In this study, I make an effort to formulate a trading rule that would make use of some systematic interday patterns in individual stocks' opening returns. I analyze intraday price data on all the stocks that were S&P 500 Index constituents during the period from 1993 to 2012. I document that if...

Contemporary research documents various psychological aspects of economic decision-making. The main goal of our study is to analyse the role of the Mood Maintenance Hypothesis (MMH) in financial markets. MMH refers to people's tendency to maintain positive mood states, and implies that positive...

Our study explores the effect of market volatility expectations, captured by the implied volatility index (VIX), aka “investors’ fear gauge,” on investors’ reactions to analyst recommendation revisions. We find that positive (negative) excess returns following recommendation upgrades...

In the present study, I explore the dynamics of the interday stock price reversals. Employing the intraday price data on thirty stocks currently making up the Dow Jones Industrial Index, I document that daily stock returns tend to be higher following the days with relatively large high-to-close...