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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
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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
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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
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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
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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
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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
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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
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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
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Sichtweisen und Anlageverhalten des österreichischen Fondsmanagements
Lütje, Torben - Wirtschaftswissenschaftliche Fakultät, Leibniz … - 2004
, unerfahrene Fondsmanager zum Herdenverhalten neigen. In der Untersuchung offenbaren letztere aber keine höhere Risikoaversion, die … im Allgemeinen mit Herdenverhalten assoziiert wird. …
Persistent link: https://www.econbiz.de/10005464773
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Fly with the eagles or scratch with the chickens? Zum Herdenverhalten von Wechselkursprognostikern
Pierdzioch, Christian; Schäfer, Dirk; Stadtmann, Georg - Wirtschaftswissenschaftliche Fakultät, … - 2010
genanntes Herdenverhalten zeigen. Auf der Basis unterschiedlicher theoretischer Modellansätze wird skizziert, warum Prognostiker ….S.-Dollar - eingesetzt, um empirisch auf Herdenverhalten zu testen. Die Ergebnisse deuten darauf hin, dass nicht Herdenverhalten, sondern … Anti-Herding vorzuherrschen scheint. Die Prognostiker scheinen daher im Hinblick auf ihre Prognosen 'Produktdifferenzierung …
Persistent link: https://www.econbiz.de/10008683725