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The correlation of returns for various equity asset classes has been high. In addition, the range or "dispersion" of returns across asset classes - and across sectors within those asset classes - has been low. These factors have made it difficult for active managers to outperform. But dispersion...
Persistent link: https://www.econbiz.de/10013121789
We test the hypothesis that retail investors' attraction to lottery stocks induces overvaluation, and is amplified by high attention and social interactions. The lottery premium (negative abnormal returns) is stronger for high-retail-ownership stocks—especially those that also have high...
Persistent link: https://www.econbiz.de/10012891568
Using a very large data set with more than 9,700 stocks listed on NYSE, AMEX and NASDAQ, we analyze overnight price jumps and report short-term investor overreaction to information shocks and document return reversal and predictability up to five days. For negative and positive overnight jumps,...
Persistent link: https://www.econbiz.de/10014254878
This paper examines the effects of superstitious psychology on investors’ decision making in the context of Mercury retrograde, a special astronomical phenomenon meaning “everything going wrong.” Using natural experiments in the Chinese stock market, we find that stock prices fall...
Persistent link: https://www.econbiz.de/10013296815
We analyze data on stock index forecasts made by private investors. The implied returns calculated from these forecasts exhibit negative skewness and excess kurtosis. Past returns have a positive impact on the implied returns, consistent with investors expecting positive momentum. Females are...
Persistent link: https://www.econbiz.de/10009524805
We investigate whether acquiring more education when young has long-term effects on risk-taking behavior in financial markets and whether the effects spill over to spouses and children. There is substantial evidence that more educated people are more likely to invest in the stock market....
Persistent link: https://www.econbiz.de/10010498384
explore the link between the gender gap in stock market participation and financial literacy. Using survey data on a random … the gender gap in stock market participation. We also find that women report being less risk taking than men. This gender …
Persistent link: https://www.econbiz.de/10013114467
We investigate whether acquiring more education when young has long-term effects on risk-taking behavior in financial markets and whether the effects spill over to spouses and children. There is substantial evidence that more educated people are more likely to invest in the stock market....
Persistent link: https://www.econbiz.de/10013025862
market than men. This gender pattern in market participation rates holds when we control for household features …, characteristics of both spouses, and their interactions and relative decision-making power. We also show that the gender difference in … confirm the influence of cultural gender norms among older households. The gender difference in stock market participation is …
Persistent link: https://www.econbiz.de/10013238583
stock market, aiming to disentangle the different channels playing a role in this decision. Gender role asymmetry is … indicated by the country's rank in the gender equality index of the World Economic Forum. Using data from four national … household surveys, we find that in Italy - the country with highly asymmetric gender role prescriptions - women's risk …
Persistent link: https://www.econbiz.de/10011810787