Reference Point Adaptation and Disposition Effect: Evidence from Institutional Trading

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

Institutional Trading around Corporate News: Evidence from Textual Analysis

In this paper, we examine institutional trading surrounding corporate news by combining a comprehensive database of news releases for all US firms during 2000 to 2010 with a high-frequency database of institutional trades. We find that institutions trade on the news tone only on the news release day. This news-trading pattern is more pronounced for news related to firm fundamentals, and with a ...

متن کامل

A cross-cultural study of reference point adaptation: Evidence from China, Korea, and the US

We examined reference point adaptation following gains or losses in security trading using participants from China, Korea, and the US. In both questionnaire studies and trading experiments with real money incentives, reference point adaptation was larger for Asians than for Americans. Subjects in all countries adapted their reference points more after a gain than after an equal-sized loss. When...

متن کامل

Reference point adaptation : Tests in the domain of security trading q

According to prospect theory [Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk, Econometrica, 47, 263–292], gains and losses are measured from a reference point. We attempted to ascertain to what extent the reference point shifts following gains or losses. In questionnaire studies, we asked subjects what stock price today will generate the same utility as ...

متن کامل

Who Benefits from Corporate Opacity? International Evidence from Informed Trading by Institutional Investors

Using cross-country data on trading by international mutual funds, I find that firms with more opaque information environments, as captured by firmand country-level measures of the availability of financial reporting information, experience more privately-informed trading by institutional investors. The association between firm-level opacity and informed trading is most pronounced where country...

متن کامل

Institutional trading and stock resiliency: Evidence from the 2007–2009 financial crisis

We examine the impact of institutional trading on stock resiliency during the financial crisis of 2007–2009. We show that buy-side institutions have different exposure to liquidity factors based on their trading style. Liquidity supplying institutions absorb the long-term order imbalances in the market and are critical to recovery patterns after a liquidity shock. We show that these liquidity s...

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: SSRN Electronic Journal

سال: 2010

ISSN: 1556-5068

DOI: 10.2139/ssrn.1570990