It is shown that logical contradictions are derivable from natural translations into first order logic of the description and background assumptions of the Soros Game, and of other games and social contexts that exhibit conflict and reflexivity. The logical structure of these contexts is...

One of the central hypotheses of behavioural finance is that stock prices systematically overreact. The seminal study is DeBondt and Thaler (1985), which appears to show that past winners (stocks that have earned the highest positive abnormal returns during the pre-formation period) tend to...

The vicious positive and negative feedback loops (vicious reflexivities) that occur in all areas of the social sciences have the same structure as the logical paradoxes of the Liar and Anti-Liar, and of the corresponding Russell and Anti-Russell paradoxes in set theory. In recent decades the...

In this study, we investigate the presence of survivorship content and accuracy bias in the two mostly used databases for research in the UK equities market

This paper re-examines the small firm premium in the UK from December 1987 to December 2004 using a new survivorship bias-free and look-ahead bias-free database of the UK market covering stocks officially listed in the UK during this period. Prior research (Dimson, E., and P.R. Marsh. 1987. The...

This paper re-examines the small firm premium in the UK from December 1987 to December 2004 using a new survivorship bias-free and look-ahead bias-free database of the UK market covering stocks officially listed in the UK during this period. Prior research (Dimson, E., and P.R. Marsh. 1987. The...

We look for the existence of a value premium in the UK equity market for the period 1987-2002. Previous studies are subject to four methodological biases: (1) survivorship bias, (2) look-ahead bias, (3) a downward bias in post-formation growth stock returns caused by excluding recently listed...