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Who mimics whom in the equity fund market? Evidence from the Korean equity fund market

Kim, Sei-Wan; Lee, Bong-Soo; Kim, Young-Min - In: Pacific-Basin Finance Journal 29 (2014) C, pp. 199-218

herding between individual investors and institutional investors in the equity fund market along with related issues of risk … aversion, cumulative performance, and the business cycle effect on herding. We find that individual equity fund investors … and their herding behavior is pro-cyclical. …

Persistent link: https://www.econbiz.de/10011116400

Portfolio Performance in Relation to Herding Behavior in the Taiwan Stock Market

Chang, Chiao-Yi; Chen, Hsiang-Lan; Jiang, Zong-Ru - In: Emerging Markets Finance and Trade 48 (2012) 7, pp. 82-104

Herding behavior, which is investing in crowded stocks during a specific period, will push the target stocks' return … herding, we find that a zero-cost investing strategy of buying long and high and selling short and high is profitable. The … profits gained strategically through herding by individual investors are greater than those earned by institutional investors …

Persistent link: https://www.econbiz.de/10010612774

Hipoteza efektywności rynku; weryfikacja dla indeksu WIG- Spożywczy

Waszkowski, Adam - In: Problems of World Agriculture / Problemy Rolnictwa … 11 (2011) 26

The aim of this research is to verify the hypothesis of the weak form efficiency of capital market. The research is conducted for the WIG-Spożywczy index. In the paper, Wald-Wolfowitz’s test, Quenouille’s test of autocorrelation coefficients, the test of joint autocorrelation with Ljung-...

Persistent link: https://www.econbiz.de/10011125537

Financial economics at 50: an oxymoronic tautology

Findlay, M. C.; Williams, E. E. - In: Journal of Post Keynesian Economics 31 (2008) 2, pp. 213-226

The discipline of financial economics is now 50 years old. This paper discusses the evolution of the discipline and describes its present state as being an equilibrium pricing model cojoined with a notion about the efficiency of financial markets. It provides a critique of this "joint...

Persistent link: https://www.econbiz.de/10005750110

The Efficient Market Theory and Evidence: Implications for Active Investment Management

Ang, Andrew; Goetzmann, William N.; Schaefer, Stephen M. - In: Foundations and Trends(R) in Finance 5 (2011) 3, pp. 157-242

The Efficient Market Hypothesis (EMH) asserts that, at all times, the price of a security reflects all available information about its fundamental value. The implication of the EMH for investors is that, to the extent that speculative trading is costly, speculation must be a loser's game. Hence,...

Persistent link: https://www.econbiz.de/10010693711

Learning from Other Economies - for example from Somewhere Down Under

Freeman, Richard B. - In: CESifo DICE Report 5 (2007) 3, pp. 33-37

Persistent link: https://www.econbiz.de/10005056464

Driving Factors of the Subprime Crisis and Some Reform Proposals

Rudolph, Bernd; Scholz, Julia - In: CESifo DICE Report 6 (2008) 3, pp. 14-19

Persistent link: https://www.econbiz.de/10005056452

Micro-credit impact in Kyrgyzstan: A study case

Angioloni, Simone; Kudabaev, Zarylbek; Ames, Glenn C.W.; … - Southern Agricultural Economics Association - SAEA - 2013

Microcredit has expanded rapidly since its beginnings in the last 1970s, but whether and how much it reduces poverty is the subject of intense debate. Generally it depends on how the program is implemented and the set of policies that regulate it. In this spirit, microcredit impacts in the...

Persistent link: https://www.econbiz.de/10010880678

Preventing systemic crises through bank transparency

Hyytinen, Ari; Takalo, Tuomas - Suomen Pankki - 2003

The banking system is known to be vulnerable to self-fulfilling crises that are caused by depositors’ coordination failure. We show that transparency regulation may prevent certain types of systemic crises by eliminating the possibility of the coordination failure.

Persistent link: https://www.econbiz.de/10005423690

Disclosure to an Audience with Limited Attention

Hirshleifer, David; LIM, SONYA SEONGYEON; Teoh, Siew Hong - EconWPA - 2004

In our model, informed players decide whether or not to disclose, and observers allocate attention among disclosed signals, and toward reasoning through the implications of a failure to disclose. In equilibrium disclosure is incomplete, and observers are unrealistically optimistic. Nevertheless,...

Persistent link: https://www.econbiz.de/10005407521