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Loss aversion, overconfidence of investors and their impact on market performance evidence from the US stock markets
Bouteska, Ahmed; Regaieg, Boutheina - In: Journal of economics, finance & administrative science 25 (2020) 50, pp. 451-478
overconfidence on the performance of US companies. First, the impact of loss aversion on the economic performance of companies was … assessed. Second, the impact of overconfidence on market performance was discussed. Design/methodology/approach - This study … this is achieved for both sectors. In contrast, the findings suggest that overconfidence positively affects market …
Persistent link: https://www.econbiz.de/10012434081
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Psychological barriers, expectational errors, and underreaction to news
Birru, Justin - 2014
This paper provides evidence that the 52-week high serves as a psychological barrier, inducing expectational errors and underreaction to news. Two clear predictions emerge and are confirmed in the data. First, nearness to a 52-week high induces expectational errors; evidence from earnings...
Persistent link: https://www.econbiz.de/10010353292
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Value Bubbles
Chibane, Messaoud - 2019
According to several extended behavioral theories, value profits should mirror momentum profits, and vary over time. We test these theories in the cross section of returns. Value returns depend on market states. From 1926 to 2018, following negative market return, the average so-called value...
Persistent link: https://www.econbiz.de/10012867491
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Game in Another Town : Geography of Stock Watchlists and Firm Valuation
Dong, Dayong; Jiang, Danling; Wu, Keke; Zhu, Hongquan - 2021
Investors have preferences for local companies, as well as companies in connected cities. We develop a novel approach to exploit the geographic connections of investor watched stocks to identify latent city-to-city connections that influence geographic investment preferences in China. We find...
Persistent link: https://www.econbiz.de/10013252155
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Consumption-Based Equity Valuation
Bach, Christian - 2016
Using a CCAPM-based risk-adjustment model, we perform yearly valuations of a large sample of stocks listed on NYSE, AMEX and NASDAQ over a thirty-year period. The model differs from standard valuation models in the sense that it adjusts forecasted residual income for risk in the numerator rather...
Persistent link: https://www.econbiz.de/10013003022
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Attention and biases : evidence from tax-inattentive investors
Birru, Justin; Chague, Fernando; De-Losso, Rodrigo; … - 2019
We first provide evidence of some retail investors taking real trading (selling) decisions which are clearly sub-optimal even from an ex-ante perspective. We then show that these investors also exhibit stronger investment biases, namely, the disposition effect, underdiversification, preference...
Persistent link: https://www.econbiz.de/10012120317
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Half-life estimates of COVID19, investor sentiment, and the stock market
Xiao, Lin; Aumeboonsuke, Vesarach - In: Thailand and the world economy 41 (2023) 3, pp. 134-158
The half-life is used to estimate the adjustment speed of a variable to a new equilibrium point after being affected by the impulse response of a unit of shocks. The paper examines the adjustment speed of COVID19, investor sentiment, and the stock market through half-life estimates over the...
Persistent link: https://www.econbiz.de/10014439454
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Investor overconfidence, firm valuation, and corporate decisions
Adebambo, Biljana N.; Yan, Xuemin Sterling - In: Management science : journal of the Institute for … 64 (2018) 11, pp. 5349-5369
Persistent link: https://www.econbiz.de/10011947167
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Linkage of size effect and behavioral risk in Indian equity market
George, Saji; Suresh, P. Srinivasa - In: Romanian journal of economic forecasting 22 (2019) 3, pp. 96-116
Persistent link: https://www.econbiz.de/10012420519
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"Rational" or "Intuitive" : are behavioral biases correlated across stock market investors?
Kudryavtsev, Andrey; Cohen, Gil; Hon-Snir, Shlomit - In: Contemporary economics 7 (2013) 2, pp. 31-53
Human judgments are systematically affected by various biases and distortions. The main goal of our study is to analyze the effects of five well-documented behavioral biases—namely, the disposition effect, herd behavior, availability heuristic, gambler’s fallacy and hot hand fallacy—on the...
Persistent link: https://www.econbiz.de/10009770254