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Mood Betas And Seasonalities In Stock Returns
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Book Synopsis Mood Betas and Seasonalities in Stock Returns by : David Hirshleifer
Download or read book Mood Betas and Seasonalities in Stock Returns written by David Hirshleifer and published by . This book was released on 2018 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Existing research has documented cross-sectional seasonality of stock returns -- the periodic outperformance of certain stocks relative to others during the same calendar month, weekday, or pre-holiday periods. A model in which stocks differ in their sensitivities to investor mood explains these effects and implies new sets of seasonal patterns. We find that relative performance across stocks during past high or low mood months and weekdays tends to recur in future periods with congruent mood, and to reverse in periods with non-congruent mood. Stocks with higher sensitivities to aggregate mood swings -- higher mood betas -- earn higher expected returns during future high mood periods and lower expected returns during future low mood periods, including those induced by Daylight Saving Time changes, weather conditions and anticipation of major holidays.
Book Synopsis Weather-Induced Mood, Institutional Investors, and Stock Returns by : William N. Goetzmann
Download or read book Weather-Induced Mood, Institutional Investors, and Stock Returns written by William N. Goetzmann and published by . This book was released on 2014 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study shows that weather-based indicators of mood impact perceptions of mispricing and trading decisions of institutional investors. Using survey and disaggregated trade data, we show that relatively cloudier days increase perceived overpricing in individual stocks and the Dow Jones Industrial Index, and increase selling propensities of institutions. We introduce stock-level measures of investor mood; investor pessimism negatively impacts stock returns, mostly amongst stocks with higher arbitrage costs, and stocks experiencing similar changes in weather-induced mood exhibit return comovement. These findings complement existing studies on how weather impacts stock index returns, and identify another channel through which it can manifest.
Book Synopsis Price-Based Investment Strategies by : Adam Zaremba
Download or read book Price-Based Investment Strategies written by Adam Zaremba and published by Springer. This book was released on 2018-07-25 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: This compelling book examines the price-based revolution in investing, showing how research over recent decades has reinvented technical analysis. The authors discuss the major groups of price-based strategies, considering their theoretical motivation, individual and combined implementation, and back-tested results when applied to investment across country stock markets. Containing a comprehensive sample of performance data, taken from 24 major developed markets around the world and ranging over the last 25 years, the authors construct practical portfolios and display their performance—ensuring the book is not only academically rigorous, but practically applicable too. This is a highly useful volume that will be of relevance to researchers and students working in the field of price-based investing, as well as individual investors, fund pickers, market analysts, fund managers, pension fund consultants, hedge fund portfolio managers, endowment chief investment officers, futures traders, and family office investors.
Book Synopsis Proceedings of the 2023 International Conference on Finance, Trade and Business Management (FTBM 2023) by : Amalendu Bhunia
Download or read book Proceedings of the 2023 International Conference on Finance, Trade and Business Management (FTBM 2023) written by Amalendu Bhunia and published by Springer Nature. This book was released on 2023-11-30 with total page 609 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access book. Finance and trade are the keys to the world's continued economic and social development. Studying finance and trade can help us better understand how the world works. In addition, business management is crucial for an enterprise and a country's sustainable development. The conference mainly focused on research fields such as finance, trade, and business management. The 2023 International Conference on Finance, Trade, and Business Management(FTBM2023)will be held on September 22-24, 2023 by ZOOM. The purpose of the conference is to provide a chance for experts and scholars engaged in finance, trade, and business management-related research to exchange scientific research results and cutting-edge technologies, understand academic development trends, broaden research ideas, strengthen academic research and discussions, and promote cooperation in the industrialization of academic achievements. We sincerely invite experts, scholars, business people, and other relevant people from universities and scientific research institutions at home and abroad to attend the conference!
Book Synopsis Stock Markets, Investments And Corporate Behavior: A Conceptual Framework Of Understanding by : Michael Joseph Dempsey
Download or read book Stock Markets, Investments And Corporate Behavior: A Conceptual Framework Of Understanding written by Michael Joseph Dempsey and published by World Scientific. This book was released on 2015-10-29 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stock Markets, Investments and Corporate Behavior examines the nature of stock market growth and decline, the function of financial markets, and their implications for commercial companies. Traditionally, finance academics have attempted to understand financial markets and commercial companies as physicists approach their subject matter: with a set of laws in mind that govern the field. But finance is not physics. The academic's approach falsely assumes that financial markets can be understood as systems within which self-interested maximizers behave in logical ways that are coordinated by the invisible hand of the price mechanism. This book demonstrates that finance is more appropriately understood as a field in which investors and finance managers may or may not use rational calculations as the basis of their decision making.This book opens with an effective dismantling of the traditional mathematical approach used to understand and describe markets and corporate financial behavior. In its place, the mathematics of growth and decline is developed anew, while holding to the realization that the decisions of organizations rely on the choices of real people with limited information available to them. The book will appeal to all students who wish to reappraise their knowledge of finance in a thoughtful manner. Specifically, this book is designed to appeal to anyone who wishes to refine their understanding of the nature of stock markets and financial growth, optimal portfolio allocation, option pricing, asset valuation, corporate financial behavior, and what it means to be ethical in our financial institutions.
Book Synopsis Seasonality in the Cross-Section of Expected Stock Returns by : Steven L. Heston
Download or read book Seasonality in the Cross-Section of Expected Stock Returns written by Steven L. Heston and published by . This book was released on 2005 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper introduces seasonality into a model of expected stock returns. We confirm previous findings that there is no evidence for cross-sectional variation in expected stock returns when we restrict the means to be constant throughout the year. Yet, we show there is substantial variation when considering each month of the year separately. Applying a seasonal structure we estimate an annualized standard deviation of 13.8%. There is strong evidence stocks have distinct expected returns in January, February, ... December. The estimated seasonal variation in expected returns is positive in every calendar month and especially high during October, December, and January. This structure is independent of industry, size, and earnings announcements. These results support the inclusion of seasonal structure into asset-pricing models.
Book Synopsis Real Stock Returns by : Prasad V. Bidarkota
Download or read book Real Stock Returns written by Prasad V. Bidarkota and published by . This book was released on 1997 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Behavioral Finance: A Novel Approach by : Itzhak Venezia
Download or read book Behavioral Finance: A Novel Approach written by Itzhak Venezia and published by World Scientific. This book was released on 2020-11-24 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: Behavioral Finance: A Novel Approach presents original papers exploring fresh ideas in behavioral finance. Its chapters span a wide range of topics in a distinct mix of traditional issues along with less conventional matters. This blend creates an optimal balance between chapters aiming at widening the scope of research in behavioral finance and those striving to refine the extant knowledge.Thus, along with traditional topics such as biases in pension decisions, analysts recommendation, gender differences in decisions and IPO's underpricing, the book also contains chapters on CEO and board members behavior, biased responses to regulation and regulatory reform, investors' attitudes towards corporate governance, cognitive biases in judicial decisions, the relations between behavioral finance and religion, new methods to calibrate the accuracy of forecasts, and the relations between behavioral finance and optimal contracting.Presenting original findings on a vast assortment of subjects, all in one venue, makes the book ideal as a reference book for researchers and practitioners interested in keeping up with the important developments in behavioral finance. The book could also serve as a handy guide for adapting insights from popular behavioral finance to some important underrepresented issues.
Book Synopsis Seasonality and Stock Returns by : Shigeyuki Hamori
Download or read book Seasonality and Stock Returns written by Shigeyuki Hamori and published by . This book was released on 2000 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Psychoanalytic Terms and Concepts by : Elizabeth L. Auchincloss
Download or read book Psychoanalytic Terms and Concepts written by Elizabeth L. Auchincloss and published by Yale University Press. This book was released on 2012-10-30 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first revised, expanded, and updated edition of Psychoanalytic Terms and Concepts since its third edition in 1990. It presents a scholarly exposition of English-language psychoanalytic terms and concepts, including those from all contemporary schools of theory and practice. Each entry starts with a brief definition that is followed by an explanation of the significance of the term/concept for psychoanalysis, its historical development, and the present-day controversies about best usage.
Book Synopsis The Cross-section of Stock Returns by : Stijn Claessens
Download or read book The Cross-section of Stock Returns written by Stijn Claessens and published by World Bank Publications. This book was released on 1995 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Monthly Effect in Stock Returns by : Robert A. Ariel
Download or read book A Monthly Effect in Stock Returns written by Robert A. Ariel and published by . This book was released on 1984 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Household Finance by : Richard Deaves
Download or read book Household Finance written by Richard Deaves and published by Oxford University Press. This book was released on 2024 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Household Finance: An Introduction to Individual Financial Behavior is about how individuals make financial decisions, and how these financial decisions contribute to and detract from their well-being. What sort of decisions am I talking about? We all must manage our money, shifting our resources across time. Sometimes we need to consume more than is currently available to us. For example, people commonly borrow to purchase residential real estate, paying down their mortgage loans over time. At other times, we have excess funds that we can save and invest. The main reason to accumulate wealth is to amass a fund that we can draw down when older and less able and willing to earn labor income. It is crucial, then, that our savings be sufficient to ensure a comfortable retirement. It is not enough to save; our savings must be invested appropriately so as to properly counterbalance risk and return. One way is to buy low-cost mutual funds or exchange-traded funds where the job of diversification is done for us. Some of us, however, purchase not only investment funds but also individual securities that we ourselves select. If so, it is vital that we avoid preventable errors. And, along the way, since the world is unpredictable, it is appropriate to protect ourselves by insuring against the sort of catastrophic loss that can derail our best-laid financial plans"--
Download or read book Mood written by William N. Morris and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a book about moods. Though I will define the term somewhat more carefully in Chapter 1, it might help to note here that I use the word "mood" to refer to affective states which do not stimulate the relatively specific response tendencies we associate with "emotions". Instead, moods are pervasive and global, having the capability of influencing a broad range of thought processes and behavior. My interest in mood was provoked initially by the empirical and conceptual contri butions of Alice Isen and her colleagues. What fascinated me most was the sugges tion first made in a paper by Clark & Isen (1982) that mood seemed to affect behavior in two very different ways, i. e. , mood could "automatically" influence the availabil ity of mood-related cognitions and, thereby, behavior, or mood, especially of the "bad" variety, might capture our attention in that if it were sufficiently aversive we might consciously try to get rid of it, a "controlled" or "strategic" response.
Book Synopsis Efficiency and Anomalies in Stock Markets by : Wing-Keung Wong
Download or read book Efficiency and Anomalies in Stock Markets written by Wing-Keung Wong and published by Mdpi AG. This book was released on 2022-02-17 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Efficient Market Hypothesis believes that it is impossible for an investor to outperform the market because all available information is already built into stock prices. However, some anomalies could persist in stock markets while some other anomalies could appear, disappear and re-appear again without any warning. A Special Issue on "Efficiency and Anomalies in Stock Markets" will be devoted to advancements in the theoretical development of market efficiency and anomaly in the Stock Market, as well as applications in Stock Market efficiency and anomalies.
Book Synopsis The Handbook of Equity Market Anomalies by : Leonard Zacks
Download or read book The Handbook of Equity Market Anomalies written by Leonard Zacks and published by John Wiley & Sons. This book was released on 2011-08-24 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment pioneer Len Zacks presents the latest academic research on how to beat the market using equity anomalies The Handbook of Equity Market Anomalies organizes and summarizes research carried out by hundreds of finance and accounting professors over the last twenty years to identify and measure equity market inefficiencies and provides self-directed individual investors with a framework for incorporating the results of this research into their own investment processes. Edited by Len Zacks, CEO of Zacks Investment Research, and written by leading professors who have performed groundbreaking research on specific anomalies, this book succinctly summarizes the most important anomalies that savvy investors have used for decades to beat the market. Some of the anomalies addressed include the accrual anomaly, net stock anomalies, fundamental anomalies, estimate revisions, changes in and levels of broker recommendations, earnings-per-share surprises, insider trading, price momentum and technical analysis, value and size anomalies, and several seasonal anomalies. This reliable resource also provides insights on how to best use the various anomalies in both market neutral and in long investor portfolios. A treasure trove of investment research and wisdom, the book will save you literally thousands of hours by distilling the essence of twenty years of academic research into eleven clear chapters and providing the framework and conviction to develop market-beating strategies. Strips the academic jargon from the research and highlights the actual returns generated by the anomalies, and documented in the academic literature Provides a theoretical framework within which to understand the concepts of risk adjusted returns and market inefficiencies Anomalies are selected by Len Zacks, a pioneer in the field of investing As the founder of Zacks Investment Research, Len Zacks pioneered the concept of the earnings-per-share surprise in 1982 and developed the Zacks Rank, one of the first anomaly-based stock selection tools. Today, his firm manages U.S. equities for individual and institutional investors and provides investment software and investment data to all types of investors. Now, with his new book, he shows you what it takes to build a quant process to outperform an index based on academically documented market inefficiencies and anomalies.
Book Synopsis Applied Corporate Finance by : Aswath Damodaran
Download or read book Applied Corporate Finance written by Aswath Damodaran and published by John Wiley & Sons. This book was released on 2014-10-27 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aswath Damodaran, distinguished author, Professor of Finance, and David Margolis, Teaching Fellow at the NYU Stern School of Business, has delivered the newest edition of Applied Corporate Finance. This readable text provides the practical advice students and practitioners need rather than a sole concentration on debate theory, assumptions, or models. Like no other text of its kind, Applied Corporate Finance, 4th Edition applies corporate finance to real companies. It now contains six real-world core companies to study and follow. Business decisions are classified for students into three groups: investment, financing, and dividend decisions.
