This paper investigates the effect of house money on the risk-taking behavior of individual investors. When gains are more substantial, individuals tend to take greater risk. The house money effect seems to decline over time, because the propensity for risk taking following gains is diminished...

We set out in this study to analyze the expiration effects of index futures on the cash market in Taiwan, and find that both volatility and trading volume are higher on the final settlement days as compared to normal trading days. We also calculate the volume of open interest for final...

Individual investors that are also natural persons play an important role in the stock market as providers of liquidity, and it is their investment performance that directly influences their rate of survival in the market. As to whether the outcome of their operating performance is due to their...

Real exchange rate changes affect bonds differently from stocks. Bonds, having relatively fixed income streams, reflect only an interest rate effect, while stocks reflect a conjunction of interest rate and cash flow effects. If exchange rate changes contain information about future interest...