Investors' personal characteristics and trading decisions under distressed market conditions

نویسندگان
چکیده

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Trading and Returns under Periodic Market Closures

This paper studies how market closures affect investors' trading policies and the resulting return-generating process. It shows that closures generate rich patterns of time variation in trading and returns, including those consistent with empirical findings: (1) U-shaped patterns in the mean and volatility of returns over trading periods, (2) higher trading activity around the close and open, (...

متن کامل

Learning, Active Investors, and the Returns of Financially Distressed Firms

I develop an analytically tractable dynamic asset pricing model to study expected returns of financially distressed firms in the presence of learning about firm fundamentals and endogenous information acquisition by active investors. The model reveals that learning and information acquisition critically affect lowfrequency risk exposures close to default and can, counter to standard models, rat...

متن کامل

Overconfident Trading of Asian Investors

This study investigates whether Asian investors trade overconfidently and what factors affect their overconfident trading based on the theoretical predictions of Gervais and Odean (2001) that market gains make investors trade overconfidently in subsequent periods. We find that Asian investors trade more aggressively subsequent to both domestic and U.S. market gains and their overconfident tradi...

متن کامل

Overconfident Investors, Predictable Returns, and Excessive Trading

T he last several decades have witnessed a shift away from a fully rational paradigm of financial markets towards one in which investor behavior is influenced by psychological biases. Two principal factors have contributed to this evolution: a body of evidence showing how psychological bias affects the behavior of economic actors; and an accumulation of evidence that is hard to reconcile with f...

متن کامل

Institutional Investors and Stock Market

We present a theory of excess stock market volatility, in which market movements are due to trades by very large institutional investors in relatively illiquid markets. Such trades generate significant spikes in returns and volume, even in the absence of important news about fundamentals. We derive the optimal trading behavior of these investors, which allows us to provide a unified explanation...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: Borsa Istanbul Review

سال: 2021

ISSN: 2214-8450

DOI: 10.1016/j.bir.2021.04.005