\u8acb\u76f4\u63a5\u770b\u770b\u6211\u5011\u7684\u8ad6\u6587<a href=\"http:\/www.stat.sinica.edu.tw\/hcho\/PDF\/Ho-2013-RevFin-draft.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\u00a0Implied price risk and momentum strategy.\u00a0<\/a>\u3002<\/p>\n<p>\u5f9e 1930 \u5e74 1 \u6708\u7684\u8cc7\u6599\u958b\u59cb\uff0c\u6211\u5011\u5148\u770b\u904e\u53bb\u4e00\u5e74\u7684\u7d2f\u8a08\u8907\u5229\u5831\u916c\u3001\u6392\u5e8f\uff0c\u8cb7\u8868\u73fe\u597d\u7684\u80a1\u7968\u3001\u8ce3\u8868\u73fe\u58de\u7684\u80a1\u7968\uff0c\u4e00\u500b\u6708\u5f8c\u6aa2\u8996\u9019\u6a23\u7684\u6295\u8cc7\u7d44\u5408\u7684\u5831\u916c\u7387\u3002\u56e0\u70ba\u8cc7\u6599\u6642\u5e8f\u5df2\u7d93\u79fb\u52d5\u4e00\u500b\u6708\uff0c\u6240\u4ee5\u6211\u5011\u518d\u5f9e\u65b0\u7684\u4e00\u500b\u6708\u56de\u982d\u770b\u904e\u53bb\u4e00\u5e74\u7684\u7d2f\u7a4d\u8907\u5229\u5831\u916c\u3001\u6392\u5e8f\uff0c\u518d\u9032\u884c\u4e00\u6b21\u525b\u525b\u8aaa\u7684\u6295\u8cc7\u3002<\/p>\n<p>\u6700\u5f8c\u628a\u7d2f\u8a08\u8907\u5229\u5831\u916c\u53d6\u5e73\u5747\u503c\uff0c\u4f8b\u5982\u4e0b\u5716\u7684 2000 \u2013 2010 \u5e74\u8cc7\u6599\u6240\u793a\u3002\u5176\u4e2d\u53ef\u770b\u5230\uff0c 2000 \u5e74\u4ee5\u5f8c\u7684\u52d5\u80fd\u6548\u61c9\uff0c\u539f\u672c\u5927\u5bb6\u8a8d\u70ba\u5df2\u7d93\u6d88\u5931\u4e86\uff0c\u4f46\u7d93\u7531\u6211\u5011\u7684 WL-LH \u6295\u8cc7\u7b56\u7565\u6316\u6398\uff0c\u5931\u800c\u5fa9\u5f97\uff0c\u52d5\u80fd\u6295\u8cc7\u7b56\u7565\u7684\u7372\u5229\u7a7a\u9593\u4ecd\u7136\u5b58\u5728\u3002<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 style=\"text-align: center;\"><strong>\u8981\u770b\u66f4\u5b8c\u6574\u7684\u7cbe\u91c7\u6587\u7ae0\uff0c\u8acb\u81f3\u7814\u4e4b\u6709\u7269\u5b98\u7db2\uff1a<\/strong><\/h2>\n<h2 style=\"text-align: center;\"><a href=\"http:\/research.sinica.edu.tw\/senior-high-school-academic-affairs-instrument-service\/\"><em>http:\/research.sinica.edu.tw\/senior-high-school-academic-affairs-instrument-service\/<\/em><\/a><\/h2>\n<h2 style=\"text-align: center;\"><strong>\uff08\u8d95\u5feb\u9ede\u9032\u4f86\u5594\uff01\u7cbe\u91c7\u597d\u6587\uff01\uff09<\/strong><\/h2>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u6295\u8cc7\u7b56\u7565\u7814\u7a76 \u83ef\u723e\u8857\u8afa\u8a9e\uff1a\u300c\u884c\u60c5\u7e3d\u662f\u5728\u7d55\u671b\u4e2d\u8a95\u751f\uff0c\u5728\u534a\u4fe1\u534a\u7591\u4e2d\u6210\u9577\uff0c\u5728\u61a7\u61ac\u4e2d\u6210\u719f\uff0c\u5728\u5145\u6eff\u5e0c\u671b\u4e2d\u6bc0\u6ec5\u3002\u300d\u5176\u4e2d\u6709\u54ea [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16015,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[4],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/newsletter.sinica.edu.tw\/wp-json\/wp\/v2\/posts\/16013"}],"collection":[{"href":"https:\/newsletter.sinica.edu.tw\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/newsletter.sinica.edu.tw\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/newsletter.sinica.edu.tw\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/newsletter.sinica.edu.tw\/wp-json\/wp\/v2\/comments?post=16013"}],"version-history":[{"count":0,"href":"https:\/newsletter.sinica.edu.tw\/wp-json\/wp\/v2\/posts\/16013\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/newsletter.sinica.edu.tw\/wp-json\/wp\/v2\/media\/16015"}],"wp:attachment":[{"href":"https:\/newsletter.sinica.edu.tw\/wp-json\/wp\/v2\/media?parent=16013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/newsletter.sinica.edu.tw\/wp-json\/wp\/v2\/categories?post=16013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/newsletter.sinica.edu.tw\/wp-json\/wp\/v2\/tags?post=16013"}],"curies":[{"name":"wp","href":"https:\/api.w.org\/{rel}","templated":true}]}}