Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download Three Essays On The Behavioral Aspects In Financial Markets full books in PDF, epub, and Kindle. Read online Three Essays On The Behavioral Aspects In Financial Markets ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author : Hsiang Yin
Publisher :
ISBN 13 :
Total Pages : 262 pages
Book Rating : 4.:/5 (613 download)
Download or read book Three Essays on the Behavioral Aspects in Financial Markets written by Hsiang Yin and published by . This book was released on 2003 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Emanuela Trifan
Publisher : Sudwestdeutscher Verlag Fur Hochschulschriften AG
ISBN 13 : 9783838107899
Total Pages : 400 pages
Book Rating : 4.1/5 (78 download)
Download or read book Behavioral Aspects of Financial Decision Making written by Emanuela Trifan and published by Sudwestdeutscher Verlag Fur Hochschulschriften AG. This book was released on 2009 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: The present work seeks for a deeper motivation of those financial market behaviors that remained unexplained by traditional economic theories. It is the result of some years of research in the areas of Behavioral Finance and Market Microstructure. The work undertakes the challenging task of quantifying "less-rational" aspects of financial decision-making, such as simplified trading rules, emotional reactions, and subjective perceptions and beliefs. To this purpose, not only are traditional models extended in order to account for behavioral elements, but also new models and measures are developed and tested by means of numerical simulations. Surprisingly, it appears that rational trading is not the only way to make money, and the presence of less-than-perfectly rational traders can be compatible with stable and efficient markets. Not only trading decisions but also investment decisions are highly sensitive to subjective attitudes. The work helps to identify several trading and investment strategies that ensure the success and survival of their users and maximize their risky holdings, respectively.
Author : Timo Gores
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (916 download)
Download or read book Three Essays on Behavioral Aspects in Accounting and Economics written by Timo Gores and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael Young
Publisher :
ISBN 13 :
Total Pages : 328 pages
Book Rating : 4.:/5 (131 download)
Download or read book Three Essays in Behavioral Finance written by Michael Young and published by . This book was released on 2018 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last two decades, there has been a significant increase in research related to behavioral finance. As Barberis and Thaler (2002) point out, there are two main aspect of behavioral finance: limits to arbitrage and the effects of psychology. My dissertation will focus on the second aspect, the effects of psychology on individual investor behavior. The first essay examines an important question in this behavioral finance literature: changes in aggregate risk aversion. I use changes in the level of terrorism in the United States as a shock to the aggregate mood of American investors, and examine changes in flows to mutual funds as a proxy for investor risk preferences. After examining investors vulnerable to changes in mood after attacks, and ruling out any possible effect due to changes in expect risk, and changes to expected returns, the first essay concludes that mood driven risk aversion is the likely cause of the change in behavior. In the second essay, we use the insights gained from Essay 1 regarding the change in behavior of U.S. investors following an increase in terrorist attacks. Using household level of equity market participation and individual trading data the second essay examines the array of decisions investors make. The second essay finds that households participate less in equity markets, trade less, but purchase more local stocks in response to terrorist attacks. Additionally, this change in behavior is especially apparent in households where the designated head is a male. Finally, in the third essay we turn away from terrorism, and examine the effects that local NFL team performance on equity market participation. Examining the most popular spectator sport in the U.S. the third essay shows that poor performance by local NFL teams correlates with fewer households in that state owning equity. While previous studies argue that sentiment is the driver of sports related behavior, the third essay find that gambling losses may also play a role in the drop in equity market participation following seasons with a low number of wins. Taken together, the dissertation demonstrates the importance of examining external shocks and the effect they have on the behavior of investors. From terrorism to something as seemingly benign as the NFL, the dissertation adds to the behavior finance literature by identifying new shocks that effect the investing behavior of individuals.
Author : Gabriele M. Lepori
Publisher :
ISBN 13 :
Total Pages : 342 pages
Book Rating : 4.3/5 (129 download)
Download or read book Three Essays on Behavioral Finance written by Gabriele M. Lepori and published by . This book was released on 2008 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Byoung-Hyoun Hwang
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Three essays in behavioral finance written by Byoung-Hyoun Hwang and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yunjin Sun
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Three essays in behavioral finance written by Yunjin Sun and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Marius-Florentin Krämer
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (989 download)
Download or read book Morals, Markets, and Malleability written by Marius-Florentin Krämer and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael J. Sinkey
Publisher :
ISBN 13 :
Total Pages : 142 pages
Book Rating : 4.:/5 (746 download)
Download or read book Three Essays in Behavioral Finance written by Michael J. Sinkey and published by . This book was released on 2011 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: My dissertation consists of three chapters that examine the role of behavioral biases in both expert updating and asset pricing. It provides empirical evidence for confirmatory bias and Bayesian reassessment in expert updating, and utilizes a unique, regression-discontinuity approach for identifying confirmatory bias, using insights from a new model of confirmatory bias. Additionally, I propose a rational explanation for the home underdog bias, which has been found in many sports betting markets. I use evidence from a set of binary choice models to propose that betting houses intentionally leave betting on home underdogs open for profitable betting in order to eliminate the behavioral strategy of betting on hot teams.
Author : Xing Huang
Publisher :
ISBN 13 :
Total Pages : 236 pages
Book Rating : 4.:/5 (858 download)
Download or read book Essays in Behavioral Finance written by Xing Huang and published by . This book was released on 2013 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains three essays in behavioral finance. It explores investors' (non-standard) behaviors and their impacts on market efficiency and market valuations. I strive to empirically characterize how market participants behave, and to identify how these behaviors can improve our understanding of the financial market. The first chapter studies the impact of prior investment experience in an industry on the subsequent purchase of new stocks in the same industry. Using trading records data for households at a large discount broker from 1991 to 1996, I establish that the experience of positive excess returns in a given industry increases the probability of purchasing similar stocks in that industry relative to other industries. This result is robust to industry momentum, wealth effects, and investor heterogeneity. The effect decays when the experience is further in the past. Furthermore, I find that investor sophistication mitigates this experience effect. These results are consistent with mechanisms where investors put more weight on their own experience than on other available historical information when updating the beliefs about an industry's future return. The results are also consistent with investors learning about their stock-picking ability in an industry from their experienced outcomes. In the second chapter, I ask the question: do investors slow to incorporate return-relevant information if it reflects firms' operations abroad? Using the corresponding industry return in the foreign countries, I show that foreign operations information is slowly incorporated into stock prices. A trading strategy exploiting the foreign operations information of multinational firms generates a monthly abnormal return of approximately $0.80$ percentage points, controlling for risk-based factors. The return predictability is not driven by U.S. industry momentum, global industry momentum or foreign country-specific industry momentum. The third chapter further explores the underlying mechanism to explain the market under-reaction to foreign information identified in the second chapter. The return predictability becomes more pronounced for smaller firms and firms with less analyst coverage, lower institutional holdings, lower fraction of foreign operations and more complicated international operations structure. I also find that stock prices respond more to foreign operations information during the month of a quarterly earnings announcement or when there is more foreign news relative to domestic news appearing in the media. In addition, information about firms' operations in Asia is delayed more than information about operations in Europe and English-speaking countries. These results are consistent with the hypothesis that news about multinational firms' foreign operations diffuses gradually, indicating investors' limited attention and processing capacity for foreign information.
Author : Oluwadamilola Kabiawu
Publisher :
ISBN 13 :
Total Pages : 326 pages
Book Rating : 4.:/5 (115 download)
Download or read book Three Essays in Behavioral Finance written by Oluwadamilola Kabiawu and published by . This book was released on 2014 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Amine Jalal
Publisher :
ISBN 13 :
Total Pages : 118 pages
Book Rating : 4.:/5 (254 download)
Download or read book Three Essays on the Psychology of Investment and Financial Markets written by Amine Jalal and published by . This book was released on 2007 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Iván Blanco
Publisher : Ed. Universidad de Cantabria
ISBN 13 : 8481028770
Total Pages : 90 pages
Book Rating : 4.4/5 (81 download)
Download or read book Three Essays in Financial Markets. The Bright Side of Financial Derivatives: Options Trading and Firm Innovation written by Iván Blanco and published by Ed. Universidad de Cantabria. This book was released on 2019-02-15 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.
Author : Nitzan Melamed
Publisher :
ISBN 13 :
Total Pages : 256 pages
Book Rating : 4.:/5 (516 download)
Download or read book Three Essays in Behavioral Finance, Asset Pricing and Macroeconomics written by Nitzan Melamed and published by . This book was released on 2001 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Adam Daniel Clark-Joseph
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (864 download)
Download or read book Three Essays on Trading Behavior written by Adam Daniel Clark-Joseph and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation analyzes trading behavior in financial markets from multiple perspectives. In chapter 1, "Exploratory Trading," I investigate the mechanisms underlying high-frequency traders' capacity to profitably anticipate price movements. I develop a model of how a trader could gather valuable private information by using her own orders in an exploratory manner to learn about market conditions. The model's predictions are borne out empirically, and I find that this "exploratory trading" model helps to resolve several central open questions about high-frequency trading. Chapters 2 and 3 focus on the trading behavior of individuals. Chapter 2, "Foundations of the Disposition Effect: Experimental Evidence," (co-authored with Johanna Mollerstrom), presents and analyzes results from a laboratory experiment intended to examine if and how "regret aversion"--aversion to admitting mistakes--affects people's trading decisions. Although the experimental results resolve little about regret aversion specifically, they reveal some novel and unexpected effects, most importantly that subjects radically changed their trading decisions when they were compelled to devote a minimal amount of extra attention. In chapter 3, "Price Targets," I analyze how rational investors who privately observe information of indeterminate quality use prices to learn about whether or not their private information is valuable. I derive implications about trading behavior that not only help to explain a variety of empirical puzzles, but also generate several new testable predictions. Although these three essays differ considerably in methodology and focus, they all address the same basic issue of understanding the foundations of trading behavior.
Author : Yaqin Wang
Publisher :
ISBN 13 :
Total Pages : 180 pages
Book Rating : 4.:/5 (58 download)
Download or read book Three Essays on Behavioral Approach to Futures Markets written by Yaqin Wang and published by . This book was released on 2002 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jie Lu
Publisher :
ISBN 13 :
Total Pages : 141 pages
Book Rating : 4.:/5 (559 download)
Download or read book Essays on Behavioral Finance and Market Microstructure written by Jie Lu and published by . This book was released on 2009 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is comprised of three essays that study behavioral finance and market microstructure. The first essay models a game of individual day traders' interactions in a stock trading chat room and empirically tests the model's conclusions. Trading behaviors are analyzed in an Internet chat room with free entry but secure identity, and traders' interactions are modeled as a dynamic game with informed traders, momentum traders, arbitragers and noise traders. Three empirical predictions are generated in the model's equilibrium. The unique data set consists of stock trading chat room posts of more than 1,000 individual semi-professional day traders and their interactions and transactions are investigated in a time series. All the three predictions from the model's equilibrium are affirmed by empirical tests. The second essay assesses the effects of the entire limit order book and analyzes the market impacts of the quotes in the Shanghai and Shenzhen Stock Exchange in China, where the stock market has a pure order-driven trading mechanism without market makers. Firstly, in the empirical modeling the limit order books, the structural vector autoregressive model of Hasbrouck (1991) is used and extended to incorporate more information beyond the inside quotes. Secondly, the market impact of stocks is also analyzed cross sectionally with market capitalization, tick frequency, turnover, average price, etc. Finally, the market impacts and order imbalance of small trades are distinguished. Small trades, usually linked with individual investors, have proportionally small market impact. Besides, the volume-weighted daily order imbalances of small trades and next-day's and contemporaneous daily returns are negatively related with each other. This is in accordance with the 'pain theory' of the individual traders. The third essay investigates microstructure characteristics of the Credit Default Swap (CDS) market. During the sample period, April 2006 -- March 2008, CDS are traded on the over-the-counter (OTC) market, through brokers' voice-based or electronic-based systems. The study analyzes CDS spread, trade-to-quote ratio, bid-ask spread, the frequency that the orders fall between the quotes, and the relationship between the order imbalance and the daily change of CDS spread.
