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Underlying Risk Preferences and Analyst Risk-Taking Behavior
Cleary, Sean - 2020
This study investigates the effect of underlying risk preferences on analysts' work-related decisions. Specifically, we examine whether facial width-to-height ratio (fWHR), an innate personal characteristic that has been linked to financial risk tolerance, affects analysts' stock coverage...
Persistent link: https://www.econbiz.de/10012853033
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Analysts' forecasts during periods of high market uncertainty
Amiram, Dan; Landsman, Wayne R.; Owens, Edward L.; … - 2013
This study examines whether key characteristics of analysts' forecasts — timeliness, accuracy, and informativeness — change when investor demand for information is likely to be especially high, i.e., during periods of high uncertainty. Findings reveal that when uncertainty is high, analysts'...
Persistent link: https://www.econbiz.de/10010250690
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Analysts' disagreement, self-selection, and stock returns
Wu, Liang; Long, Yunshen; Li, Wenyue; Wu, Bingyan - In: Journal of business economics and management 24 (2023) 1, pp. 37-53
Two ex-ante variables are introduced to characterize the analysts' biased behavior, namely the analysts' disagreement and self-selection in analysts' earnings forecasts. The study investigates the impact of the analysts' disagreement and self-selection on the stock returns. A theoretical...
Persistent link: https://www.econbiz.de/10014330637
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Profit Index - Pertinent Risk of Financial Investment
Kauffmann, Amitay - 2012
extrema events risk. Based on the newly proposed riskiness index by Aumann and Serrano (2008), we construct the PROFIT Index … complete order for all risk avers investors. We present a closed-form solution to the PROFIT Index, as a function of the return … moments. The PROFIT Index is dynamically calibrated to the market, becoming a live indicator suitable for investors perception …
Persistent link: https://www.econbiz.de/10013096329
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Individualism, Uncertainty Avoidance and the Profitability of Momentum Strategies in International Markets
Dou, Yiwen (Paul) - 2010
strategies. Motivated by these studies, we examine the relationship between cognitive biases and the profitability of price and … level of individualism in different countries is positively associated with the profitability of price and earnings momentum … correlated with price momentum profits. Collectively, our findings suggest that the variation in the profitability of price and …
Persistent link: https://www.econbiz.de/10013145308
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Risk attitude and capital market participation : is there a gender investment gap in Germany?
Fey, Jan-Christian; Lerbs, Oliver; Schmidt, Carolin; … - 2020
Do women invest differently than men? We contribute to the answer of this question by analysing the Panel on Household Finances (PHF) of the German Bundesbank. This representative panel collects a wide variety of behavioural and financial variables in the area of household finance. We find that...
Persistent link: https://www.econbiz.de/10012387111
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Economic Policy Uncertainty and Analysts’ Forecast Characteristics
Chourou, Lamia; Purda, Lynnette D.; Saadi, Samir - 2022
We examine the influence of economic policy uncertainty (EPU) on the characteristics of analysts’ earnings forecasts over a thirty-year period, spanning a wide variety of political and economic conditions. Motivated by both theory and empirical evidence that suggest a decline in the quality of...
Persistent link: https://www.econbiz.de/10014239675
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Macroeconomic Uncertainty and Quantitative vs. Qualitative Inputs to Analyst Risk Forecasts
Bochkay, Khrystyna - 2020
Risk forecasting is crucial for informed investment decision-making. Moreover, the salience of investment risk increases during economically uncertain times. In this paper, we study how sell-side analysts form expectations of firm risk, under different macroeconomic conditions (low versus high...
Persistent link: https://www.econbiz.de/10012829616
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Alternative Risk Measures and Stock Selection
Sinclair, Euan - 2015
Uncertainty is generally avoided when investing. Volatility is a popular proxy for investment uncertainty, and indeed low volatility stocks outperform high volatility stocks. However, there are also many other possible measures of uncertainty, among which are entropy and the Hurst exponent. Here...
Persistent link: https://www.econbiz.de/10013025017
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Risk-return portfolio level trade-off for Czech banks
Jankulár, Pavel - In: Prague economic papers : a bimonthly journal of … 33 (2024) 2, pp. 187-219
-adjusted profitability are used, the risk-return trade-off seems to hold. …
Persistent link: https://www.econbiz.de/10014555768