老师，帮忙解析一下，谢谢

NO.PZ2022052301000006问题如下 Over the next week, Owen anYang are scheleto meet with FillmAssociates, Philly’s largest institutionclient. Owen mentions thFillmis more sophisticatethPhilly’s typicclient. To prepare for the meeting Yang reviews severof Fillman’s annue ligenforms completeOwen. One question in particulcatches her attention: it askehow the firm’s equity portfolios performering the 2005–2007 resintiproperty boom anhow the equity turnover rates variefrom previous years when the markets were more efficient. In part, the response rea “ring the resintiproperty boom of 2005–2007 equity trang activity wsignificantly higher thprevious years when the markets were more efficient. Our trang expertise alloweus to consistently harvest profits.”Whbehaviorbiis most likely incatePhilly’s equity turnover rates ring the 2005–2007 resintiboom? A.HerngB.OverconfinceC.Receneffect Philly’s increasetrang activity is incative of overconfince. In bubbles investors often exhibit symptoms of overconfince; overtrang, unr-estimation of risks, failure to versify, anrejection of contractory information. With overconfince, investors are more active antrang volume increases, thus lowering their expecteprofits. Overconfinanexcessive trang are linketo confirmation bianself-attribution biwell hinight bianthe illusion of knowlee. herng也会产生过度交易啊

NO.PZ2022052301000006 问题如下 Over the next week, Owen anYang are scheleto meet with FillmAssociates, Philly’s largest institutionclient. Owen mentions thFillmis more sophisticatethPhilly’s typicclient. To prepare for the meeting Yang reviews severof Fillman’s annue ligenforms completeOwen. One question in particulcatches her attention: it askehow the firm’s equity portfolios performering the 2005–2007 resintiproperty boom anhow the equity turnover rates variefrom previous years when the markets were more efficient. In part, the response rea “ring the resintiproperty boom of 2005–2007 equity trang activity wsignificantly higher thprevious years when the markets were more efficient. Our trang expertise alloweus to consistently harvest profits.”Whbehaviorbiis most likely incatePhilly’s equity turnover rates ring the 2005–2007 resintiboom? A.Herng B.Overconfin C.Receneffe Philly’s increasetrang activity is incative of overconfince. In bubbles investors often exhibit symptoms of overconfince; overtrang, unr-estimation of risks, failure to versify, anrejection of contractory information. With overconfince, investors are more active antrang volume increases, thus lowering their expecteprofits. Overconfinanexcessive trang are linketo confirmation bianself-attribution biwell hinight bianthe illusion of knowlee. 2005-2007 resintiproperty boom = bubbles在bubbles下分为rationbias和behaviorbias，其中题目问的behaviorbias包含以下:anchoring confirmationsposition effecthinight biasillusion of knowleeoverconfinregret aversionself-attribution因此，根据排除法，选择B overconfin

NO.PZ2022052301000006 问题如下 Over the next week, Owen anYang are scheleto meet with FillmAssociates, Philly’s largest institutionclient. Owen mentions thFillmis more sophisticatethPhilly’s typicclient. To prepare for the meeting Yang reviews severof Fillman’s annue ligenforms completeOwen. One question in particulcatches her attention: it askehow the firm’s equity portfolios performering the 2005–2007 resintiproperty boom anhow the equity turnover rates variefrom previous years when the markets were more efficient. In part, the response rea “ring the resintiproperty boom of 2005–2007 equity trang activity wsignificantly higher thprevious years when the markets were more efficient. Our trang expertise alloweus to consistently harvest profits.”Whbehaviorbiis most likely incatePhilly’s equity turnover rates ring the 2005–2007 resintiboom? A.Herng B.Overconfin C.Receneffe Philly’s increasetrang activity is incative of overconfince. In bubbles investors often exhibit symptoms of overconfince; overtrang, unr-estimation of risks, failure to versify, anrejection of contractory information. With overconfince, investors are more active antrang volume increases, thus lowering their expecteprofits. Overconfinanexcessive trang are linketo confirmation bianself-attribution biwell hinight bianthe illusion of knowlee. 这里说市场牛市, 那我也跟着多交易, 这样不是herng吗?

NO.PZ2022052301000006 问题如下 Over the next week, Owen anYang are scheleto meet with FillmAssociates, Philly’s largest institutionclient. Owen mentions thFillmis more sophisticatethPhilly’s typicclient. To prepare for the meeting Yang reviews severof Fillman’s annue ligenforms completeOwen. One question in particulcatches her attention: it askehow the firm’s equity portfolios performering the 2005–2007 resintiproperty boom anhow the equity turnover rates variefrom previous years when the markets were more efficient. In part, the response rea “ring the resintiproperty boom of 2005–2007 equity trang activity wsignificantly higher thprevious years when the markets were more efficient. Our trang expertise alloweus to consistently harvest profits.”Whbehaviorbiis most likely incatePhilly’s equity turnover rates ring the 2005–2007 resintiboom? A.Herng B.Overconfin C.Receneffe Philly’s increasetrang activity is incative of overconfince. In bubbles investors often exhibit symptoms of overconfince; overtrang, unr-estimation of risks, failure to versify, anrejection of contractory information. With overconfince, investors are more active antrang volume increases, thus lowering their expecteprofits. Overconfinanexcessive trang are linketo confirmation bianself-attribution biwell hinight bianthe illusion of knowlee. 这里题干哪里体现出是bubble，感觉说是momentum也可以，只是说里有两个momentum相关的bias