Essays In Behavioral Finance And Investments
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Essays In Behavioral Finance And Investments
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Author : Shema Frédéric Mitali
language : en
Publisher:
Release Date : 2019
Essays In Behavioral Finance And Investments written by Shema Frédéric Mitali and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Three Essays On Behavioral Finance
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Author : Gabriele M. Lepori
language : en
Publisher:
Release Date : 2008
Three Essays On Behavioral Finance written by Gabriele M. Lepori and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Efficient market theory categories.
Essays On Behavioral Finance
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Author : Hai Huang
language : en
Publisher:
Release Date : 2006
Essays On Behavioral Finance written by Hai Huang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Businesspeople categories.
Essays In Behavioral Finance
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Author : Chi Liao
language : en
Publisher:
Release Date : 2014
Essays In Behavioral Finance written by Chi Liao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Essays In Behavioral Finance
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Author : Javier Rodríguez
language : en
Publisher:
Release Date : 2002
Essays In Behavioral Finance written by Javier Rodríguez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Investments categories.
Essays On Behavioral Finance And Its Application To The Hong Kong Stock Markets
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Author : 付思
language : en
Publisher:
Release Date : 2015
Essays On Behavioral Finance And Its Application To The Hong Kong Stock Markets written by 付思 and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Investments categories.
Three Essays In Behavioral Finance
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Author : Michael Young
language : en
Publisher:
Release Date : 2018
Three Essays In Behavioral Finance written by Michael Young and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Over the last two decades, there has been a significant increase in research related to behavioral finance. As Barberis and Thaler (2002) point out, there are two main aspect of behavioral finance: limits to arbitrage and the effects of psychology. My dissertation will focus on the second aspect, the effects of psychology on individual investor behavior. The first essay examines an important question in this behavioral finance literature: changes in aggregate risk aversion. I use changes in the level of terrorism in the United States as a shock to the aggregate mood of American investors, and examine changes in flows to mutual funds as a proxy for investor risk preferences. After examining investors vulnerable to changes in mood after attacks, and ruling out any possible effect due to changes in expect risk, and changes to expected returns, the first essay concludes that mood driven risk aversion is the likely cause of the change in behavior. In the second essay, we use the insights gained from Essay 1 regarding the change in behavior of U.S. investors following an increase in terrorist attacks. Using household level of equity market participation and individual trading data the second essay examines the array of decisions investors make. The second essay finds that households participate less in equity markets, trade less, but purchase more local stocks in response to terrorist attacks. Additionally, this change in behavior is especially apparent in households where the designated head is a male. Finally, in the third essay we turn away from terrorism, and examine the effects that local NFL team performance on equity market participation. Examining the most popular spectator sport in the U.S. the third essay shows that poor performance by local NFL teams correlates with fewer households in that state owning equity. While previous studies argue that sentiment is the driver of sports related behavior, the third essay find that gambling losses may also play a role in the drop in equity market participation following seasons with a low number of wins. Taken together, the dissertation demonstrates the importance of examining external shocks and the effect they have on the behavior of investors. From terrorism to something as seemingly benign as the NFL, the dissertation adds to the behavior finance literature by identifying new shocks that effect the investing behavior of individuals.
Essays On Learning And Investor Behavior
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Author : Juhani Linnainmaa
language : en
Publisher:
Release Date : 2006
Essays On Learning And Investor Behavior written by Juhani Linnainmaa and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Day trading (Securities) categories.
Essays In Behavioral Finance
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Author : Xing Huang
language : en
Publisher:
Release Date : 2013
Essays In Behavioral Finance written by Xing Huang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This dissertation contains three essays in behavioral finance. It explores investors' (non-standard) behaviors and their impacts on market efficiency and market valuations. I strive to empirically characterize how market participants behave, and to identify how these behaviors can improve our understanding of the financial market. The first chapter studies the impact of prior investment experience in an industry on the subsequent purchase of new stocks in the same industry. Using trading records data for households at a large discount broker from 1991 to 1996, I establish that the experience of positive excess returns in a given industry increases the probability of purchasing similar stocks in that industry relative to other industries. This result is robust to industry momentum, wealth effects, and investor heterogeneity. The effect decays when the experience is further in the past. Furthermore, I find that investor sophistication mitigates this experience effect. These results are consistent with mechanisms where investors put more weight on their own experience than on other available historical information when updating the beliefs about an industry's future return. The results are also consistent with investors learning about their stock-picking ability in an industry from their experienced outcomes. In the second chapter, I ask the question: do investors slow to incorporate return-relevant information if it reflects firms' operations abroad? Using the corresponding industry return in the foreign countries, I show that foreign operations information is slowly incorporated into stock prices. A trading strategy exploiting the foreign operations information of multinational firms generates a monthly abnormal return of approximately $0.80$ percentage points, controlling for risk-based factors. The return predictability is not driven by U.S. industry momentum, global industry momentum or foreign country-specific industry momentum. The third chapter further explores the underlying mechanism to explain the market under-reaction to foreign information identified in the second chapter. The return predictability becomes more pronounced for smaller firms and firms with less analyst coverage, lower institutional holdings, lower fraction of foreign operations and more complicated international operations structure. I also find that stock prices respond more to foreign operations information during the month of a quarterly earnings announcement or when there is more foreign news relative to domestic news appearing in the media. In addition, information about firms' operations in Asia is delayed more than information about operations in Europe and English-speaking countries. These results are consistent with the hypothesis that news about multinational firms' foreign operations diffuses gradually, indicating investors' limited attention and processing capacity for foreign information.
Behavioral Finance
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Author : H. Kent Baker
language : en
Publisher: John Wiley & Sons
Release Date : 2010-10-05
Behavioral Finance written by H. Kent Baker and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-10-05 with Business & Economics categories.
A definitive guide to the growing field of behavioral finance This reliable resource provides a comprehensive view of behavioral finance and its psychological foundations, as well as its applications to finance. Comprising contributed chapters written by distinguished authors from some of the most influential firms and universities in the world, Behavioral Finance provides a synthesis of the most essential elements of this discipline, including psychological concepts and behavioral biases, the behavioral aspects of asset pricing, asset allocation, and market prices, as well as investor behavior, corporate managerial behavior, and social influences. Uses a structured approach to put behavioral finance in perspective Relies on recent research findings to provide guidance through the maze of theories and concepts Discusses the impact of sub-optimal financial decisions on the efficiency of capital markets, personal wealth, and the performance of corporations Behavioral finance has quickly become part of mainstream finance. If you need to gain a better understanding of this topic, look no further than this book.