<P ><U>作者简介</U>：<FONT face="Times New Roman">Josuha Coval</FONT>是<FONT face="Times New Roman">Harvard Business School</FONT>又一年轻的明星教授，<FONT face="Times New Roman">1996</FONT>年从<FONT face="Times New Roman">UCLA</FONT>获得<FONT face="Times New Roman">PhD</FONT>，短短<FONT face="Times New Roman">5</FONT>年之后于<FONT face="Times New Roman">2001</FONT>年加入<FONT face="Times New Roman">Harvard</FONT>成为<FONT face="Times New Roman">Full Professor</FONT>。His research has been published in the <I>Journal of Finance</I>, the <I>Journal of Financial Economics</I>, the <I>Journal of Political Economy</I>, the <I>Review of Financial Studies</I>, the <I>Journal of Business</I>, and the <I>Journal of Corporate Finance</I>. His research awards include the 2000 and 2005 Smith-Breeden Prize for the best paper in the <I>Journal of Finance</I>.<o:p></o:p></P>
<P ><o:p> </o:p></P>
<P ><U>文章点评</U>：自从Kahneman2002年获得诺贝尔经济学奖，行为金融是近年来金融领域很热门的一个研究课题，但由于实证研究方法和数据的缺乏，关于行为金融的研究发表在JF上的并不多见。Coval and Shumway (2005)的这篇”Do Behavioral Biases Affect Prices”发表于2005年JF的开篇之作却是个例外，他们运用了不同于传统资产定价理论的方法，研究了Chicago Board of Trade (CBOT)上Treasury Bond future交易者的交易行为，并得出以下结论：一、Behavioral Biases影响了资产的定价；二、CBOT的职业投资者是loss averse的；三、由于Behavioral Biases造成的定价影响会迅速消失。<o:p></o:p></P>
<P>
<P>Joshua D. Coval and Tyler Shumway, 2005,"Do Behavioral Biases Affect Prices?", Journal of Finance, vol60, iss1, pp1-34</P>
<P><BR></P></P>