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Do Analysts Herd? An Analysis of Recommendations and Market Reactions

Jegadeesh, Narasimhan - 2007

they make stock recommendations. Our empirical results support the herding hypothesis. Stock price reactions following …

Persistent link: https://www.econbiz.de/10012465790

Herding with Heterogeneous Ability : An Application to Organ Transplantation

Mel, Stephanie de; Munshi, Kaivan; Reiche, Soenje; … - National Bureau of Economic Research - 2021

assessment of the object's quality and herd behind their predecessors. Our research adds a new dimension to the canonical herding … herding based on this ability heterogeneity and also examine its efficiency consequences, applied to organ transplantation in … the U.K. We find that herding is common but that the information lost due to herding does not substantially increase false …

Persistent link: https://www.econbiz.de/10012660090

When Everyone Runs for the Exit

Pedersen, Lasse Heje - 2009

The dangers of shouting "fire" in a crowded theater are well understood, but the dangers of rushing to the exit in the financial markets are more complex. Yet, the two events share several features, and I analyze why people crowd into theaters and trades, why they run, what determines the risk,...

Persistent link: https://www.econbiz.de/10012463353

Learning in Financial Markets

Pastor, Lubos - 2009

We survey the recent literature on learning in financial markets. Our main theme is that many financial market phenomena that appear puzzling at first sight are easier to understand once we recognize that parameters in financial models are uncertain and subject to learning. We discuss phenomena...

Persistent link: https://www.econbiz.de/10012464003

Herd on the Street : Informational Inefficiencies in a Market with Short-Term Speculation

Froot, Kenneth A. - 1990

informed traders also know. There can be multiple herding equilibria, and herding speculators may even choose to study …

Persistent link: https://www.econbiz.de/10012475787

Changing Times, Changing Values : A Historical Analysis of Sectors within the US Stock Market 1872-2013

Bunn, Oliver D. - 2014

We construct a price, dividend, and earnings series for the Industrials sector, the Utilities sector, and the Railroads sector from the beginning of the 1870s until the beginning of the year 2013 from primary sources. To infer about mispricings in the sector markets over more than a century, we...

Persistent link: https://www.econbiz.de/10012458297

Gold's Value as an Investment

Jermann, Urban J. - National Bureau of Economic Research - 2023

For investors, gold is an asset without a yield that is attractive in times of low and negative real interest rates. Gold also has an embedded put option because investors can sell it to those who value its use as jewelry or as a productive input. This paper presents an approach for pricing gold...

Persistent link: https://www.econbiz.de/10014322774

Evaluating and Investing in Equity Mutual Funds

Pastor, Lubos - 2000

Our framework for evaluating and investing in mutual funds combines observed returns on funds and passive assets with prior beliefs that distinguish pricing-model inaccuracy from managerial skill. A fund's alpha' is defined using passive benchmarks. We show that returns on non-benchmark passive...

Persistent link: https://www.econbiz.de/10012470971

Foundations of Technical Analysis : Computational Algorithms, Statistical Inference, and Empirical Implementation

Lo, Andrew W. - 2000

Technical analysis, also known as charting,' has been part of financial practice for many decades, but this discipline has not received the same level of academic scrutiny and acceptance as more traditional approaches such as fundamental analysis. One of the main obstacles is the highly...

Persistent link: https://www.econbiz.de/10012471157

The Valuation of Security Analysis

Kane, Alex - 1986

timing skills. In contrast, while a normative theory of stock selection was …

Persistent link: https://www.econbiz.de/10012477114

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