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3:[]200311[](1954),,,,,(1977),,,()20045FUDANJOURNAL(SocialSciences)No.52004ÓÓ3(,200433)[],,,,[][]F830.2;F830.9[]A[]02570289(2004)0500570062050,(VonNeumann2Morgenstern)(rationalactor),(Arrow2Debreu),,1952(Markowitz)portfolioselection,,(Modigliani2Miller)MM,,2060(Sharp2Lintner)(CAPM)2070(Ross)(APT)2070(Fama)(EMH),(Black2Scholes2Merton)(OPM),,,2080(anomalies),,,90,1999(MatthewRabin)2002(DanielKahne2man)(VernonSmith),,,behavioralfinance,:,;,75©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,,;,,,;,,,KahnemanTversky(prospecttheory)(1979),KT,,,,,,,,,,,,,,,,,,,,???,BarberisShleiferVishny(1998)(representativeness)(conservatism),DanielHirshleiferSubra2manyam(1998)(overconfidence)(self2attribution)HongStein(1999),,,,,,,,(Bernard2Thomas,1990)(Michaely2Thaler2Womack,1995);,(Dharan2Ikenberry,1995),(Ikenberry2Lakonishok,1993)Fama(1998),,85McFadden,1999,Rationalityforeconomist?JournalofRiskandUncertainty,19,73105.,KTKahnemanTver2sky©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,Fama,,,,,,Fama(1970)Fama(1998),(bad2modelproblems)CAPM,FamaFisherJensenRoll(1969),;FamaFrench(1996)CAPM,(CARs)(BHARs);;Fama,,ShefrinStatman(1994)(BAPM),CAPM,,,,,,,,;,,;,Fama(1998),,,,,,,,,,,?,,,,,,,,,,,,,,95©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,,,,,,,();,,,,,,,,,,(),,,ShefrinStatman(1984)Roll(1986),,MM,,,;;;,,,Shefrin(1999),,,,,1.,2080,,,,06©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.2.,,,,,????,,,,3.,,,,(,,),,,,Odean(1998),,,,,,,,,,;,,,,ThalerFuller&Thaler,;LSVLakonishokShleiferVishny,;Shiller,,[][1]Barberis,N.,Shleifer,A.,Vishny,R.,1998,AmodelofinvestorsentimentJournalofFinancialEconomics49,307343.[2]Bernard,V.,Thomas,J.,1990,Evidencethatstockpricesdonotfullyreflecttheimplicationsofcurrentearningsforfutureearnings,JournalofAccountingandEconomics13,305.[3]Daniel,Kent,DavidHirshleifer,andAvanidharSubramanyam,1998,InvestorPsychologyandSecurityMarketUnder2andOverreac2tions.JournalofFinance,53,183985.[4]Dharan,B.,Ikenberry,D.,1995,Thelong2runnegativedriftofpost2listingstockreturns,JournalofFinance50,15471574.[5]Fama,EugeneF.,1970,EfficientCapitalMarkets:AReviewofEmpiricalWork,JournalofFinance,25,pp.383417.[6]Fama,E.,Fisher,L.,Jensen,M.,Roll,R.,1969,Theadjustmentofstockpricestonewinformation,InternationalEconomicRe2view10,121.[7]Fama,E.,French,K.,1996,Multifactorexplanationsofassetpricinganomalies,JournalofFinance51.5584.[8]Fama,EugeneF.,1998,MarketEfficiency,Long2TermReturns,andBehavioralFinance,JournalofFinancialEconomics.49,pp.283306.16©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.[9]Hong,H.,andJ.Stein,1999,Aunifiedtheoryofunderreaction,momentumtrading,andoverreactioninassetmarkets,JournalofFi2nance54:21432184.[10]Ikenberry,D.,Lakonishok,J.,1993,Corporategovernancethroughtheproxycontest:evidenceandimplications.JournalofBusiness66,405435.[11]Kahneman,D.andA.Tversky,1979,ProspectTheory:AnAnalysisofDecisionUnderRisk.Econometrica,vol.47,No.2(March):263291.[12]Michaely,R.,Thaler,R.,Womack,K.,1995,Pricereactionstodividendinitiationsandomissions.JournalofFinance50,573608.[13]Odean,T.,1998,Areinvestorsreluctanttorealizetheirlosses?,JournalofFinance53:17751798.[14]Roll,R.,1986,Thehubrishypothesisofcorporatetakeovers,JournalofBusiness59:197216.[15]ShefrinHersh,andStatmanMeir,1984,ExplainingInvestorPreferenceforCashDividends,withM.Statman,JournalofFinancialEco2nomics,13.[16]ShefrinHersh,andStatmanMeir,1994,Behavioralcapitalassetpricingtheory.JournalofFinancialandQuantitativeAnalysis,vol.29,No.3.[17]ShefrinHersh,1999,BeyondGreedandFear:UnderstandingBehavioralFinanceandthePsychologyofInvesting,Boston,MA:HarvardBusinessSchoolPress.AStudyoftheDevelopmentofBehavioralFinanceJiangBo2keXueFei(SchoolofEconomics,FudanUniversity,Shanghai200433)Abstract:Thisthesisreviewstheliteratureonbehavioralfinance,pointsoutthedefectsofthecurrentre2searchwork,andstudiesthedifficultiesandtrendofbehavioralfinance.Meanwhile,herelistsoutthefunda2mentalconditionsforbehavioralfinanceasanindependentbranch,andgivesauthorsownopinionsonthein2tegrationofbehavioralfinancetheories.KeyWords:behavioralfinance,efficientmarkethypothesis,prospecttheory,asset2pricingmodel[](50)[],[1].[M],1974,161.[2].[M].73.AestheticTheory:SeekingtheBreakthroughinEssentialistWayofThinkingAThirdExplorationofJiangKong2yangpsAestheticIdeologyZhuLi2yuan(DepartmentofChinese,FudanUniversity,Shanghai200433)Abstract:AsoneoftheseriesoftheseexploringJiangKong2yangpsaestheticideology,thispaperfocusesontheexplorationofJiangpsaesthetictheory.ItholdstheviewthatessentiallyhistheorydoesnotanswerthequestionofWhatisbeauty?,whichisanexistentinnateissueoftheessenceofbeauty.Rather,itcentersroundtheissueofHowbeautycomesintobeing?Byemployingthetheoryofmulti2layeraccumulation,breakthroughandcreationtheory,heexpoundsthekeypropositionofBeautyliesincreation,whichem2bodiesthebreakthroughandtranscendenceinthewayofthoughtandtheapproachoftraditionalessentialism.KeyWords:JiangKong2yangpsaestheticideology,aesthetictheory,establishedtheory,generativetheo