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Myopic loss aversion and market experience
Mayhew, Brian W.; Vitalis, Adam - In: Journal of Economic Behavior & Organization 97 (2014) C, pp. 113-125
We probe the boundaries of myopic loss aversion (MLA) theory through market treatments designed to reduce the MLA effect. Our market settings separate investment commitment from information frequency, display a running average asset value and explore the influence of participant experience. The...
Persistent link: https://www.econbiz.de/10010737911
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Behavioralizing Finance
Shefrin, Hersh - In: Foundations and Trends(R) in Finance 4 (2010) 1–2, pp. 1-184
. Behavioral finance is the application of psychology to financial decision making and financial markets. Behavioralizing finance …Finance is in the midst of a paradigm shift, from a neoclassical based framework to a psychologically based framework … in behavioral finance, and identifies both its strengths and weaknesses. In doing so, it identifies possible directions …
Persistent link: https://www.econbiz.de/10010693712
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Investor Sentiment and Analysts' Earnings Forecast Errors
Hribar, Paul; McInnis, John - In: Management Science 58 (2012) 2, pp. 293-307
We correlate analysts' forecast errors with temporal variation in investor sentiment. We find that when sentiment is high, analysts' forecasts of one-year-ahead earnings and long-term earnings growth are relatively more optimistic for "uncertain" or "difficult-to-value" firms. Adding these...
Persistent link: https://www.econbiz.de/10010990620
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Unspanned Stochastic Volatility in Affine Models: Evidence from Eurodollar Futures and Options
Bikbov, Ruslan; Chernov, Mikhail - In: Management Science 55 (2009) 8, pp. 1292-1305
Unspanned stochastic volatility (USV) refers to the inability of bonds to replicate volatility-sensitive derivative securities. Affine term structure models require special restrictions on the parameters to exhibit USV. We use a joint Eurodollar futures and options data set to estimate affine...
Persistent link: https://www.econbiz.de/10009214334
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An analysis of dysfunctions and biases in financial performance measures
Britzelmaier, Bernd; Schlegel, Dennis - In: Global Business and Economics Review 13 (2011) 3/4, pp. 269-280
Financial performance measures are often criticised for being biased measures of a company's true performance and setting the wrong incentives. Modern performance measurement systems hence focus not only on financial measures but try to plan and control the firm in a more balanced way by using...
Persistent link: https://www.econbiz.de/10010668969
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A structural equations approach to assessing alternative service quality metrics within an extended service quality, customer satisfaction, customer loyalty model
Tsoukatos, Evangelos; Koulentaki, Maria - In: Global Business and Economics Review 13 (2011) 3/4, pp. 222-239
This study contributes to the setting/industry specific metrics vs. the SERVQUAL metric debate. It also revisits the causality of relationships between customer loyalty dimensions and the effects of customer satisfaction on the latter. Evidence drawn from Greek banking, was analysed under a...
Persistent link: https://www.econbiz.de/10010668988
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On the relationship between systematic risk and financial and operating risk: the case of the Greek listed firms
Voulgaris, Fotini; Rizonaki, Athanasia - In: Global Business and Economics Review 13 (2011) 3/4, pp. 204-221
The study analyses the effect of operating and financial risk and other factors such as profitability, liquidity, dividend payout, size and growth on systematic risk for Greek listed firms, after Greece's entrance in the Monetary Union. The study also examines whether the explanatory power of...
Persistent link: https://www.econbiz.de/10010669086
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Investor Psychology and Asset Pricing
Hirshleifer, David - Volkswirtschaftliche Fakultät, … - 2001
misvaluation. This survey sketches a framework for understanding decision biases, evaluates the a priori arguments and the capital …
Persistent link: https://www.econbiz.de/10005619847
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A Case-Based Model of Probability and Pricing Judgments: Biases in Buying and Selling Uncertainty
Brenner, Lyle A.; Griffin, Dale W.; Koehler, Derek J. - In: Management Science 58 (2012) 1, pp. 159-178
We integrate a case-based model of probability judgment with prospect theory to explore asset pricing under uncertainty. Research within the "heuristics and biases" tradition suggests that probability judgments respond primarily to case-specific evidence and disregard aggregate characteristics...
Persistent link: https://www.econbiz.de/10010990558
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Contingent Capital with a Capital-Ratio Trigger
Glasserman, Paul; Nouri, Behzad - In: Management Science 58 (2012) 10, pp. 1816-1833
and partial and ongoing conversion. The capital ratio we use is based on accounting or book values to approximate the …
Persistent link: https://www.econbiz.de/10010990568