This paper investigates how investors in value and glamour stocks use financial information. The empirical evidence presented is in line with a model of investors' asymmetric reaction to good and bad news due to confirmation bias. Pessimistic value investors typically under-react to good...

Generation of pseudorandom numbers from different probability distributions has been studied extensively in the Monte Carlo simulation literature. Two standard generation techniques are the acceptance-rejection and inverse transformation methods. An alternative approach to Monte Carlo simulation...