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Does Expertise Influence the Impact of Overconfidence on Judgment, Valuation and Investment Decision?
Lambert, Jerome - 2012
Empirical research documents that overconfidence has a strong impact on investment decision. In this experimental study …), control in the role of risk aversion, and implement different measures of overconfidence (miscalibration in two formats – the … in the degree of overconfidence. However, overconfidence seems to determine decision-making in a different way across the …
Persistent link: https://www.econbiz.de/10013101495
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If George Costanza Were a Hedge Fund Manager
White, James - 2019
Continuously rebalanced long-short trades are similar to highly levered trades in that their PNL profile depends not only on the final distribution of return, but also on the realized co-variance structure of the asset pair. It's easily possible for both orientations of a rebalanced long-short...
Persistent link: https://www.econbiz.de/10012894939
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Who is the Biggest Investor in the Stock Market, and Why Should You Care?
White, James; Haghani, Victor - 2021
The US Treasury effectively ”owns” about 24% of the stocks held by high income US taxable investors. Through the capital gains tax, Uncle Sam has an effective exposure of more than $1 trillion of equities. And this huge-but-silent investor might be about to get a lot bigger if capital gains...
Persistent link: https://www.econbiz.de/10013235049
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Security returns and tax aversion bias: Behavioral responses to tax labels
Blaufus, Kay; Möhlmann, Axel - 2012
This paper studies behavioral responses to taxes in financial markets. It is motivated by recent puzzling empirical evidence of taxable municipal bond yields significantly exceeding the level expected relative to tax exempt bonds. A behavioral explanation is a tax aversion bias, the phenomenon...
Persistent link: https://www.econbiz.de/10010309353
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Security returns and tax aversion bias: Behavioral responses to tax labels
Blaufus, Kay; Möhlmann, Axel - arqus - Arbeitskreis Quantitative Steuerlehre - 2012
This paper studies behavioral responses to taxes in financial markets. It is motivated by recent puzzling empirical evidence of taxable municipal bond yields significantly exceeding the level expected relative to tax exempt bonds. A behavioral explanation is a tax aversion bias, the phenomenon...
Persistent link: https://www.econbiz.de/10010983366
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Is underconfidence favored over overconfidence? : an experiment on the perception of a biased self-assessment
Thoma, Carmen - 2013
observe that underconfidence beats overconfidence in both respects. Underconfident subjects are rewarded significantly more …
Persistent link: https://www.econbiz.de/10010350220
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Determinants of the possibilities by investors' risk-taking : empirical evidence from Vietnam
Linh Duy Bui; Trung Chi Le; Anh Huynh Ngoc Quang; Wong, … - In: Cogent economics & finance 9 (2021) 1, pp. 1-23
affecting risk-taking behavior among investors. Overconfidence (better than average, miscalibration, and excessive optimism) is …
Persistent link: https://www.econbiz.de/10013183902
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A short-but-efficient test for overconfidence and prospect theory. Experimental validation
Peon, David; Calvo, Anxo; Antelo, Manel - Volkswirtschaftliche Fakultät, … - 2014
Two relevant areas in the behaviorist literature are prospect theory and overconfidence. Many tests are available to …, overplacement and overprecision as measures of overconfidence. Those tests are suitable to deal with single manifestations but often … and overconfidence. We conduct an experimental research with 126 students to validate the tests, revealing they are …
Persistent link: https://www.econbiz.de/10011111828
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Investor psychology in the stock market : an empirical study of the impact of overconfidence on firm valuation
Aljifri, Ruqayya - In: Borsa Istanbul Review 23 (2023) 1, pp. 93-112
leading to overvaluation. We investigate how overconfidence affects firm valuation in Saudi Arabia's emerging stock market. We … overconfidence positively and significantly affects firm valuation. Results remain robust when using various overconfidence proxies …
Persistent link: https://www.econbiz.de/10014307477
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‘White Men Can’t Jump,’ But Would You Bet on It?
Igan, Deniz - 2011
We identify an otherwise efficient market in which racial stereotypes affect market outcomes. In this market, there are well-defined prices, well-defined outcomes, a finite time horizon, and readily available information. The market appears to efficiently process the available information, with...
Persistent link: https://www.econbiz.de/10013128735