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Stock Market Literacy, Trust and Participation

Balloch, Adnan - 2014

This paper studies the importance of stock market literacy and trust for stock ownership decisions. We find that these …, also explain the share of investment in stocks. Once we account for stock market literacy, sociability is no longer … significant for participation; what matters is literacy rather than sociability. Further, we observe that economic shocks and …

Persistent link: https://www.econbiz.de/10013059223

Consuming dividends

Bräuer, Konstantin; Hackethal, Andreas; Hanspal, Tobin - 2020 - Current version: May 2020

This paper studies why investors buy dividend-paying assets and how they time their consumption accordingly. We combine administrative bank data linking customers' consumption transactions and income to detailed portfolio data and survey responses on financial behavior. We find that private...

Persistent link: https://www.econbiz.de/10012223798

Human vs. machine: disposition effect among algorithmic and human day traders

Liaudinskas, Karolis - 2022

This paper studies whether and why algorithmic traders exhibit one of the most broadlydocumented behavioral puzzles - the disposition effect. We use trade data from the NASDAQ Copenhagen Stock Exchange merged with the weather data. We find that on average, the disposition effect for human...

Persistent link: https://www.econbiz.de/10013207355

Is It Ethical to Only Recommend HODL to Stock Investors?

Cao, Bolong - 2023

The HODL ideology overgeneralizes the buy-and-hold strategy for risky assets, leading to potential harm in investor wealth accumulation and investor-advisor relations. It originates from misunderstandings of financial theories, empirical evidence, technical analysis, and market timing. I provide...

Persistent link: https://www.econbiz.de/10014352959

Cognitive bubbles

Bosch-Rosa, Ciril; Meissner, Thomas; Bosch Domènech, Antoni - 2015

Smith et al. (1988) reported large bubbles and crashes in experimental asset markets, a result that has been replicated by a large literature. Here we test whether the occurrence of bubbles depends on the experimental subjects' cognitive sophistication. In a two-part experiment, we first run a...

Persistent link: https://www.econbiz.de/10010477154

Dynamics and Heterogeneity of Subjective Stock Market Expectations

Heiss, Florian - 2019

Between 2004 and 2016, we elicited individuals' subjective expectations of stock market returns in a Dutch internet panel at bi-annual intervals. In this paper, we develop a panel data model with a finite mixture of expectation types who differ in how they use past stock market returns to form...

Persistent link: https://www.econbiz.de/10012868453

The momentum effect exemplifies the influence of investors' irrational behaviour on prices of shares and stocks : an analysis of the momentum effect on the Warsaw Stock Exchange

Merło, Paweł; Konarzewski, Patryk - In: E-Finanse : finansowy kwartalnik internetowy 11 (2015) 1, pp. 56-64

An efficient market should not show any anomalies. When new information reaches a market which is efficient, it should automatically translate into prices of assets, which ought to eliminate the possibility of gaining an advantage over other investors, thus preventing excess profits. However,...

Persistent link: https://www.econbiz.de/10011393280

Retail Investors’ Contrarian Behavior Around News and the Momentum Effect

Luo, Cheng; Ravina, Enrichetta; Sammon, Marco; Viceira, … - 2021

Using a large panel of U.S. accounts trades and positions, we show that retail investors trade as contrarians after large earnings surprises, especially for loser stocks, and such contrarian trading contributes to post earnings announcement drift (PEAD) and momentum. Indeed, when we double-sort...

Persistent link: https://www.econbiz.de/10013312913

Heterogeneity in households' stock market beliefs : levels, dynamics, and epistemic uncertainty

Gaudecker, Hans-Martin von; Wogrolly, Axel - In: Journal of econometrics 231 (2022) 1, pp. 232-247

Persistent link: https://www.econbiz.de/10013441983

Stock return ignorance

Veld- Merkoulova, Yulia; Veld, Chris H. - In: Journal of financial economics 144 (2022) 3, pp. 864-884

Persistent link: https://www.econbiz.de/10013413188

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