Life as a consultant ...

A consultant is a professional who provides advice in a particular area of expertise ...

楊慶: 追求“解”

Life as a scientist ...

楊慶: 追求“解”

A scientist is a person that engages in a systematic activity to acquire knowledge ...

楊慶博士1994年開始對金融市場投資者行爲和情緒的定量研究。這一切始於他發現的非正態統計分佈數學模型。楊慶於1996年贊助創立了美國係統化投資研究所,致力於金融市場的行爲科學研究,於2003年完成金融市場行爲和情緒定量分析係統的開發,這一係統在20075月凖確地提前預警了全球性金融危機的到來。

 

在楊慶看來,金融資本市場的投資者行爲和情緖,反映了經濟社會的基本面變化和經濟發展前景的心理期望,如何透過金融資本市場的每一筆交易,來把握住所有投資者行爲的整體變化,是對金融資本市場,乃至經濟的發展、蕭條、復蘇,深層次理解的關鍵。


2003年以來,楊慶在美國最大證券投資公司 Charles Schwab 擔任副總裁和資 深金融顧問。過去的幾年中,楊慶多次受邀作為金融理財専家,出現在鳯凰衞視、台灣東森衞視、美國18台華語電視,以及上海第一財経等電視媒體,提供他獨到透徹的金融市場分析。

 

 

The key to the development of modern portfolio theory (MPT) is the placing of severely simplifying assumptions on risks. The behavioral content is ignored and only price volatility characterized by standard deviation or beta is considered. The MPT failed to interpret and prevent the global financial crisis and capital market panic in 2008.

 

Dr. Charlie Qing Yang discovered a family of non-normal distributions and dual-mode market statistics in 1996. His research was later extended to become a new theory called the Capital Market Behavior Theory (CMBT). For the first time in history, the statistical assumptions of MPT are completely removed and so do the limitations. His work can enable government regulators and financial institutions to control market risks with a clear understanding of capital pricing statistics as derived by investors’ behavior. The findings have been extensively validated by real time market data since 2000 and evolved to systematic implementation of Human Emotion Index as a new leading indicator of primary market cycles.

 

In summary, CMBT is based on the behavioral interpretation of capital market pricing as follows:

 

o     Capital market pricing is determined by collective effect of all bullish and bearish investors’ perception on the price;

 

o     Capital market pricing is not decided by those investors with interest but taking no actions to support market prices;

 

o     Fundamental value and technical charting do not directly affect capital market pricing. In other words, capital market pricing is driven only by the behavior of those investors who take trading actions.

 

 

Contact:           Charlie Q. Yang           

                        P.O. Box 3822, Palos Verdes, CA 90274

Telephone:        (310) 528-5511

E-mail:             cqyang@gmail.com