We investigate the influence of Japanese central bank interventions on market participants' opinions about the future path of exchange rates. Based on a survey of individual forecasts made by 31 analysts, we investigate the sensitivity of the change, dispersion, directionality and flatness of...

The forensic accounting literature (e.g., Albrecht et al., 2010) places a great deal of importance on the so-called fraud triangle of motive-means-opportunity. Wolfe and Hermanson (2004) presents a cognitive analysis of factors that may impact the motivation element in the fraud triangle,...

This article surveys boundedly rational heterogeneous agent (BRHA) models of financial markets. We give particular emphasis to the role of the market clearing mechanism used, the utility function of the investors, the interaction of price and wealth dynamics, and calibration of this class of...

We investigate the dynamic return-volatility relation between stock indices returns (S&P 500, Nasdaq 100, Dax 30 and Dow Jones Euro Stoxx 50) and changes in the newly constructed model-free implied volatility indices (VIX, VXN, VDAX, and VSTOXX) at the daily level. We find pronounced...

This paper examines the momentum returns from portfolios constructed using the NYSE-AMEX stocks. Following the methodology of Jegadeesh and Titman (1993), we form the momentum portfolio by going long on winners, defined as securities with returns in the top decile of previous six-month...

The paper seeks to extend the findings of Gill and Biger (2009) related to gender differences and factors that affect stock investment decision of Western Canadian investors by examining the affects of: 1) investors' investment expertise; 2) investors' knowledge of 'neutral information'; 3)...

To assess if risk attitudes play a role in individual investors' reactions to adverse events in financial markets, members of a university community (N = 102) were administered a risk tolerance instrument. Additional survey items asked about financial, emotional and behavioural effects of the...

This study attempts to group investors into different segments based on their type (professional or individual investors) and, then, to examine whether there are differences in the various psychological biases and personality traits, as well as in their investment behaviour. The behavioural...

It is the position of this paper that recent financial crises have been amplified, if not created, by the sin of professional financial untrustworthiness. Trust is the bedrock of financial behaviour and without trust, financial markets fail as efficient resource allocators. Sin is identified as...

Many behavioural studies employ surveys that rely on a Likert scale for construct measurement. However, prior research has shown that using Likert scales can be problematic. One alternative to Likert scale construction is the 'fast form' approach which uses the semantic differential scale and...