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Search: subject_exact:"Behavioural finance"
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Anlageverhalten
22,904
Behavioural finance
22,770
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5,312
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5,312
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4,642
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4,637
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4,145
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4,143
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4,083
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3,014
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2,981
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2,802
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2,060
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2,047
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2,047
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1,948
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1,931
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1,703
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1,696
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1,693
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1,589
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1,311
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1,285
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1,174
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1,037
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1,003
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991
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934
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Weber, Martin
107
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77
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72
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66
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57
Kumar, Alok
50
Hens, Thorsten
49
Oehler, Andreas
49
Kirchler, Michael
47
Lusardi, Annamaria
47
Ryu, Doojin
47
Stein, Jeremy C.
46
Campbell, John Y.
42
Goetzmann, William N.
42
Georgarakos, Dimitris
41
Shleifer, Andrei
37
Hackethal, Andreas
36
Nofsinger, John R.
36
Titman, Sheridan
36
Ben-David, Itzhak
34
Guiso, Luigi
34
Haslem, John A.
34
Huber, Jürgen
34
Meyer, Steffen
34
Baker, H. Kent
33
Chaliasos, Michaēl
33
He, Xue-zhong
33
Hong, Harrison G.
33
Spiwoks, Markus
33
Subrahmanyam, Avanidhar
33
Zwinkels, Remco C. J.
33
Barberis, Nicholas
32
Xiong, Wei
32
Chiarella, Carl
31
Gupta, Rangan
31
Shefrin, Hersh
31
Choi, James J.
30
Glaser, Markus
30
Weitzel, Utz
30
Zhang, Wei
30
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7
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7
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6
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6
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6
Uniwersytet Warszawski / Wydział Nauk Ekonomicznych
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Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München
6
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5
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5
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5
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5
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5
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4
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4
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4
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4
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4
Bank für Internationalen Zahlungsausgleich / Währungs- und Wirtschaftsabteilung
3
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3
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3
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3
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3
Friedrich-Schiller-Universität Jena
3
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352
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International review of financial analysis
252
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250
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242
NBER Working Paper
206
Journal of financial economics
204
The journal of behavioral finance : a publication of the Institute of Behavioral Finance
194
The review of financial studies
182
International review of economics & finance : IREF
153
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145
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144
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143
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140
Research in international business and finance
136
Discussion paper / Centre for Economic Policy Research
135
The North American journal of economics and finance : a journal of financial economics studies
118
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117
Applied economics
114
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110
Wiley trading series
109
SpringerLink / Bücher
108
Applied economics letters
107
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98
The European journal of finance
97
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95
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91
Journal of financial markets
88
Discussion papers / CEPR
82
Economics letters
81
Emerging markets finance & trade : a journal of the Society for the Study of Emerging Markets
81
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80
Research paper series / Swiss Finance Institute
79
International journal of economics and financial issues : IJEFI
77
Journal of economic dynamics & control
76
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76
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73
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69
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ECONIS (ZBW)
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133
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124
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32
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5851
Financial history and financial economics
Turner, John D.
-
2014
This essay looks at the bidirectional relationship between financial history and financial economics. It begins by giving a brief history of financial economics by outlining the main topics of interest to financial economists. It then documents and explains the increasing influence of financial...
Persistent link: https://www.econbiz.de/10010347674
Saved in:
5852
Catering approach to the dividend payment policy on the Warsaw Stock Exchange
Pieloch-Babiarz, Aleksandra
-
2014
Dividend payment policy is a significant issue of neoclassical theories of finance. One of the concepts which poses a challenge to the neoclassical approach to dividend payment policy is behavioural finance, including a catering theory of dividends. The aim of the article is to examine whether...
Persistent link: https://www.econbiz.de/10012002132
Saved in:
5853
Assessing news contagion in finance
Cerchiello, Paola
;
Nicola, Giancarlo
- In:
Econometrics
6
(
2018
)
1
,
pp. 1-19
The analysis of news in the financial context has gained a prominent interest in the last years. This is because of the possible predictive power of such content especially in terms of associated sentiment/mood. In this paper, we focus on a specific aspect of financial news analysis: how the...
Persistent link: https://www.econbiz.de/10011995206
Saved in:
5854
The corporate equity puzzle
Brutscher, Philipp-Bastian
;
Hols, Christopher
-
2018
Why don't non-financial companies in Europe issue more equity? Using experimental data on firms from Europe, this paper analyses how firms trade-off between debt and external equity financing. It finds that firms are willing to pay a substantial premium on debt when presented with an equity...
Persistent link: https://www.econbiz.de/10011872447
Saved in:
5855
Establishing a link between risk tolerance, investor personality and behavioural finance in South Africa
Dickason, Zandri
;
Ferreira, Sune
- In:
Cogent Economics & Finance
6
(
2018
)
1
,
pp. 1-13
The main objective of this paper was to establish which behavioural finance biases are associated with a certain level of risk tolerance and investor personality. Furthermore, the study aimed to indicate how these behavioural finance biases can influence investment decisions. Since behavioural...
Persistent link: https://www.econbiz.de/10012657457
Saved in:
5856
Quantitative Easing and Preferred Habitat Investors in the Euro Area Bond Market
Adriaan Boermans, Martijn
-
2018
Quantitative easing (QE) aims to lower long term interest rates and stimulate economic growth via the portfolio rebalancing channel. One of the assumptions for QE to work is that there are investors with strong preferences to hold long term bonds, i.e. so called preferred habitat investors. This...
Persistent link: https://www.econbiz.de/10012925877
Saved in:
5857
Medieval Property Investors, C. 1300-1500
Bell, Adrian R.
-
2018
This paper utilises a dataset of freehold land and property transactions from medieval England to highlight the growing commercialisation of the economy. By drawing on the legal records we are able to demonstrate that the medieval real estate market provided the opportunity for investors to...
Persistent link: https://www.econbiz.de/10012925884
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5858
Who Trades Profusely? The Characteristics of Frequent Trading Individual Investors
Richards, Daniel W.
-
2018
Research has shown that investors trade too frequently and that this overtrading lowers investment return. This paper examines the characteristics of those investors that trade frequently. Using over three years of trading data of 7200 investors at a brokerage firm in the UK, descriptive...
Persistent link: https://www.econbiz.de/10012925913
Saved in:
5859
Earnings-Announcement Narrative and Investor Judgment
Henry, Elaine
-
2018
This study examines how emphasis framing in narrative disclosures, and the investor characteristics numeracy and persuadability, affect investors' ability to discriminate between firms' better and worse financial performance. In an experiment with 264 participants from the general population, we...
Persistent link: https://www.econbiz.de/10012926223
Saved in:
5860
Individual Investors’ Participation and Divergence of Opinion in New Issue Markets : Evidence From Malaysia
Narayanasamy, Cheedradevi
-
2018
We investigate the effects of individual investors' participation on after-market divergence of opinion (DOP) for 269 Malaysian fixed-price initial public offerings (IPOs). Our findings show that individual investor participation moderates the relationship between initial performance and...
Persistent link: https://www.econbiz.de/10012926298
Saved in:
5861
The Idiosyncratic Volatility Puzzle and its Interplay with Sophisticated and Private Investors
Mohrschladt, Hannes
-
2018
We establish a direct link between the idiosyncratic volatility (IVol) puzzle and the behavior of sophisticated and private investors. To do so, we employ three option-based measures of informed trading and attention data from Google Trends. Our analyses show that the IVol puzzle is particularly...
Persistent link: https://www.econbiz.de/10012926316
Saved in:
5862
Returns to Active Management : The Case of Hedge Funds
Kazemi, Maziar
-
2018
Do more active hedge fund managing strategies generate higher returns than the less active ones? We develop a novel approach to measuring activeness for hedge funds by estimating the dynamics of risk exposure of a large sample of live and dead equity long-short funds. We find that higher...
Persistent link: https://www.econbiz.de/10012926426
Saved in:
5863
Influence of Investors' Monitoring on Equity Mutual Funds' Performance
Lazo, Renato
-
2018
This paper analyzes the effect of investor monitoring on the performance of equity investment funds. For that purpose, we analyze the relationship between fund performance, measured using four-factor Alpha, and a set of control variables and monitoring proxy variables. We used monthly data for...
Persistent link: https://www.econbiz.de/10012926436
Saved in:
5864
The Effect of Fiscal Announcements on Interest Spreads : Evidence from the Netherlands
de Jong, Jasper
-
2018
We estimate the effect of consolidation efforts on investors' perception of government's solvency. To this end, we analyze announcements by Dutch government officials between September 2008 and December 2014 and select those messages that contain relevant new information on the likelihood and...
Persistent link: https://www.econbiz.de/10012926531
Saved in:
5865
Simple and Effective Market Timing with Tactical Asset Allocation Part 2 - Choices
Glenn, Lewis A.
-
2018
In Part 1 a simple market timing algorithm was described that switches from an exchange traded fund representing U. S. equities (SPY) to one holding treasury long bonds (TLT) every month on the last day, the switch being made to whichever ETF has the greatest ratio of current adjusted closing...
Persistent link: https://www.econbiz.de/10012926747
Saved in:
5866
An Identity Theory of the Short- and Long-Term Investor Debate
Hill, Claire A.
-
2018
Lines in the broader short versus long-term battle have been drawn between various camps: those favoring corporate management versus those favoring shareholder activists; those believing that corporations are best run for the exclusive benefit of shareholders versus those believing that other...
Persistent link: https://www.econbiz.de/10012927052
Saved in:
5867
Momentum, the Disposition Effect and Beta
O'Brien, John
-
2018
The existence of a premium to momentum portfolios, formed by buying recent winners and selling recent losers is widely accepted, although the source of the returns remains controversial. It remains a focus of behavioural finance. We focus on one set of explanations, based on prospect theory,...
Persistent link: https://www.econbiz.de/10012927420
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5868
Media Sentiment and International Asset Prices
Fraiberger, Samuel P.
-
2018
We investigate the relationship between media sentiment and international equity prices using a new dataset of 4 million news articles published between 1991 and 2015. Three key results emerge. First, news sentiment robustly predicts (future) daily returns around the world. However, we find a...
Persistent link: https://www.econbiz.de/10012906764
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5869
Overconfidence, Information Diffusion, and Mispricing Persistence
Daniel, Kent D.
-
2018
We propose a dynamic heterogeneous agents model which generates testable hypotheses about the formation, timing and bursting of asset price bubbles in the presence of short-sale constraints, given a calibration that is consistent with momentum and reversal effects for unconstrained assets....
Persistent link: https://www.econbiz.de/10012906771
Saved in:
5870
Monetary Policy and Reaching for Income
Daniel, Kent D.
-
2018
We study the impact of monetary policy on investors' portfolio choices and asset prices. Using data on individual portfolio holdings and on mutual fund flows, we find that a low-interest-rate monetary policy increases investors' demand for high-dividend stocks and drives up their prices. The...
Persistent link: https://www.econbiz.de/10012906775
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5871
Protection of Retail Investors
Merenda, David
-
2018
Mis-selling is a serious problem disrupting trust of investors in financial markets. As behavioural research gradually exposed, mis-selling is inextricably linked to mental weakness(es) in the decision-making process that have not been sufficiently reflected in the European financial service...
Persistent link: https://www.econbiz.de/10012906809
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5872
Media Sentiment and International Asset Prices
Fraiberger, Samuel P.
-
2018
This paper assesses the impact of media sentiment on international equity prices using a dataset of more than 4.5 million Reuters articles published across the globe between 1991 and 2015. Media sentiment robustly predicts daily returns in both advanced and emerging markets, even after...
Persistent link: https://www.econbiz.de/10012906911
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5873
Tail Behavior in Portfolio Optimization for Equity Style Factors
Kartsakli, Maria
-
2018
Diversification has been long considered an essential part of investing for the long term. Our paper aims to look further on portfolio diversification and how asset allocation can be optimized. We suggest that the selection of investments in a portfolio should be based on how the market behaves...
Persistent link: https://www.econbiz.de/10012906959
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5874
Security for Costs Applications in Investment Arbitrations Involving Insolvent Investors
Markert, Lars A.
-
2018
Recent years have seen a significant increase in security for cost applications in investment arbitrations. These applications see states arguing that even if they prevailed on the merits and were to be awarded reimbursement of their costs for the arbitral proceedings, they would be unable to...
Persistent link: https://www.econbiz.de/10012907049
Saved in:
5875
Trend Following with Momentum Versus Moving Average : A Tale of Differences
Zakamulin, Valeriy
-
2018
Despite the ever-growing interest in trend following and a series of publications in academic journals, there is still a great shortage of theoretical results on the properties of trend following rules. Our paper fills this gap by comparing and contrasting the two most popular trend following...
Persistent link: https://www.econbiz.de/10012907259
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5876
Models or Stars : The Role of Asset Pricing Models and Heuristics in Investor Risk Adjustment
Evans, Richard B.
-
2018
We examine how third party ratings and mandatory benchmark disclosure affect aggregate risk adjustment by retail investors. Morningstar changed its ratings methodology in June 2002. Before the change, the ratings were based on a risk-adjusted performance ranking of all US equity funds and highly...
Persistent link: https://www.econbiz.de/10012907676
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5877
A Study of Existence of Overconfidence Biases among Investors and Its Impact on Investment Decision
Trehan, Bhoomika
-
2018
In current scenario, behavioral finance plays an important role in investment decision making. Investment decision has become a complex decision with the availability of investment choices, accessibility of information and increased size of the market. There are various options or choices...
Persistent link: https://www.econbiz.de/10012907898
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5878
'Are Cryptocurrencies’ Returns Predictable?' The Role of Momentum, Value, Carry and Investor Sentiment in the Cryptocurrencies World
Armillis, Carlo
-
2018
The following study investigates whether there exist factors that have a degree of predictability when predicting the returns of cryptocurrencies. Using a daily dataset on 11 cryptocurrencies, this paper begins with analysing the role of Momentum Value and Carry in this market. It seems that...
Persistent link: https://www.econbiz.de/10012908122
Saved in:
5879
Financial Literacy Confidence and Retirement Planning : Evidence from China
Chen, Bingzheng
-
2018
Though there is ample empirical evidence demonstrating the relationship between objective financial literacy and retirement planning, we have limited understanding on the role of subjective financial literacy and financial literacy confidence level in individual's retirement planning. In this...
Persistent link: https://www.econbiz.de/10012908215
Saved in:
5880
Investors’ Perceptions of Activism Via Voting : Evidence from Contentious Shareholder Meetings
Brochet, Francois
-
2018
We examine investors' perceptions of shareholder activism via voting. To identify instances of activism via voting, we focus on annual meetings with at least one ballot item where a substantial fraction of shareholders is expected to vote against management's voting recommendation, indicating an...
Persistent link: https://www.econbiz.de/10012908330
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5881
Personal Trading by Brokers, Analysts, and Fund Managers
Berkman, Henk
-
2018
When brokers, analysts and fund managers buy or sell for their own account, they outperform retail investors over short windows up to a month. They earn particularly high abnormal returns when they trade simultaneously with other financial experts and when they trade before earnings...
Persistent link: https://www.econbiz.de/10012908375
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5882
Replicating Anomalies
Hou, Kewei
-
2018
Most anomalies fail to hold up to currently acceptable standards for empirical finance. With microcaps mitigated via NYSE breakpoints and value-weighted returns, 65% of the 452 anomalies in our data library, including 96% of the trading frictions category, cannot clear the single test hurdle of...
Persistent link: https://www.econbiz.de/10012908639
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5883
Passive Informed Trading Around Earnings Announcements
Roseman, Brian
-
2018
Using a sample of NASDAQ firms we investigate informed trading in the limit order book (LOB) prior to earnings announcements. Consistent with recent limit order theory, and in contrast to classic adverse selection models, we show that informed traders supply liquidity. Relative to a sample of...
Persistent link: https://www.econbiz.de/10012908947
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5884
Do Momentum and Reversal Strategies Work in Commodity Futures? A Comprehensive Study
Urquhart, Andrew
-
2018
This paper investigates the performance of three different trading strategies – Jegadeesh and Titman (1993), George and Hwang (2004) and Gatev, Goetzmann and Rouwenhorst (2006) – in 29 commodity futures from January 1979 to October 2017. We find there is no significant reversal profit across...
Persistent link: https://www.econbiz.de/10012909035
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5885
The Credit and Bond Liquidity Effects of Hedge Fund Activism
Berndt, Antje
-
2018
I document an abnormal increase in the price of default insurance for target firms at the time of an activist hedge fund intervention, despite an abnormal decrease in expected default losses. After the intervention, credit spreads remain abnormally high for confrontational activist campaigns but...
Persistent link: https://www.econbiz.de/10012909107
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5886
On Booms That Never Bust : Ambiguity in Experimental Asset Markets with Bubbles
Corgnet, Brice
-
2018
We study the effect of ambiguity on the formation of bubbles and on the occurrence of crashes in experimental asset markets à la Smith, Suchanek, and Williams (1988). We extend their framework to an environment where the fundamental value of the asset is ambiguous. We show that, when the...
Persistent link: https://www.econbiz.de/10012909268
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5887
Retail Investors Get a Sweet Deal : The Cost of a SIP of Stock Market Data
Angel, James
-
2018
High quality data are essential for markets to function efficiently. This study describes the production and dissemination of U.S. stock market data and explores how much individual investors are paying for the data. The joint nature of the production of information along with trading,...
Persistent link: https://www.econbiz.de/10012909322
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5888
The Momentum of News
Wang, Ying
-
2018
Relying on a comprehensive data set of news releases, we construct monthly firm-level news sentiment scores during the 2000–2016 period and document a news momentum phenomenon of stocks with more positive news in the past generating more positive news in the future. We propose three hypotheses...
Persistent link: https://www.econbiz.de/10012909354
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5889
The Disposition Effect in Boom and Bust Markets
Bernard, Sabine
-
2018
The disposition effect is one of the most explored biases in behavioral finance, yet most papers investigating the disposition effect use data that only cover boom periods and assume that the disposition effect is constant over time. We use individual investor trading data that comprise several...
Persistent link: https://www.econbiz.de/10012909611
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5890
Hedge Fund Investment Management
Mazaheri, Mohsen
-
2018
In this paper,hedge fund investment management considerations outside of trade generation are discussed. Hedge fund trade evaluation, hedging, risk management, portfolio construction, liquidity, and cash management are discussed
Persistent link: https://www.econbiz.de/10012909682
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5891
Arbitrage Risk and Investor Sentiment as Causes of Persistent Mispricing : The European Evidence
Guidolin, Massimo
-
2018
We investigate the relationship between risk-adjusted returns, arbitrage risk and arbitrage asymmetry, and investor sentiment in the European stock market. Under the assumption that idiosyncratic volatility (IVOL) causes arbitrage risk, we analyze the effects of IVOL on the-abnormal returns of...
Persistent link: https://www.econbiz.de/10012909696
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5892
The Stock Market Reactions to Terminations of Over Funded Pension Plans
Singha-Uthorn, Nobchanok
-
2018
Using most recent firm level data over the period 1986-1994, this study examines the stock market reaction with respect to pension plan type (defined benefit or defined contribution) established following the termination of an over funded DB plan. Generally, we find support for the separation...
Persistent link: https://www.econbiz.de/10012909715
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5893
Superreplication of the Best Pairs Trade in Hindsight
Garivaltis, Alex
-
2018
For a market with m assets and T discrete trading sessions, Cover and Ordentlich (1998) found that the “Cost of Achieving the Best Rebalancing Rule in Hindsight” is p(T, m) = <sub>n<sub>1</sub> ···<sup>Σ</sup> n<sub>m</sub>=T</sub> (n<sub>1</sub>,<sup>T</sup>...,n<sub>m</sub>)(n<sub>1</sub>/T)(n<sub>1</sub> · · · (n<sub>m</sub>/T)<sup>n<sub>m</sub></sup>. Their super-replicating strategy is impossible to compute...
Persistent link: https://www.econbiz.de/10012909930
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5894
Contrarians or Momentum Chasers? Individual Investors’ Behavior When Trading ETFs
Da Dalt, Carlo
-
2018
Conducting the first study of momentum impact on households' ETF trading behavior, we find that Finnish households are less contrarian when trading benchmark index ETFs than when trading common stocks. Also, their propensity to chase recent positive momentum is higher when purchasing ETFs than...
Persistent link: https://www.econbiz.de/10012909944
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5895
Can Investors Benefit from Hedge Fund Strategies? Utility‐Based, Out‐of‐Sample Evidence
Guidolin, Massimo
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2018
We report systematic, out-of-sample evidence on the benefits to an already well diversified investor that may derive from further diversification into various hedge fund strategies. We investigate dynamic strategic asset allocation decisions that take into account investors' preferences as well...
Persistent link: https://www.econbiz.de/10012910099
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5896
Traditional Finance - Behavioral Finance Distinction in the Context of Expected Utility and Prospect Theories
Tekin, Bilgehan
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2018
Traditional finance has developed based on two fundamental assumptions, including the expected utility theory and rational choice or decision. However, this hypothesis has been criticized heavily by put forward that are not realistic enough. The basis of behavioral finance theory is based on the...
Persistent link: https://www.econbiz.de/10012910229
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5897
A Behavioral Economics Approach to a Sustainable Finance Architecture – Development of a Sustainability Taxonomy for Investor Decision Usefulness
Beerbaum, Dirk
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2018
Globalization has led to an unprecedented correlation of massive global systems causing systemic risk to increase exponentially (Centeno et al., 2013). 10 years after the global financial crisis, what are the lessons learned, what was improved and what still needs to be accomplished? The crucial...
Persistent link: https://www.econbiz.de/10012910277
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5898
Characteristics of ETF Owners : Exploring the Role of Investor Knowledge, Fee Aversion, and Financial Advice Seeking
Enete, Shane
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2018
Using the 2015 NFCS Investor Survey, this study investigated the relationship between individual financial characteristics and ETF ownership. While ETFs offer many benefits in comparison to traditional mutual funds, only 22% of investors held ETFs in their investment portfolios. Those ETF owners...
Persistent link: https://www.econbiz.de/10012910331
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5899
Illiquidity and Stock Returns : A Revisit
Amihud, Yakov
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2018
This paper explains and extends my 2002 paper. It presents a return factor of illiquid-minus-liquid stocks, called IML, which provides a time series of the illiquidity premium. The risk-adjusted predicted return on IML is lower in the period that follows my 2002 paper but it is still...
Persistent link: https://www.econbiz.de/10012910390
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5900
Risk Preference, Asset Allocation, and Seniors’ Satisfaction
Chen, Ruizhi
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2018
Maintaining clients' financial satisfaction is a primary goal of financial planners. Previous research has found that net worth, income, and demographic characteristics are relevant to an individuals' financial satisfaction. However, no existing research identifies whether the alignment between...
Persistent link: https://www.econbiz.de/10012910394
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