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A multiplicity of approaches to institutional analysis : applications to the government and the arts
Frey, Bruno S. - 2009
Four types of economicsʺ relevant for institutional analysis are distinguished: Standard Neoclassical Economics; Socio-Economics … or Social Economics; New Institutional Economics; and Psychological Economics (often misleadingly called Behavioural … Economics). The paper argues that an extension of Neoclassical Economics with elements from other social sciences (including …
Persistent link: https://www.econbiz.de/10003872188
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Unleashing animal spirits : self-control and overpricing in experimental asset markets
Kocher, Martin; Lucks, Konstantin E.; Schindler, David - 2016
One possible determinant of overpricing on asset markets is a lack of self-control abilities of traders. Self-control is the individual capacity to override or inhibit undesired behavioral tendencies such as impulses and to refrain from acting on them. We implement the first experiment that is...
Persistent link: https://www.econbiz.de/10011444434
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Expectation dispersion, uncertainty, and the reaction to news
Born, Benjamin; Dovern, Jonas; Enders, Zeno - 2020
Releases of key macroeconomic indicators are closely watched by financial markets. We investigate the role of expectation dispersion and economic uncertainty for the stock-market reaction to indicator releases. We find that the strength of the financial market response to news decreases with the...
Persistent link: https://www.econbiz.de/10012404549
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The epistemic vices of democracies in the age of populism
Bonatti, Luigi - 2023
rationally (in the sense of rational choice theory) pursuing them. This leads to a certain skepticism towards the idealization of …
Persistent link: https://www.econbiz.de/10014315089
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Asymmetric connectedness on the US stock market : bad and good volatility spillovers
Baruník, Jozef; Kočenda, Evžen; Vácha, Lukáš - 2015
This paper suggests how to quantify asymmetries in volatility spillovers that emerge due to bad and good volatility. Using data covering most liquid U.S. stocks in seven sectors, we provide ample evidence of the asymmetric connectedness of stocks at the disaggregate level. Moreover, the...
Persistent link: https://www.econbiz.de/10010509638
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Predictability of bull and bear markets : a new look at forecasting stock market regimes (and returns) in the US
Haase, Felix; Neuenkirch, Matthias - 2021
The empirical literature of stock market predictability mainly suffers from model uncertainty and parameter instability. To meet this challenge, we propose a novel approach that combines the documented merits of diffusion indices, regime-switching models, and forecast combination to predict the...
Persistent link: https://www.econbiz.de/10012416151
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Persistence in the Russian stock market volatility indices
Caporale, Guglielmo Maria; Gil-Alaña, Luis A.; … - 2018
This paper applies a fractional integration framework to analyse the stochastic behaviour of two Russian stock market volatility índices (namely the originally created RTSVX and the new RVI that has replaced it), using daily data over the period 2010-2018. The empirical findings are consistent...
Persistent link: https://www.econbiz.de/10011903723
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Long-run linkages between US stock prices and cryptocurrencies : a fractional cointegration analysis
Caporale, Guglielmo Maria; Dios Mazariegos, José Javier; … - 2022
This paper applies fractional integration and cointegration methods to examine respectively the univariate properties of the four main cryptocurrencies in terms of market capitalization (BTC, ETH, USDT, BNB) and of four US stock market indices (S&P500, NASDAQ, Dow Jones and MSCI for emerging...
Persistent link: https://www.econbiz.de/10013368898
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Mental models of the stock market
Andre, Peter; Schirmer, Philipp; Wohlfart, Johannes - 2023
Investors' return expectations are pivotal in stock markets, but the reasoning behind these expectations remains a black box for economists. This paper sheds light on economic agents' mental models - their subjective understanding - of the stock market, drawing on surveys with the US general...
Persistent link: https://www.econbiz.de/10014383579
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Simply a matter of luck & looks? : predicting elections when both the world economy and the psychology of faces count
Garretsen, Harry; Stoker, Janka I.; Alessie, Rob; … - 2014
Economic research shows that candidates have a higher chance of getting (re-)elected when they have the luck that the world economy does well even though this is beyond their control and unrelated to their competence. Psychological research demonstrates that candidates increase their chances if...
Persistent link: https://www.econbiz.de/10010370176