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Author : Tobias Stuber
Publisher : Herbert Utz Verlag
ISBN 13 : 3831640114
Total Pages : 264 pages
Book Rating : 4.8/5 (316 download)
Download or read book Essays on Investor Behavior and Financial Innovation written by Tobias Stuber and published by Herbert Utz Verlag. This book was released on 2011 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Juhani Linnainmaa
Publisher :
ISBN 13 :
Total Pages : 350 pages
Book Rating : 4.:/5 ( download)
Download or read book Essays on Learning and Investor Behavior written by Juhani Linnainmaa and published by . This book was released on 2006 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael Ungeheuer
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (1 download)
Download or read book Essays on Investor Behavior and Financial Markets written by Michael Ungeheuer and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : H. Kent Baker
Publisher : John Wiley & Sons
ISBN 13 : 1118492986
Total Pages : 645 pages
Book Rating : 4.1/5 (184 download)
Download or read book Investor Behavior written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2014-02-10 with total page 645 pages. Available in PDF, EPUB and Kindle. Book excerpt: WINNER, Business: Personal Finance/Investing, 2015 USA Best Book Awards FINALIST, Business: Reference, 2015 USA Best Book Awards Investor Behavior provides readers with a comprehensive understanding and the latest research in the area of behavioral finance and investor decision making. Blending contributions from noted academics and experienced practitioners, this 30-chapter book will provide investment professionals with insights on how to understand and manage client behavior; a framework for interpreting financial market activity; and an in-depth understanding of this important new field of investment research. The book should also be of interest to academics, investors, and students. The book will cover the major principles of investor psychology, including heuristics, bounded rationality, regret theory, mental accounting, framing, prospect theory, and loss aversion. Specific sections of the book will delve into the role of personality traits, financial therapy, retirement planning, financial coaching, and emotions in investment decisions. Other topics covered include risk perception and tolerance, asset allocation decisions under inertia and inattention bias; evidenced based financial planning, motivation and satisfaction, behavioral investment management, and neurofinance. Contributions will delve into the behavioral underpinnings of various trading and investment topics including trader psychology, stock momentum, earnings surprises, and anomalies. The final chapters of the book examine new research on socially responsible investing, mutual funds, and real estate investing from a behavioral perspective. Empirical evidence and current literature about each type of investment issue are featured. Cited research studies are presented in a straightforward manner focusing on the comprehension of study findings, rather than on the details of mathematical frameworks.
Author : Jennifer Chu
Publisher :
ISBN 13 :
Total Pages : 156 pages
Book Rating : 4.:/5 (182 download)
Download or read book Essays on Financial Markets and Investor Behavior written by Jennifer Chu and published by . This book was released on 2005 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bongseok Choi
Publisher :
ISBN 13 :
Total Pages : 103 pages
Book Rating : 4.:/5 (818 download)
Download or read book Essays on Industry Investment and Financial Markets written by Bongseok Choi and published by . This book was released on 2011 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation investigates asymmetries of financing patterns, depending on group characteristics - firm size or riskiness, which have shown in the empirical literature. The dissertation consists of two essays. This first essay, Financial innovation, Firm size and Growth, proposes a model of Schumpeterian growth endogeneizing the disproportionate impact of financial innovation on small firm sectors. Entrepreneurial skill on a continuum of types is private information. Hence, the severity of adverse selection problems between investors and entrepreneurs varies based on firm size. In the absence of financial innovation, the arrival of a new technology frontier renders existing screening technology obsolete, thereby making it more challenging for an investor to design a truth-telling mechanism, particularly with small firm (and size-dispersed) sectors. Thus, successful financial innovation is more pronounced in such sectors. The link between financial innovation and the small firm (and size-dispersed) sectors is weak in financially developing countries. I test my model prediction by using cross-country and cross-sector data at the European industry level. This result is consistent with my prediction. The second essay, Firm risks, Capital allocation frictions and the Business cycles, attempts to address new findings in business cycles: the cross-sectional standard deviation of firm level investment rate (investment dispersion) is at most acyclical or procyclical. This differs from the dispersion of productivity, output, and interest rates, which is countercyclical. I develop a dynamic stochastic general equilibrium model of physical capital matching frictions between heterogeneous firms and investors. In the mode, economic fluctuations are caused mainly by shocks to heterogeneity in firms' risks. One main feature is that investors search firms with priority given to loans to safe firms. Because safe firms are most likely to benefit from capital accumulation, this setting drives asymmetric patterns of firm-level business cycles - output, investment rate, and interest rates in a unified framework. In essence, the uncertainty in heterogeneous risks across firms generates the pro- or a-cyclical behavior of investment dispersions which is the data demonstrates.
Author : Konstantinos Gavriilidis
Publisher :
ISBN 13 :
Total Pages : 278 pages
Book Rating : 4.:/5 (913 download)
Download or read book Essays on Collective Investor's Behavior written by Konstantinos Gavriilidis and published by . This book was released on 2013 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Viktoriya Lantushenko
Publisher :
ISBN 13 :
Total Pages : 226 pages
Book Rating : 4.:/5 (957 download)
Download or read book Essays in Institutional Investor Behavior written by Viktoriya Lantushenko and published by . This book was released on 2016 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of one chapter studying mutual fund active management and two chapters examining institutional trading in various settings. The three essays in my dissertation explore institutional investor behavior. My first paper titled "Innovation in mutual fund portfolios: Implications for fund alpha" introduces a new measure of portfolio holdings that has power to explain future fund abnormal returns. This measure is defined as "return on portfolio innovation." It is constructed as the return on completely new portfolio positions that a fund has not held before. I evaluate the return on newly added positions because their performance can signal the quality of managerial effort. On average, a one-standard deviation increase in the return on innovation increases the Carhart (1997) four-factor fund alpha by approximately 0.34 to 0.52 percent per year. The results have important implications for fund performance and manager behavior. The second essay titled "Institutional property-type herding in real estate investment trusts," with Edward Nelling, explores whether institutional investors exhibit herding behavior by property type in real estate investment trusts (REITs). Our analysis of changes in institutional portfolio holdings suggests strong evidence of this behavior. We analyze the autocorrelation in aggregate institutional demand, and find that most of it is driven by institutional investor following the trades of others. Although momentum trading explains a small amount of this herding, institutional property type demand is more strongly associated with lagged institutional demand than lagged returns. The results suggest that correlated information signals drive herding in REITs. In addition, we examine the extent to which herding in REIT property types affects price performance in the private real estate market. We find that information transmission resulting from institutional herding in REITs occurs faster in public real estate markets than in private markets. The final essay titled "Investing in innovation: Evidence from institutional trading around patent publications," with Edward Nelling, examines institutional trading activity around patent publication dates. Unlike previous studies that use the future citations count to proxy for patent value, we measure the value of innovation by the three-day cumulative abnormal returns (CARs) around announcements. We find an increase in institutional demand for a firm's shares around patent announcements, and this increase is correlated with announcement returns. In addition, the increase in demand is greater when the firm's shareholder base consists of a higher percentage of long-term institutions. We find no correlation between patent announcement returns and the future number of citations. Patent announcements are also associated with increases in liquidity and analyst coverage, indicating that innovation may reduce information uncertainty between a firm and its investors. In addition, firms that announce patents outperform those in a control sample over a long-run. Overall, our results suggest that both investors and firms benefit from innovation.
Author : Keith Jacks Gamble
Publisher :
ISBN 13 :
Total Pages : 252 pages
Book Rating : 4.:/5 (34 download)
Download or read book Essays on Investor Behavior written by Keith Jacks Gamble and published by . This book was released on 2008 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : H. Kent Baker
Publisher : John Wiley & Sons
ISBN 13 : 1118727029
Total Pages : 645 pages
Book Rating : 4.1/5 (187 download)
Download or read book Investor Behavior written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2014-02-06 with total page 645 pages. Available in PDF, EPUB and Kindle. Book excerpt: WINNER, Business: Personal Finance/Investing, 2015 USA Best Book Awards FINALIST, Business: Reference, 2015 USA Best Book Awards Investor Behavior provides readers with a comprehensive understanding and the latest research in the area of behavioral finance and investor decision making. Blending contributions from noted academics and experienced practitioners, this 30-chapter book will provide investment professionals with insights on how to understand and manage client behavior; a framework for interpreting financial market activity; and an in-depth understanding of this important new field of investment research. The book should also be of interest to academics, investors, and students. The book will cover the major principles of investor psychology, including heuristics, bounded rationality, regret theory, mental accounting, framing, prospect theory, and loss aversion. Specific sections of the book will delve into the role of personality traits, financial therapy, retirement planning, financial coaching, and emotions in investment decisions. Other topics covered include risk perception and tolerance, asset allocation decisions under inertia and inattention bias; evidenced based financial planning, motivation and satisfaction, behavioral investment management, and neurofinance. Contributions will delve into the behavioral underpinnings of various trading and investment topics including trader psychology, stock momentum, earnings surprises, and anomalies. The final chapters of the book examine new research on socially responsible investing, mutual funds, and real estate investing from a behavioral perspective. Empirical evidence and current literature about each type of investment issue are featured. Cited research studies are presented in a straightforward manner focusing on the comprehension of study findings, rather than on the details of mathematical frameworks.
Author : Terrance Thomas Odean
Publisher :
ISBN 13 :
Total Pages : 288 pages
Book Rating : 4.:/5 (34 download)
Download or read book Essays on Investor Behavior written by Terrance Thomas Odean and published by . This book was released on 1997 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fotini Economou
Publisher : Academic Press
ISBN 13 : 0128112530
Total Pages : 516 pages
Book Rating : 4.1/5 (281 download)
Download or read book Handbook of Investors' Behavior during Financial Crises written by Fotini Economou and published by Academic Press. This book was released on 2017-06-24 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Investors' Behavior during Financial Crises provides fundamental information about investor behavior during turbulent periods, such the 2000 dot com crash and the 2008 global financial crisis. Contributors share the same behavioral finance tools and techniques while analyzing behaviors across a variety of market structures and asset classes. The volume provides novel insights about the influence and effects of regional differences in market design. Its distinctive approach to studies of financial crises is of key importance in our contemporary financial landscape, even more so since the accelerated process of globalization has rendered the outbreak of financial crises internationally more commonplace compared to previous decades. Encompasses empirical, quantitative and regulation-motivated studies Includes information about retail and institutional investor behavior Analyzes optimal financial structures for the development and growth of specific regional economies
Author : Hui Zheng
Publisher :
ISBN 13 :
Total Pages : 186 pages
Book Rating : 4.:/5 (81 download)
Download or read book Essays in Behavioral Corporate Finance written by Hui Zheng and published by . This book was released on 2012 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation explores the extent to which managerial overconfidence affects corporate decisions. This analysis includes three essays, which address a wide range of corporate decisions including financing, investment, acquisition, innovation, liquidity management and advertising decisions. The first essay introduces a fine-tuned test of the relationship between managerial overconfidence and corporate decisions by taking the chief financial officer (CFO) overconfidence effect into account. Ex-ante, I identify financial policies and non-financial policies such as investment, innovation and acquisition as the primary managerial duties of CFOs and chief executive officers (CEOs) respectively. I construct overconfidence measures for both CEOs and CFOs and test the impact of CEO and CFO overconfidence, both on financial decisions and on nonfinancial decisions. Based on a sample of 1,173 S & P 1500 firms, I find that financial policies are primarily affected by CFO overconfidence while only CEO overconfidence affects nonfinancial decisions. My findings demonstrate that managerial biases affect corporate decisions and managerial duties shape the ways in which top managers influence corporate policies. The second essay investigates how overconfident CEOs allocate resources toward innovation activities. It argues that overconfident CEOs tend to have greater innovation input. To finance innovation, they save more cash out of the cash flow and spend more on innovation when the cash flow is high. Results from an empirical analysis of 1,015 S & P 1500 firms support this argument. Moreover, based on a series of financial constraint measurements, the effect of CEO overconfidence on liquidity management is found to be more pronounced in financially constrained firms and in highly innovative firms, but not in firms without financial constraints. With regards to innovation performance, overconfident CEOs tend to have more patents, but the overall quality of their patents is not significantly better than that of rational CEOs. The third essay introduces a simple model of firm advertising behavior in monopolistic competition industries and applies it to the situation of managerial overconfidence. The model shows that the optimal advertising to sales ratio is determined by both firm advertising competency and consumer preference. Overconfident CEOs are more willing to use advertising as a means to convey the quality of their firms and products. Such overestimation of the effects of advertising by overconfident CEOs will result in overspending on advertising. When financially constrained, an overconfident CEO's tendency to overspend will be curbed to some extent, but his amount of advertising will increase with cash flows. An empirical analysis of 654 S & P 1500 firms supports these predictions. The distorted effect of managerial overconfidence is more prominent when firms are financially constrained and when the overconfidence measure is continuous.
Author : Simon Straumann
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (114 download)
Download or read book Essays in Empirical Finance written by Simon Straumann and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three independent papers. The first paper investigates the role of incomplete investor information in financial innovations. We analyze the information that structured product issuers provide to the investors and find that issuers have an information advantage over investors regarding two important valuation parameters: volatility and dividends. This advantage allows issuers to push overpriced securities to investors and induces them to design products with large information frictions. The insights are of systemic importance because they suggest that product issuers' behavior increases information frictions in the financial system. The second paper examines the role of obfuscation in the market for structured products. By exploiting the staggered adoption of a price disclosure policy, I show that issuers subject to price disclosure significantly increase the complexity of their products. Further, I provide evidence that complexity significantly reduces the price elasticity of demand, thus raising the concern that complexity induces social welfare costs. The third paper proposes an explanation for the empirically documented relation between the value factor and the investment factor of the Fama-French five-factor model: Investors observing that a firm decreases its investment perceive the firm as riskier, and therefore adjust their valuations of the firm downwards. Consequently, the firm's book-to-market ratio increases. In support of this conjecture, we find considerable overlap between the factor-mimicking portfolios of the value and the investment factor. We show that this overlap is driven by stocks that experience an increase in their book-to-market ratios due to a decrease in their market values. Moreover, our results show that these value stocks behave like low investment stocks and thus earn a premium. Together with actual low investment stocks, these stocks are primarily responsible for.
Author : Michael J. Mauboussin
Publisher : Columbia University Press
ISBN 13 : 0231143737
Total Pages : 354 pages
Book Rating : 4.2/5 (311 download)
Download or read book More Than You Know written by Michael J. Mauboussin and published by Columbia University Press. This book was released on 2013-06-11 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since its first publication, Michael J. Mauboussin's popular guide to wise investing has been translated into eight languages and has been named best business book by BusinessWeek and best economics book by Strategy+Business. Now updated to reflect current research and expanded to include new chapters on investment philosophy, psychology, and strategy and science as they pertain to money management, this volume is more than ever the best chance to know more than the average investor. Offering invaluable tools to better understand the concepts of choice and risk, More Than You Know is a unique blend of practical advice and sound theory, sampling from a wide variety of sources and disciplines. Mauboussin builds on the ideas of visionaries, including Warren Buffett and E. O. Wilson, but also finds wisdom in a broad and deep range of fields, such as casino gambling, horse racing, psychology, and evolutionary biology. He analyzes the strategies of poker experts David Sklansky and Puggy Pearson and pinpoints parallels between mate selection in guppies and stock market booms. For this edition, Mauboussin includes fresh thoughts on human cognition, management assessment, game theory, the role of intuition, and the mechanisms driving the market's mood swings, and explains what these topics tell us about smart investing. More Than You Know is written with the professional investor in mind but extends far beyond the world of economics and finance. Mauboussin groups his essays into four parts-Investment Philosophy, Psychology of Investing, Innovation and Competitive Strategy, and Science and Complexity Theory-and he includes substantial references for further reading. A true eye-opener, More Than You Know shows how a multidisciplinary approach that pays close attention to process and the psychology of decision making offers the best chance for long-term financial results.
Author : Volker Schmid
Publisher : GRIN Verlag
ISBN 13 : 3638303306
Total Pages : 16 pages
Book Rating : 4.6/5 (383 download)
Download or read book Financial Innovation - with a particular view on the role of banks written by Volker Schmid and published by GRIN Verlag. This book was released on 2004-08-29 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Scientific Essay from the year 2004 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,7 (A-), University of Teesside (Teesside Business School), course: Money and Finance - Economics, language: English, abstract: Financial markets have always undergone changes . However since the 70s the speed of change has accelerated enormously . New types of financial instruments, financial markets and techniques have been developed. The most significant innovations have been the financial derivatives, e.g. futures, options and swaps and the development of securitisation which have mainly been created to manage risk and provide liquidity. The market for these instruments has become huge – by some estimates in excess of $100 trillion . History shows that financial innovation has been a critical and persistent part of the economic landscape. But why has it been like that? First of all for a better understanding it is necessary to define the term ‘financial innovation’. Financial innovation is described by Van Horne as “the life blood of efficient and responsive capital markets” . He emphasis that it is part of the bedrock of our financial system. Merton views financial innovation as “the engine driving the financial system towards its goal of improving the performance of what economists call the real economy”. Other authors define financial innovation as “the design of new financial instruments and techniques of financial intermediation, structural change in the financial system, with the appearance of new financial markets and changes in organisation and behaviour of institutions” as well as “the design of new financial instruments or the packaging together of existing financial instruments” . There is a general recognition of the particular importance of financial innovations for the wealth of a society. This paper outlines the nature and main features of innovation in financial markets and suggests what factors may stimulate the apparent increase in the rate of innovation since the 1970s with a particular view on the role of banks. The final part discusses the question if financial innovations have been beneficial for borrowers and lenders?
Author : Tyrone William Callahan
Publisher :
ISBN 13 :
Total Pages : 268 pages
Book Rating : 4.:/5 ( download)
Download or read book Essays on the Role of Investor Beliefs in Financial Markets written by Tyrone William Callahan and published by . This book was released on 1999 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
