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The Informational Role Of Individual Investors In Stock Pricing
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Book Synopsis The Informational Role of Individual Investors in Stock Pricing by : Hung-Ling Chen
Download or read book The Informational Role of Individual Investors in Stock Pricing written by Hung-Ling Chen and published by . This book was released on 2014 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a unique data set of complete trade records, we find that large individual investors are successful at picking stocks. Large individual investors' correlated trades not only can move synchronous stock prices but also can positively predict future returns. More importantly, large individual investors tend to trade before major earnings announcements and large price changes, suggesting that they are able to exploit value-relevant information. In contrast to large individual investors, small retail investors' correlated trades are inversely associated with synchronous and future stock returns, indicating that small retail investors are uninformed and naïve. The differential information content between large individual and small retail investors highlights the need to classify individual investors according to their investment amount when examining their role in stock pricing.
Book Synopsis The Changing Role of the Individual Investor by : M. E. Blume
Download or read book The Changing Role of the Individual Investor written by M. E. Blume and published by John Wiley & Sons. This book was released on 1978-09-26 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A Twentieth Century Fund report.""A Wiley-Interscience publication." Includes bibliographical references and index.
Book Synopsis The Law and Economics of Irrational Behavior by : Francesco Parisi
Download or read book The Law and Economics of Irrational Behavior written by Francesco Parisi and published by Stanford University Press. This book was released on 2005 with total page 634 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of essays explores the most relevant developments at the interface of economics and psychology, giving special attention to models of irrational behavior, and draws the relevant implications of such models for the design of legal rules and institutions. The application of economic models of irrational behavior to law is especially challenging because specific departures from rational behavior differ markedly from one another. Furthermore, the analytical and deductive instruments of economic theory have to be reshaped to deal with the fragmented and heterogeneous findings of psychological research, turning towards a more experimental and inductive methodology. This volume brings together pioneering scholars in this area, along with some of the most exciting developments in the field of legal and economic theory. Areas of application include criminal law and sentencing, tort law, contract law, corporate law, and financial markets.
Book Synopsis The Philadelphia Stock Exchange and the City It Made by : Domenic Vitiello
Download or read book The Philadelphia Stock Exchange and the City It Made written by Domenic Vitiello and published by University of Pennsylvania Press. This book was released on 2010-04-14 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Philadelphia Stock Exchange and the City It Made recounts the history of America's first stock exchange and the ways it shaped the growth and decline of the city around it. Founded in 1790, the Philadelphia Stock Exchange, its member firms, and the companies they financed had profound impacts on the city's place in the world economy. At its start, the exchange and its members helped spur the development of the early United States, its financial sector, and its westward expansion. During the nineteenth century, they invested in making Philadelphia the center of industrial America, raising capital for the railroads and coal mines that connected cities to one another and built a fossil fuel-based economy. After financing the Civil War, they underwrote the growth of the modern metropolis, its transportation infrastructure, utility systems, and real estate development. At the turn of the twentieth century, stagnation of the exchange contributed to Philadelphia's loss of power in the national and world economy. This original interpretation of the roots of deindustrialization holds important lessons for other cities that have declined. The exchange's revival following World War II is a remarkable story, but it also illustrates the limits of economic development in postindustrial cities. Unlike earlier eras, the exchange's fortunes diverged from those of the city around it. Ultimately, it became part of a larger, global institution when it merged with NASDAQ in 2008. Far more than a history of a single institution, The Philadelphia Stock Exchange and the City It Made traces the evolving relationship between the exchange and the city. For people concerned with cities and their development, this study offers a long-term history of the public-private partnerships and private sector-led urban development popular today. More generally, it traces the networks of firms and institutions revealed by the securities market and its participants. Herein lies a critical and understudied part of the history of metropolitan economic development.
Book Synopsis Layman's Primer on Stock Investment by : Hassan El Shamsy
Download or read book Layman's Primer on Stock Investment written by Hassan El Shamsy and published by Universal-Publishers. This book was released on 2001 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides a concise, step-by-step easy guide to new individual investors on stock investment. Basic information is discussed followed by the more complex issues of stock fundamentals and fundamental analysis using three different approaches. Technical analysis is presented applying major indicators. The reader will then be familiarised with risk factors, legal and ethical aspects of stock investment and a review of the economic and major market indices. Potential investment strategies, including stock options, are presented with risk reward analysis. Market structure is outlined and hidden facts about market psychology and how it works are revealed. Everything is then put together in five modules under a master plan. Three very useful annexes are also added. It is difficult to find a book with so much useful information and so many tables and charts of real-life cases that will bring the reader close to a true stock investment environment.
Download or read book CNBC Creating Wealth written by CNBC and published by John Wiley & Sons. This book was released on 2002-02-28 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: Demystify investing and maximize your wealth-with guidance from the world's most trusted financial news network From CNBC, the global leader of financial news, comes the most user-friendly, approachable guide to simplifying the often confusing world of finance and investing. CNBC Creating Wealth offers a complete and comprehensive introduction to world markets and shows readers how to use the information and tools currently available for maximum wealth-building. Using the hallmark CNBC approach-demystifying complex and confusing market terminology through lucid language and instructions-this accessible primer helps readers make smarter investment choices, and stay successful and secure even in volatile markets. CNBC Creating Wealth covers: The inside story of the stock market and creating a long-term investment portfolio Strategies for the most profitable investment areas, including stocks, bonds, and mutual funds Online tools, including research, brokers, and access to data about financial markets around the world
Book Synopsis The Informational Role of Asset Prices by : Zvi Bodie
Download or read book The Informational Role of Asset Prices written by Zvi Bodie and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: An important function of the financial system is to serve as a key source of information that helps coordinate decentralized decision-making in various sectors of the economy. Households and investors use interest rates, futures prices and security prices in making their consumption-saving decisions and portfolio allocation decisions. Interest rates and prices provide important signals to managers of firms in their selection of investment projects and financings. This paper illustrates the role played by financial markets in providing information about the future volatility-that is, the degree of uncertainty-of economic variables such as interest rates, exchange rates, commodity prices, and stock, bond and other security prices. It has two basic goals: (1) to show the importance of volatility for all sorts of policy decisions in the private and public sectors of the economy; and (2) to show how ex ante estimates of future volatility can be extracted from the prices of securities.
Book Synopsis The Investor's Guidebook to Equities by : Stuart R. Veale
Download or read book The Investor's Guidebook to Equities written by Stuart R. Veale and published by Penguin. This book was released on 2014-01-07 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: A concise, yet comprehensive, guidebook to understanding equity investments. This authoritative guide provides all the information that both the professional and individual investor will need to succeed in today’s equity market, including: • The role that equities play in a company's capital structure and in a portfolio • Determining and optimizing a company's weighted average cost of capital • The role of preferred stock within a company's capital structure • The various types of preferred stock • How new stocks are issued • The top ten equity strategies • Alternative ways to obtain equity exposures [box] The Investor’s Guidebook series presents investment vehicles and strategies from both the issuers’ and the investors’ perspectives. Starting with basic concepts and then building to state of the art pricing models, strategies, and tactics, these succinct handbooks will be useful for everyone from new hires through experienced professionals. Unlike most books, which are read once and sit on the shelf, professionals will refer to these books repeatedly throughout their careers. [end box] A concise, yet comprehensive, guidebook to understanding equity investments.
Book Synopsis The Motley Fool Investment Guide: Third Edition by : Tom Gardner
Download or read book The Motley Fool Investment Guide: Third Edition written by Tom Gardner and published by Simon and Schuster. This book was released on 2017-09-05 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: A completely revised and updated edition of an investing classic to help readers make sense of investing today, full of “solid information and advice for individual investors” (The Washington Post). Today, anyone can be an informed investor, and once you learn to tune out the hype and focus on meaningful factors, you can beat the Street. The Motley Fool Investment Guide, completely revised and updated with clear and witty explanations, deciphers all the current information—from evaluating individual stocks to creating a diverse investment portfolio. David and Tom Gardner have investing ideas for you, no matter how much time or money you have. This new edition of The Motley Fool Investment Guide is designed for today’s investor, sophisticate and novice alike, with the latest information on: —Finding high-growth stocks that will beat the market over the long term —Identifying volatile young companies that traditional valuation measures may miss —Using online sources to locate untapped wellsprings of vital information The Motley Fool rose to fame in the 1990s, based on its early recommendations of stocks such as Amazon.com, PayPal, eBay, and Starbucks. Now this revised edition is tailored to help investors tackle today’s market. “If you’ve been looking for a basic book on investing in the stock market, this is it...The Gardners help empower the amateur investor with tools and strategies to beat the pros” (Chicago Tribune).
Book Synopsis How to Pick Quality Shares by : Phil Oakley
Download or read book How to Pick Quality Shares written by Phil Oakley and published by Harriman House Limited. This book was released on 2017-05-22 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: How To Pick Quality Shares provides a three-step process for analysing company financial information to find good investments. The three steps boil down to finding quality companies, avoiding dangerous or risky companies, and not paying too much for companies’ shares. Applying the in-depth techniques described here will give investors a better understanding of companies, and an edge over other investors, including professional investors and analysts. Phil Oakley, an experienced investment analyst and private investor, guides the reader step-by-step through these three stages: 1. For the first step, he shows how to identify the kind of high-quality companies that are capable of being profitable investments over the long term. Important themes are how much a company earns on the money it invests, reliable measures of profit and the importance of cash flow. 2. Next, he shows how to spot the dangers and risks that could lead to a company being a bad investment. Here the focus is on how to analyse debt, in particular hidden debt and pension fund deficits. 3. Lastly, he shows how to value a company’s shares and determine what is a reasonable price to pay to invest in that company. Phil shows why some common shortcuts to valuing shares are not very useful and how to use cash profits to value shares more reliably. At each stage, Phil explains where the investor needs to look in company financial statements to get the information they need and how to analyse this information. Illustrative examples of analysis of real company financial statements are used throughout. If you have a company’s latest annual report and its current share price you have all the information you need to be a successful investor. How To Pick Quality Shares shows you how.
Book Synopsis Regulating Competition in Stock Markets by : Lawrence R. Klein
Download or read book Regulating Competition in Stock Markets written by Lawrence R. Klein and published by John Wiley & Sons. This book was released on 2012-04-25 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to curbing monopoly power in stock markets Engaging and informative, Regulating Competition in Stock Markets skillfully analyzes the impact of the recent global financial crisis on health and happiness, and uses this opportunity to put regulatory systems in perspective. Happiness is lost because of emotional and physical health deterioration resulting from the crisis. Therefore, the authors conclude that financial crisis prevention should be the focus of public policy. This book is the most comprehensive study so far on potential risks to the stock market, especially various forms of market manipulation that lead to mania and eventual crisis. Based on litigation cases from international stock markets, and borrowing multidisciplinary findings in the fields of finance, economics, accounting, media studies, criminology, legal studies, psychology, and medicine, this book is the first to provide thorough micro-level regulatory proposals rooted in financial reality. By focusing on securities trading, they apply antitrust measures to limiting monopolistic power that is used for the manipulation of investors' perception and monopolistic profit. These proposals are quantifiable, adjustable, inexpensive, and can be easily implemented by any securities regulating agency for real-time oversight and daily operations. The recommendations found here are intended to improve the fairness and transparency of the financial markets, thereby perfecting the market competition, protecting investors, stabilizing the market, and preventing crises Explores how avoiding crises can to contribute to a more scientific, health aware, and civilized economic and social development Written by a team of authors who have extensive experience in this dynamic field, including Nobel Laureate Lawrence R. Klein Since the founding of the first, organized stock exchange in Amsterdam 400 years ago, no systematic economic research results on stock markets have been implemented in stock market regulation around the world. Regulating Competition in Stock Markets aims to fill this void.
Book Synopsis Stock Market Investing Mistakes Explained by : Can Akdeniz
Download or read book Stock Market Investing Mistakes Explained written by Can Akdeniz and published by Can Akdeniz. This book was released on with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Just as with raising children or as in nurturing one’s career, “success” with personal investing allows plenty of room for subjectivity. After exploring the common opinion of prominent economic actors, established entrepreneurs and financial advisors, I have come to define a successful investor as someone who, with a moderate of time, devises an investment strategy to achieve financial and personal objectives and who gains access to competitive returns by undertaking a certain degree of financial risk. Upon a careful investigation of recent market trends, investing research and stock market perception, it becomes apparent that stock market-specific decision-making builds both on objective variables (unbiased reports, facts, financial figures, diagrams), and subjective factors, in other words, investors’ reactions to quantifiable market indicators (apprehension, haste, stubbornness, fear, greed, impatience, etc.). Especially among the ranks of inexperienced stock market investors, this overlap renders market actors prone to a number of investing mistakes, some bigger than others. In other words, quality decision-making in stock trading is not limited to staying up to date with the facts; it is more about learning how to perceive and interpret the information you get in order to come up with conscious, well-thought-out action plans. Even the most knowledgeable and intelligent stock market players can succumb to simple mistakes if they base their decisions on pure instinct instead of reasoning. And, in fact, a large majority of mistakes are the consequence of subjective thinking, or, in other words, letting feelings take control when making decisions. Because of that, before we begin enumerating and discussing the most common mistakes and traps of stock market investing, we will first discuss the behavioral aspects of investing and probe into several important aspects of cognitive psychology. Once we have learned a little about behavioral biases and how we can avoid letting our feelings take control over the logical mind, we will move on to the most common subjective factors (mostly emotions and misperceptions) that are known to trigger error-prone thinking. We will analyze in this book each of these emotions in turn and come up with a way to take control over them when making financial decisions. Lastly, we will discuss the deadly mistakes in stock market investing in relation with the subjective factors that produce them and see how we can overcome each of them. Therefore, the last chapter of this article serves as a collection of common obstacles that may keep you from being successful and fully accomplishing your financial goals, which also includes useful tips and advice for overcoming those obstacles on your road to stock market investing success. Happy reading and good luck!
Book Synopsis Mispricing of Stocks and Firm Investment in Competitive Industries. How Do They Influence Each Other? by : Jonas Junk
Download or read book Mispricing of Stocks and Firm Investment in Competitive Industries. How Do They Influence Each Other? written by Jonas Junk and published by GRIN Verlag. This book was released on 2020-05-20 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2017 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1.3, University of Münster, language: English, abstract: The existing research focuses on two channels how stock (mis-)pricing influences firm investment. On the one hand, the informational role of prices is examined. The general conclusion shared by many papers is as follows: managers learn from high prices that the aggregated opinion of investors sees promising investment opportunities. Hence, decision makers invest because they either learn from actual new information or they want to cater the investors and keep the stock prices high because of personal incentives. On the other hand, the financing role of equity is investigated. Many papers come to the same conclusion. Mispriced stocks are equal to misvalued eq-uity. Consequently, if stocks are overpriced the cost of financing through issuance of new shares declines. If the cost of financing declines, more in-vestment opportunities seem to be promising. Therefore, the firm’s investment activity increases. Additionally, third parties and potential debt lenders like banks evaluate the firm based on the stock performance amongst other aspects. If the stock price is high banks are more likely to issue credit and reduce their demands concerning the terms of debt (e.g. decrease inter-est rate). This is particularly important for financially constrained firms which are only able to invest in new projects if they are able to raise capital on their own. By following the approach of Polk and Sapienza (2009, pp. 191-194), my thesis examines if the relation of firm investment to stock mispricing is influenced by market concentration. At first, I regress firm investment on mispricing, investment opportunities and cash flow proxies on my whole sample. Afterwards I build sub samples based on market concentration and conduct the same regression on those sub samples again. Thereby, my re-search adds the dimension of market competition to the existing research. The thesis is organized as follows. In section 2 I briefly sum up the status quo in terms of research on the relation between mispricing and investment behavior. I state and explain my hypotheses in my third chapter. Following the explanations, I describe the data and methodology further in section 4. After evaluating my empirical results and documenting my robustness tests in section 5, I present my conclusions in chapter 6.
Book Synopsis The Streetsmart Guide to Overlooked Stocks by : George Fisher
Download or read book The Streetsmart Guide to Overlooked Stocks written by George Fisher and published by McGraw Hill Professional. This book was released on 2002 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: Without a doubt, millions of investors don't feel entirely comfortable researching their own stock selections. They invest in 401(k) plans, mutual funds and even individual stocks with only bare-bones investigation, turning to so-called investment gurus on financial news shows and headlines in newspapers for their information.
Book Synopsis The Prudent Investor's Guide to Beating Wall Street at Its Own Game by : John J. Bowen
Download or read book The Prudent Investor's Guide to Beating Wall Street at Its Own Game written by John J. Bowen and published by McGraw Hill Professional. This book was released on 1998-07-21 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Timely and practical. This book brings the leading edge of investment information to the prudent investor in an understandable way." - Charles Schwab, Chairman, Charles Schwab Corporation. "to write a book like this on Modern Portfolio Theory and make it understandable would be a very difficult job. John Bowen went ahead and did it. Congratulations." - Merton Miller, Nobel Laureate in Economics. Individual investors today must fend for themselves as they seize control of their own portfolios. In this authoritative and ill-researched book, investors learn how to simply and effectively use popular asset allocation strategies - in combinations with mutual funds - to greatly increase their returns. The reader is walked step-by-step through a low-risk, high-return approach using model portfolios and case histories, plus timely information on emerging markets, tax-saving moves, annuity products, and more.
Author :American Association of Individual Investors Publisher :International Publishing Company ISBN 13 :9780942641684 Total Pages :244 pages Book Rating :4.6/5 (416 download)
Book Synopsis Individual Investor's Guide to Computerized Investing by : American Association of Individual Investors
Download or read book Individual Investor's Guide to Computerized Investing written by American Association of Individual Investors and published by International Publishing Company. This book was released on 1995-12 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Savvy Investing written by Gary D. Lemon and published by Dog Ear Publishing. This book was released on 2017-01-31 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this book is to provide individual investors who have as little as $1,000 to invest with the information necessary to earn a high return from investing in the stock market. Playing “the game” intelligently, as outlined in this book, will allow the small investor to earn a return better than most professional investors. Although the theories behind investment can be very complicated, the individual investor does not need to understand these theories in order to outperform the so-called experts. This book will show the reader the steps necessary to become a savvy investor and beat the pros. The good news is you can be a savvy investor and spend only a few minutes each year on your investment portfolio. It sounds almost too good to be true, but it is. One of the most important things successful investors can do is concentrate on the variables they can control and not worry about the variables they cannot control. When constructing a stock portfolio, the two variables an individual investor can control are the costs associated with any investment and the risk related to an individual’s portfolio. Adjusting these two elements in an intelligent way can have a dramatic impact on the return earned from one’s investments, potentially adding hundreds of thousands of extra dollars to the investor’s investment account.
