Do Behavioral Biases Adversely Affect the Macro-Economy?
نویسندگان
چکیده
منابع مشابه
Do Behavioral Biases Adversely A¤ect theMacro-Economy?
This study investigates whether the adverse e¤ects of investorsbehavioral biases extend beyond the domain of nancial markets to the broad macro-economy. We focus on the risk sharing (or income smoothing) role of nancial markets and demonstrate that risk sharing levels are higher in U.S. states in which investors have higher cognitive abilities and exhibit weaker behavioral biases. Further, s...
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This paper examines whether individual investors exhibit stronger behavioral biases when value ambiguity or information uncertainty is higher. Using a six year (1991 to 1996) panel of retail stock holdings and trades, I find that investors are more overconfident and exhibit stronger disposition effect when stocks are more difficult to value. Furthermore, using trading correlation as a proxy for...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2010
ISSN: 1556-5068
DOI: 10.2139/ssrn.1216163