特许金融分析师LVL 3

这是一篇关于特许金融分析师LVL 3的思维导图，主要内容有cognitive errors (faulty reasoning)、emotional biases (intuition)、Classification等。

Level 3

behavioral finance

cognitive errors (faulty reasoning)

belief perserverance biases

representativeness bias

overweight new information

base rate neglect

sample size neglect

illusion of control

believe that they can influence the outcome, but in face they can not.

convervatism bias

overweight past information

cognitive cost

hindsight bias

confirmation bias

overweight positive information

information processing biases

framming

achoring and adjustment

stick too closely to their original estimates when new information is learned.

mental accounting

treat one sum of money differently

avalibility bias

retrievability

catagorization

narrow range of experience

resonance

emotional biases (intuition)

loss aversion

disposition effect

myopic loss aversion

overconfidence

illusion of knowledge bias

self attribution bias

prediction overconfidence

certainty overconfidence

status quo

self-control bias

people faile to act in persuit of their long-term goals because of a lack of sel-decipline

endowment bias

overweight the asset value when they hold it.

regret aversion

herding

Classification

barnewall two way model

active

passive

BBK five way model

adventurer

celebrity

individualist

guardian

pompian four way model (mainly based on risk tolerance

passive preserver

friendly follower

independent individualist

active accumulator

limitation of classification

exhibit both cognitive errors and emotional biases

exhibit charateristics of multiple investor types

behavioral changes as they age

require unique treatment even in the same investment type

act irrationally at different times without predictability

behavioral factors affect

adviser and client relations

portfolio construction

analyst forcasts

company's management on analysis

committee dynamics

market behavior

CME

framework

framework for developing CME

specify the expectation needed

research the historical records

specify the method/model and the information requirements

determine the best source for information needed

interpret the current investment enviroment

provide the expectation needed and document conclusion

monitor the actual outcomes and improve the process

challenges in forecasting

数据挑战

limitations of economic data

revise

rebase

time lag

data measurement error

transcription error

survivorship bias

apprasial data

时间挑战

the limitations of historical data

regime changes

use high frequency data

asychrony

expost risk can be a biased measure of ex ante risk

biases in analyst's method

data mining

time preoid, results are time specific

forecasting asset class return