We design an experiment to compare investors’ final wealth distribution in a static setup and an equivalent dynamic setup. In the static setup investors can trade all risks since there are as many securities as states of the world. In the dynamic market there are too few securities for investors to achieve efficient final wealth holdings without re-trade. Information disclosure and the possibil...

in this study, provided preliminary evidence on a comprehensive program of study focusing on investors’ behavior in the tehran stock exchange (tse) in 2014. using a survey-based methodology, 561 investors from the tse representing individual investors, mutual fund experts, funding institutions experts, institutional investors, and stock brokers have been randomly selected to respond to a set of...

The recession at the beginning of the new millennium accompanied by a series of major corporateaccounting scandals (like Enron – Arthur Andersen, WorldCom, Global Crossing, Ahold, ...) has pointed investors to the fact that (i) industry growth is apparently changing over time and (ii) the quality of signals about firms’ profitability is not necessarily perfect. Despite the fact that many indica...

Firms often undertake activities that do not necessarily increase cash flows (e.g., costly investments in corporate social responsibility or CSR), and some investors value these non cash activities (i.e., they have a “taste” for these activities). We develop a model to capture this phenomenon and focus on the asset-pricing implications of differences in investors’ tastes for firms’ activities a...

This article analyzes the performance of industry sub-indices during COVID-19 pandemic, done on basis evolution rates return for 247 indices from 15 European countries in 2020. Differences between achieved and main stock all examined were estimated. Additionally, volatility individual sector over was calculated. allows us to draw following conclusions. Firstly, investors considered tourism oil ...

SUMMER 2004 O ver the past 30 to 40 years, a generally accepted approach has evolved for the management of institutional investment funds. Today we see an effort to adapt this approach to managing the funds of individual investors. The impetus behind this initiative is surely a laudable one—to improve the investment experience and outcomes of individuals by adapting the best practices validated...

We develop a theory of market crashes based on differences of opinion among investors. Because of short-sales constraints, bearish investors do not initially participate in the market and their information is not revealed in prices. However, if other previously bullish investors bail out of the market, the originally bearish group may become the marginal “support buyers,” and more will be learn...

Using thousands of brokerage accounts of U.S. individual investors, we analyze the motivations and consequences of foreign equity investment. We find that diversification is not the only reason that investors trade foreign securities. While wealthier, more experienced investors enjoy an informational advantage and, thus, are more likely to invest overseas and experience good portfolio performan...

this study is intended to investigate the level of public-private cooperation in the process of agricultural development from the view point of potential investors and producers. to achieve this objective we used an adjusted jensen model as a conceptual framework for cooperation. in this process mutual responsibilities is provided to reveal different dimensions of strategic cooperation between ...