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Security returns and tax aversion bias: Behavioral responses to tax labels

Blaufus, Kay; Möhlmann, Axel - arqus - Arbeitskreis Quantitative Steuerlehre - 2012

This paper studies behavioral responses to taxes in financial markets. It is motivated by recent puzzling empirical evidence of taxable municipal bond yields significantly exceeding the level expected relative to tax exempt bonds. A behavioral explanation is a tax aversion bias, the phenomenon...

Persistent link: https://www.econbiz.de/10010983366

A short-but-efficient test for overconfidence and prospect theory. Experimental validation

Peon, David; Calvo, Anxo; Antelo, Manel - Volkswirtschaftliche Fakultät, … - 2014

Two relevant areas in the behaviorist literature are prospect theory and overconfidence. Many tests are available to …, overplacement and overprecision as measures of overconfidence. Those tests are suitable to deal with single manifestations but often … and overconfidence. We conduct an experimental research with 126 students to validate the tests, revealing they are …

Persistent link: https://www.econbiz.de/10011111828

A study of a market anomaly: “White Men Can’t Jump”, but would you bet on it?

Igan, Deniz; Pinheiro, Marcelo; Smith, John - In: Journal of Economic Behavior & Organization 113 (2015) C, pp. 13-25

We identify a largely efficient market in which there is a relationship between race and market outcomes. Examining data on NBA games, we find that teams with more black players tend to face larger point spreads and that these teams perform worse against the spread. These biased outcomes are...

Persistent link: https://www.econbiz.de/10011263921

"White men can't jump," but would you bet on it?

Igan, Deniz; Pinheiro, Marcelo; Smith, John - Volkswirtschaftliche Fakultät, … - 2011

We identify an otherwise efficient market in which racial stereotypes affect market outcomes. In this market, there are well-defined prices, well-defined outcomes, a finite time horizon, and readily available information. The market appears to efficiently process the available information, with...

Persistent link: https://www.econbiz.de/10009372510

Racial biases and market outcomes: "White men can't jump," but would you bet on it?

Igan, Deniz; Pinheiro, Marcelo; Smith, John - Volkswirtschaftliche Fakultät, … - 2012

We identify an otherwise efficient market in which racial biases affect market outcomes. In particular, we examine data on point spreads for NBA games over the 15 seasons from 1993-94 to 2007-08. We find evidence that a more black team tends to face a larger point spread and that these teams...

Persistent link: https://www.econbiz.de/10009422006

Using sentiment to predict GDP growth and stock returns

Guzman, Giselle C. - Volkswirtschaftliche Fakultät, … - 2008

This study sheds new light on the question of whether or not sentiment surveys, and the expectations derived from them, are relevant to forecasting economic growth and stock returns, and whether they contain information that is orthogonal to macroeconomic and financial data. I examine 16...

Persistent link: https://www.econbiz.de/10009647230

Using sentiment surveys to predict GDP growth and stock returns

Guzman, Giselle C. - Volkswirtschaftliche Fakultät, … - 2008

Persistent link: https://www.econbiz.de/10009647399

An inflation expectations horserace

Guzman, Giselle C. - Volkswirtschaftliche Fakultät, … - 2010

For decades, the academic literature has focused on three survey measures of expected inflation: the Livingston Survey, the Survey of Professional Forecasters, and the Michigan Survey. While these measures have been useful in developing models of forecasting inflation, the data are low frequency...

Persistent link: https://www.econbiz.de/10009647457

The case for higher frequency inflation expectations

Guzman, Giselle C. - Volkswirtschaftliche Fakultät, … - 2011

I present evidence that higher frequency measures of inflation expectations outperform lower frequency measures of inflation expectations in tests of accuracy, predictive power, and rationality. For decades, the academic literature has focused on three survey measures of expected inflation: the...

Persistent link: https://www.econbiz.de/10009650037

Dopamine and Risk Preferences in Different Domains

Dreber, Anna; Rand, David G.; Garcia, Justin R.; … - Institute for Financial Research (SIFR) - 2010

Individuals differ significantly in their willingness to take risks. Such differences may stem, at least in part, from individual biological (genetic) differences. We explore how risk-taking behavior correlates with different versions of the dopamine receptor D4 gene (DRD4), which has been...

Persistent link: https://www.econbiz.de/10008548995

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