This paper examines whether momentum drives the disposition effect and vice versa in the US stock market. The results from the analysis of the Fama-Macbethregressions show that the disposition effect drives momentum but not the other way around. Furthermore, we find that this relationship varies...

Purpose This paper aims to measure investors' perception of the rights issue announcement of publicly listed companies in five stock markets of Islamic countries. Then, these firms are grouped according to their debt level to examine whether abnormal returns are different from those that are...

This paper examines the puzzlingly high unexploited momentum returns from a new perspective. We analyze characteristics of momentum traders in a sample of 692 fund managers. We find that momentum traders are 'defined' by their short-term horizon, by a behavioural view on the market and by a...

The following paper is a theoretical introduction of the misinformation effect to behavioural finance. The misinformation effect causes a memory report regarding an event or particular knowledge to become contaminated with misleading information from another source. The paper aims to describe...

Our questionnaire survey finds that most fund managers rely on the strategies of buy-&-hold, momentum and contrarian trading. These strategies are typically applied mutually. Their use is rooted in the attributes and beliefs of the respective fund managers: buy-&-hold traders behave...

The central function of a bank inherently exposes it to various financial risks where each of these risks has the possibility to influence stakeholders' perception. This perception, which is linked to the trustworthiness, credibility and performance of the bank, translates into the reputation of...

Operational risk constitutes a large portion of a bank's risk exposure. Unlike other financial risks, operational risk is classified as a pure risk (only an opportunity of a loss), as it always leads to a financial loss for a bank. The failure to mitigate and manage operational risk effectively...

Using data on Government of Canada securities auctions, this paper shows that in countries where direct access to primary issuance is restricted to government securities dealers, Order-flow" information is a key source of private information for these security dealers. Order-flow information is...

The real estate investment trust (REIT) industry experienced a liquidity crisis resulting from reduced access to credit commitments as banks were restoring their balance sheets during the 2007-2009 financial crisis. Employing generalized autoregressive conditional heteroscedasticity (GARCH)...

Das vorliegende Papier behandelt die Rückwirkungen der Erkenntnisse der Behavioural Finance auf die Geldpolitik. Nach einer Begriffsdefinition und abgeleiteten generellen Implikationen werden speziell die Indikatorebene und der Transmissionsprozess der Geldpolitik dahingehend analysiert. Als...