نتایج جستجو برای: investor confidence

تعداد نتایج: 175959  

2007
Frank Riedel

Duesenberry introduced the notion of a ratchet investor who does not tolerate any decline in her consumption rate. We connect the demand behavior of such an agent to the behavior of standard time–additive agents. A ratchet investor demands the running maximum of the optimal plan a conventional time–additive investor with lower initial wealth would choose. JEL subject classification. D91

2015
Desheng Dash Wu Hu Changsheng Wang Yongfeng

Using the Chinese stock market data as sample, this paper investigates the impact of investor sentiment on the assets valuation. In order to classify stocks objectively, our sample stocks are sorted by double indicators (B/M and PE). In the portfolio, we find stocks with low B/M and high PE are sensitive to investor sentiment, which are considered to be costly to arbitrage. Investor sentiment h...

2002
Lionel Martellini Fernando Zapatero

We consider the problem of a mutual fund manager that maximizes the present value of expected fees and has to decide the level of fee to impose on the fund. The fee will be paid by a risk averse investor that maximizes expected utility over final wealth. This investor can invest either in an indexed fund or in a managed fund. The manager has superior ability and, as a result of it, the fund off...

2015
Chunpeng Yang Rengui Zhang

a r t i c l e i n f o The systematic and important role of investor sentiment has been supported by some recent empirical and theoretical literatures. In this paper, we present a dynamic asset pricing model with heterogeneous sentiments and we find that the equilibrium stock price is the wealth-share-weighted average of the stock prices that would prevail in an economy with one sentiment invest...

2014
Melanie Blue

Active management has not always met with the success it enjoyed in 2013. The global financial crisis in 2008 resulted in severely shaken investor confidence which, over five years later, has yet to fully rebound. During the crisis, actively managed funds suffered poor performance as strategies that once outperformed no longer worked and failed to protect investors from declines. These events p...

2003
G. Gale

President Bush’s new tax plan is an answer in search of a question. It would provide little short-term stimulus. It seems unlikely to provide much of a longterm boost to growth or jobs. It is an incomplete way to reform corporate taxes. It would not boost investor confidence. It would provide windfall gains for previous actions, rather than encouraging new activity. It would make taxes more com...

2001
Caspar Rose Henrik Lando Clas Wihlborg Michael Møller Hans Kurt Kvist Dorte Kronborg

The purpose of this article is to investigate whether the securities regulation put forward by the EU contributes to an efficient stock market. An event study of investor meetings/presentations held by listed Danish firms is conducted. The article finds significantly positive abnormal returns a few days around investor meetings. Share turnover reaches maximum one day after investor meetings. Th...

1996
Monika Schnitzer

This paper studies the strategic interaction between a foreign direct investor and a host country. We analyze how the investor can use his control rights to protect his investment if he faces the risk of “creeping expropriation” once his investment is sunk. It is shown that this hold-up problem may cause underinvestment if the bargaining position of the investor is too weak and overinvestment i...

2000
Pierluigi Balduzzi Ludan Liu Eric Jacquier Darius Miller Yangru Wu Yihong Xia

We consider: i) a “dynamic” investor who rebalances over time, treats returns as i.i.d., and accounts for learning; ii) a “static” buy-and-hold investor who is aware of predictability and estimation risk. Both investors are internationally-diversified and combine information on longand short-history markets using cross-inference. For a dynamic investor, cross-inference generates separate hedgin...

Journal: :European Journal of Operational Research 2009
Simone Farinelli Manuel Ferreira Damiano Rossello Markus Thoeny Luisa Tibiletti

Optimal asset allocation well-fitting the investors goals is a pressing challenge in risk management. In spite of Sharpe ratio, Sortino-Satchell, Generalized Rachev and Farinelli-Tibiletti ratios are new parameter-dependent performance ratios able to suit the investor risk profile. Five investor prototypes are studied and fifteen tailormade optimal asset paths are traced over a rolling twelve m...

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