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Does the Stock Market Overreact pdf download

Research in experimental psychology suggests that, in violation of Bayes' rule, most people tend to“overreact" to unexpected and dramatic news events. This study of market efficiency investigates whether such behavior affects stock prices. The empirical evidence, based...

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Do stock market liberalizations cause investment booms pdf download

Stock market liberalizations lead private investment booms. In a sample of 11 develop-ing countries that liberalized their stock markets, 9 experience growth rates of private investment above their non-liberalization median in the "rest year after liberalizing. In...

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Do industries lead stock markets pdf download

We investigate whether the returns of industry portfolios predict stock market movements. In the US, a significant number ofindustry returns, including retail, services, commercial real estate, metal,and petroleum, forecast the stock market by up to two months....

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Do foreign investors destabilize stock markets The Korean experience in 1997 pdf download

This paper examines the impact of foreign investors on stock returns in Korea from November 30, 1996 to the end of 1997 using order and trade data. We "and strong evidence of positive feedback trading and herding...

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Disagreement and the Stock Market pdf download

Over the last twenty years, the field of behavioral finance has grown from a startup operation into a mature enterprise, with well-developed bodies of both theory and empirical evidence. On the empirical side, the benchmark null hypothesis...

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Common risk factors in the returns on stocks and bonds pdf download

If the market is aggregated, there must be some common factors which can explain both the common stock market and bond market .

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Who Gambles in the Stock Market pdf download

This paper examines whether socio-economic and psychological factors which are known to influence lottery purchases lead to excess investment in lottery-type stocks. The results in-dicate that, unlike institutional investors, individual investors prefer stocks with lottery-type features. The...

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When Are Contrarian Profits Due to Stock Market Overreaction pdf download

The proftablity of contrarian investment strategies need not be the result of stock mar-ket overreaction. Even if returns on individual securities are temporally independent,portfolio strategies that attempt to exploit return reversals may still earn positive ex-pected profits....

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Transmission of Volatility between Stock Markets pdf download

Atwo-factorno-arbitrage modelis usedtoprovide atheoreticallinkbetweenstockandbondmarket volatility. While this model suggests that short-term interest rate volatility may, at least in part, drive both stockand bond market volatility, the empirical evidence suggests that past bond market volatility affects both markets...

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The Stock Market Valuation of Research and Development Expenditures pdf download

We examine whether stock prices fully value firms' intangible assets, specifically research and development (R&D) . Under current U. S. accounting standards, fi- nancial statements do not report intangible assets and R&D spending is expensed. Nonetheless, the...

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