Relevant bibliographies by topics / Investor behavior

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  1. Journal articles
  2. Dissertations / Theses
  3. Books
  4. Book chapters
  5. Conference papers
  6. Reports

Academic literature on the topic 'Investor behavior'

Author: Grafiati
Published: 4 June 2021
Last updated: 11 September 2023

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Journal articles on the topic "Investor behavior"

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Acharjya, Biswajit, and Subhashree Natarajan. "A Fuzzy Rough Feature Selection Framework for Investors Behavior Towards Gold Exchange-Traded Fund." International Journal of Business Analytics 6, no. 2 (April 2019): 46–73. http://dx.doi.org/10.4018/ijban.2019040103.

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Behavioural finance has gained research interest among researchers because of investor behavior and market anomalies. Investor behaviour varies with demographics and geographic characteristics. Further, investor behavior towards a gold exchange trade fund is gaining research interest due to various factors. Not much research has been carried out in this direction, with the exception of some comparisons. Therefore, the performance of a gold exchange traded fund needs to be assessed from the investor behavior perspective. Additionally, the investors behavior contains uncertainties. Thus, there is a need for intelligent techniques for identifying the investors behavior despite the presence of uncertain behavioral characteristics. Therefore, to study uncertain behavior characteristic in gold exchange traded fund, in this article the authors employ a fuzzy rough set. They employ fuzzy rough quick reduct algorithm to find the superfluous attributes. Further decision rules are generated to identify the chief feature of investors' behavior towards gold exchange traded fund.
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Valentina, Novia, and Ary Satria Pamungkas. "Pengaruh Financial Literacy, Herding Behavior dan Overconfidence terhadap Investment Decision." Jurnal Manajerial Dan Kewirausahaan 4, no. 4 (November 2, 2022): 844–51. http://dx.doi.org/10.24912/jmk.v4i4.20535.

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Indonesia mengalami lonjakan investor pada tahun 2021 sebanyak hampir dua kali dari jumlah investor sebelumnya. Meski investasi mulai digemari oleh masyarakat namun tidak semua investor mampu mengambil keputusan yang tepat dalam berinvestasi. Tingkat financial literacy yang dimiliki investor dapat menjadi salah satu faktor penentu keputusan investor dalam berinvestasi. Begitu pula dengan frekuensi herding behavior dan tingkat overconfidence yang dimiliki investor dapat turut memengaruhi kualitas keputusan investasi yang dipilih investor. Penelitian ini bertujuan untuk meneliti pengaruh dari financial literacy, herding behavior dan overconfidence terhadap investment decision. Penelitian ini menggunakan sebanyak 184 responden yang merupakan investor wanita dan berdomisili di Jakarta. Penelitian ini menggunakan SmartPLS versi 3.3.3 dan mengumpulkan data dengan membagikan kuesioner melalui Google Form. Penelitian ini mengolah data yang dimiliki menggunakan metode analisis data Structural Equation Modelling (SEM). Sampel diperoleh melalui teknik purposive sampling, dimana responden harus memenuhi kriteria yang telah ditetapkan sebelumnya. Kriteria dalam penelitian ini adalah investor harus berjenis kelamin wanita, berdomisili di Jakarta, telah berinvestasi di pasar modal selama minimal 1 tahun dan melakukan transaksi sebanyak minimal 2 kali. Hasil yang didapatkan dalam penelitian ini adalah financial literacy berpengaruh positif terhadap investment decision, herding behavior berpengaruh positif terhadap investment decision dan overconfidence berpengaruh positif terhadap investment decision. In 2021, the growth Indonesian capital market has increased by almost twice than a year before. Event hough the society has started to aware and acknowledge about investation, not all investors could decide the right decision in investing. Investors’ financial literacy levels can be one of the determinant to decide their investment. Likewise, the frequency of herding behavior and the level of overconfidence owned by investors can also influence the quality of investment decisions that investors choose. This study aims to examine the effect of financial literacy, herding behavior and overconfidence on investment decisions. This study uses 184 respondents who are female investors who live in Jakarta. This study uses SmartPLS version 3.3.3 and collects data by distributing questionnaires through Google Form. This study processes the data using the Structural Equation Modeling (SEM) data analysis method. The sample was obtained through a purposive sampling technique, where respondents had to meet pre-set criteria. The criteria in this study are that the investor must be female, domiciled in Jakarta, have invested in the capital market for at least 1 year and have made a minimum of 2 transactions. The results obtained in this study are financial literacy has a positive effect on investment decisions, herding behavior has a positive effect on investment decisions and overconfidence has a positive effect on investment decisions.
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Kunwar, Kripa. "The Relationship of Behavioral Factors with Investment Performance of Individual Investors in the Nepali Stock Market." Prithvi Academic Journal 4 (May 12, 2021): 66–83. http://dx.doi.org/10.3126/paj.v4i0.37016.

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In recent years, the market anomalies and irrational behavior of investors have influenced the stock market worldwide. The impact of investor behavior on the stock market is more prominent in small and less efficient capital markets. The study is based on the questionnaire survey of 203 investors from Kathmandu and Pokhara. The study uses Exploratory Factor Analysis (EFA) to explore the underlying dimensions of investor behavior employing Principal Component Analysis and Varimax rotation. The suitability of the data for the factor analysis has been examined using KMO and Barlett’s Test of Sphericity. The EFA extracted four factors of investor behavioral dimensions categorized as: heuristics, prospects, market factors and herding effect. The factor scores obtained from the EFA was used to examine the correlation of these behavioral factors with investment performance. The results reveal that behavioral biases like heuristics, prospects, market factor and herding effect are present among individual investors in Nepal. Among the factors, the investment performance of investors is found to be influenced by heuristics and market factors. The heuristic behaviors are found to have the highest and positive influence on the investment performance. Finally, the results depict that following the herd behavior in the market and prospects does not result in the improved investor performance. The findings are helpful to understand the role of investor behavior in the stock market and formulation of appropriate policies that limit the possibility of behavioral biases affecting the stock market adversely.
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Robin, Thomas, and Michel Bierlaire. "Modeling investor behavior." Journal of Choice Modelling 5, no. 2 (2012): 98–130. http://dx.doi.org/10.1016/s1755-5345(13)70054-x.

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Chambers, Denise, and Deshea Simon. "Analyzing the Influence of Emotional Intelligence on Investor Behavior in Developing Regions: A PRISMA Systematic Review." International Journal of Management and Humanities 8, no. 12 (August 30, 2022): 19–22. http://dx.doi.org/10.35940/ijmh.l1510.0881222.

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This article aims to systematically review studies analyzing the influence of emotional intelligence (EI) on investor behaviors in developing countries (as defined by the United Nations Development Program) using PRISMA. In developing nations, the lack of investigation in this area is prevalent and nonexistent in some nations. Methods: EI and investor behavior-related papers in English were selected from ProQuest, EBSCO, and Google Scholar database searches in developing countries. Results: The review included 19 studies covering eight developing countries, extending the conclusion of a positive correlation between EI and investment decisions in growing regions. However, inconsistencies and gaps exist in the EI model adoption and investor behaviors. Evidence Limitation/Implications: Limitations include the need for extended EI and investor behavior dimensions and more geographic coverage. Important implication highlights include how EI helps investors enhance investment decision-making. Originality/value: This unprecedented PRISMA review of a comprehensive set of literature on the influence of EI on investor behavior in developing countries extends the current evidence base in this area.
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Lee, Hyung Chul. "Sensitivity to Investor Sentiment and Investor Behavior." Korean Business Education Review 37, no. 1 (February 28, 2022): 249–69. http://dx.doi.org/10.23839/kabe.2022.37.1.249.

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Irton, Irton, Salihah Khairawati, and Mu’tashim Billah Murtadlo. "Investor Behavior In Islamic Capital Markets: Study On Muslim Students." Jurnal Manajemen dan Bisnis Performa 18, no. 3 (September 7, 2021): 45–60. http://dx.doi.org/10.29313/performa.v18i3.7986.

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ABSTRACTThe purpose of this research is to know the behavior of investors towards Islamic capital market. The research was conducted on several Muslim student respondents from several universities in Yogyakarta who invested in sharia capital markets. The type of data in this study is primary data obtained through in-depth interviews. The results showed that there are two investor characters among students namely risk seeker or risk taker and risk-averse. Respondents realized that investing in the capital market has potential benefits as well as potential risks. For investors, risk seeker has high confidence and optimism when making investment decisions, while risk-averse tends to be cautious and a lot of consideration when making investment decisions. In general, sharia capital market investors who are the majority of students have a good belief in the wisdom of stocks traded in sharia capital markets. They believe in the fatwa of scholars, the role of the DSN, and the role of capital market supervisory bodies. They are mostly also looking for information about sharia capital market sharia through books, capital market socialization, IDX web. In terms of transaction mechanisms in the sharia capital market only a small part still doubts its validity due to issue factors, lack of understanding of islamic capital market the correctness factor of the company's financial performance, and the ups and downs of the share price.Keywords: investor behavior, investment decisions, sharia capital market ABSTRAK Tujuan penelitian ini adalah untuk mengetahui perilaku investor terhadap pasar modal syariah. Penelitian dilakukan terhadap sejumlah responden mahasiswa muslim dari beberapa perguruan tinggi di Yogyakarta yang melakukan investasi di pasar modal syariah. Jenis data dalam penelitian ini adalah data primer yang diperoleh melalui wawancara Hasil penelitian menunjukkan bahwa terdapat dua karakter investor di kalangan mahasiswa yakni risk seeker atau risk taker dan risk averse. Responden menyadari bahwa investasi di pasar modal memiliki potensi untung dan juga potensi resiko. Bagi investor risk seeker memiliki rasa percaya diri yang tinggi dan optimis ketika mengambil keputusan investasi, sedangkan risk averse cenderung berhati-hati dan banyak pertimbangan ketika mengambil keputusan investasi. Secara umum investor pasar modal syariah yang merupakan mahasiswa mayoritas memiliki keyakinan yang baik mengenai kesyariahan saham-saham yang diperdagangkan di pasar modal syariah. Mereka percaya terhadap fatwa ulama, peranan DSN dan peranan badan pengawas pasar modal. Mereka sebagian besar juga mencari informasi tentang kesyariahan pasar modal syariah melalui buku, sosialisasi pasar modal, web IDX. Pada aspek mekanisme transaski pada pasar modal syariah hanya sebagian kecil yang masih meragukan kesyariahannya, karena faktor isu dan kurangnya pemahaman, faktor adanya unsur ketidakpastian naik turunnya harga saham.Kata kunci : perilaku investor, keputusan investasi, pasar modal syariah
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Indriani, Etty, and Cahyani Tunggal Sari. "Behavioral finance: the analysis of investor behavior based on belief and feeling and the investor rationality towards LQ 45 stocks." Investment Management and Financial Innovations 15, no. 1 (March 16, 2018): 292–98. http://dx.doi.org/10.21511/imfi.15(1).2018.24.

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This research analyzes behavioral finance, especially the behavior of investors in Yogyakarta, Indonesia Region. The performance of investor behavior is examined based on the LQ 45 stocks return on Indonesia Stock Exchange and questionnaires that are spread out to five securities agents in Yogyakarta.The performance of LQ 45 stocks return is compared to the questionnaire analysis in the “Belief” part at the first and second stages. The first result shows that LQ 45 stocks are profitable. It can be seen from the average return of the stocks that it has positive value and is statistically identical with the LQ 45 index return. This result is in line with the investors’ opinion that LQ 45 stocks are profitable. The second result shows that most of LQ 45 stocks are profitable and give high return. But, this result is also contrary to the opinion of investors towards traditional finance paradigm that investors still believe “high risk – high return, low risk – low return”. Although most of LQ 45 stocks are considered as low risk stocks, many investors prefer to choose LQ 45 stocks. It means that the traditional finance paradigm has weakness. It is proven that investors sometimes act irrationally.The third and fourth stages of the study are aimed to analyze the relationship between feeling and belief towards frequency of transaction each day based on the questionnaire using regression analysis. The result shows that there is significant relationship between feeling and frequency of transaction each day.
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Ballinari, Daniele, and Simon Behrendt. "How to gauge investor behavior? A comparison of online investor sentiment measures." Digital Finance 3, no. 2 (June 2021): 169–204. http://dx.doi.org/10.1007/s42521-021-00038-2.

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AbstractGiven the increasing interest in and the growing number of publicly available methods to estimate investor sentiment from social media platforms, researchers and practitioners alike are facing one crucial question – which is best to gauge investor sentiment? We compare the performance of daily investor sentiment measures estimated from Twitter and StockTwits short messages by publicly available dictionary and machine learning based methods for a large sample of stocks. To determine their relevance for financial applications, these investor sentiment measures are compared by their effects on the cross-section of stocks (i) within a Fama and MacBeth (J Polit Econ 81:607–636, 1973) regression framework applied to a measure of retail investors’ order imbalances and (ii) by their ability to forecast abnormal returns in a model-free portfolio sorting exercise. Interestingly, we find that investor sentiment measures based on finance-specific dictionaries do not only have a greater impact on retail investors’ order imbalances than measures based on machine learning approaches, but also perform very well compared to the latter in our asset pricing application.
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Hidayati, Lina Nur, Muniya Alteza, and Winarno Winarno. "Herding Behavior: Intensification and Flow in the Indonesian Stock Market." Economic and Regional Studies / Studia Ekonomiczne i Regionalne 15, no. 3 (September 1, 2022): 351–67. http://dx.doi.org/10.2478/ers-2022-0024.

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Abstract Subject and purpose of work: This paper explores whether herding behavior is formed according to the type of investor, how long the transmission of herding behavior occurs, and identifies how big the reaction of herding behavior is and how the flow of herding behavior connects between investors. Materials and methods: The population in this study are companies whose shares are listed in the LQ45 index list for the period January 2015 to December 2017 on the Indonesia Stock Exchange. To find out further about herding behavior, a VAR test will be conducted in this study. Results: The results of herding behavior analysis, based on the type of investor on the Indonesia Stock Exchange, show that there is herding behavior in each type of similar investor. Moreover, there is a certain period for the spread of herding behavior by type of shareholder. Conclusions: The most influential variables on the four types of successive investors are domestic institutional investors, individual foreigners, domestic individuals, and foreign institutions. The four types of investors respond differently to herding behavior.
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More sources

Dissertations / Theses on the topic "Investor behavior"

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Della, Vedova Joshua. "Investor Behavior and Asset Pricing Anomalies." Thesis, The University of Sydney, 2019. https://hdl.handle.net/2123/21527.

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This dissertation investigates the behavior of investor classes and their effect on returns, liquidity, and informational efficiency around momentum-related asset pricing anomalies. Chapter 1 explores the role of household and institutional investor net buying in amplifying and suppressing the returns to momentum-related anomalies. Using trade level data from the NASDAQ OMXH (Finland), trades made by households and institutional investors are identified. Using this data, we show that households slow the integration of positive information into stock prices, resulting in an increase in long run non-mean reverting momentum. Winner stocks heavily purchased by households in the momentum formation period subsequently outperform winner stocks heavily purchased by institutions during the formation period. The enhanced momentum re-turns appear to be driven by the tendency of households to insufficiently incorporate news into prices. On the other hand, institutional buying ap-pears to drive prices closer to their fundamental value. Chapter 2 investigates the cause of volume spikes and post-event returns observed at the 52 week high (George and Hwang, 2004; Huddart et al., 2009). We argue that these effects are driven by the anchoring of individual investors to the 52 week high price, which drives disposition effect related sales. Our findings indicate that households submit uninformed limit orders to sell at and around the 52 week high price. This effect is magnified with stock- and market-level volatility and for those stocks where the 52 week high has not been recently breached; in both of these cases, anchoring is likely to be heightened. This anchoring behavior provides liquidity, which institutional investors appear to capitalize upon. Chapter 3 explores the effect of individual investor anchoring at the 52-week high on stock liquidity and informational efficiency. Using intra-day trade and quote data, we find that liquidity increases as the 52 week high approaches, peaking on the 52 week high day. Uninformed liquidity provision, as measured by a reduction in bid-ask spreads and increased depth in the limit order book, weakens informational efficiency/price impact for stocks at the 52 week high. The reduction in price impact cements the idea that momentum and 52 week high returns are driven by the dampening of price discovery by households in winner stocks (Hong and Stein, 1999).
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Kyröläinen, P. (Petri). "Essays on investor behavior and trading activity." Doctoral thesis, University of Oulu, 2007. http://urn.fi/urn:isbn:9789514284366.

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Abstract This thesis investigates a set of equity market phenomena associated with investors' trading activity, using a comprehensive Finnish Central Securities Depository (FCSD) database that records practically all trades by Finnish investors. This database enables us to classify a large number of heterogeneous investors using both economic and institutional characteristics. The first essay classifies investors by trading activity. It analyzes trading styles of active and passive investors during the boom in technology stocks 1997–2000. We find that the herding tendency of active investors grew monotonically, year by year. Particularly large active investors used momentum and growth strategies. Moreover, buy pressures of active investors were positively related to contemporaneous daily returns. Passive investors, on the other hand, herd very strongly and their trading exhibited a contrarian style throughout the sample period. The second essay focuses on the relation between day trading of individual investors and intraday stock price volatility. I find a strong positive relation between the individual investors' day trades and volatility for actively day traded stocks. This finding suggests that day trading tends to increase volatility and/or day traders tend to become more active on the days of high volatility. The third essay tests the theoretical proposition of Amihud and Mendelson (1986) that investors hold assets with higher bid-ask spreads for longer periods. We measure holding periods of individual investors directly and find that they are positively related to spreads. The models control for a variety of other stock characteristics (e.g. value vs. growth orientation) and investors' attributes (e.g. gender) affecting holding periods. The fourth essay studies how both individual and institutional investors with different levels of capital gains and losses react to earnings announcements. I find that both sign and magnitude of capital gains affect individual investors' abnormal trading volumes. Individual investors are less prone to sell when they are carrying loses rather than gains. Furthermore, they react less to earnings announcements when capital gains or losses are large (over 20%). Taken together these findings provide support for prospect theory. Institutional investors appear to be less affected by psychological factors underlying prospect theory.
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Conlin, A. (Andrew). "Essays on personality traits and investor behavior." Doctoral thesis, Oulun yliopisto, 2017. http://urn.fi/urn:isbn:9789526216232.

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Abstract This dissertation contributes to the understanding of investor behavior by using personality traits to help explain investor decision-making. The work is novel, as personality traits have not been used much in finance research. The data used in this dissertation is also new to the field, consisting of observations on personality traits and socioeconomic variables combined with official records of investors’ stockholdings. The first essay provides evidence that personality traits significantly affect the stock market participation decision. The essay shows that subscales of traits (i.e., lower-level traits or facets) can provide a better model of behavior, with some subscales of a single higher-level trait having opposite effects on behavior. The novelty seeking subscales exploratory excitability and extravagance have positive and negative effects, respectively, and the reward dependence subscales dependence and sentimentality have positive and negative effects, respectively. The magnitudes of the effects are large, with marginal effects on the probability of being a stock market participant of up to four percentage points. The second essay explores the relationship between personality traits and risk aversion. We estimate risk aversion from equity holdings and from survey measures. The traits display a distinctive pattern of correlations with the estimates of risk aversion. Some traits are significantly related to observed portfolio characteristics such as portfolio volatility, number of stocks held, and trading frequency. The pattern of the traits’ relationships with the various measures of risk aversion indicates that personality traits should not be considered as merely drivers of risk aversion but as preference parameters distinct from risk aversion. The third essay shows that personality traits are related to an investor’s preferences for value versus growth stocks and for small capitalization stocks versus large capitalization stocks. We find more extravagant individuals favor large capitalization growth stocks; more impulsive people favor small capitalization growth stocks; more sentimental investors prefer small capitalization value stocks; and more social investors prefer small capitalization stocks with a tilt towards value
Tiivistelmä Tämä tutkimus auttaa ymmärtämään sijoituskäyttäytymistä selittämällä sijoittajien päätöksentekoa heidän luonteenpiirteillään. Tutkimustuloksilla on uutuusarvoa, sillä luonteenpiirteiden merkitystä ei ole juurikaan tutkittu rahoitustutkimuksessa. Tutkimusaineisto on sekin luonteeltaan tavanomaisesta poikkeava, koostuen yksityishenkilöiden luonteenpiirteitä ja sosioekonomista asemaa kuvaavista muuttujista sekä heidän osakeomistustaan koskevista virallisista rekisteritiedoista. Tutkimuksen ensimmäinen essee osoittaa, että luonteenpiirteillä on merkittävä vaikutus yksityishenkilön päätökseen toimia osakemarkkinoilla. Tutkimustulosten mukaan osallistumispäätöstä kyetään ennustamaan paremmin käyttämällä luonteenpiirteiden pääluokkia mittaavien muuttujien sijasta luonteenpiirteiden alaluokkia mittaavia muuttujia. Tämä selittyy sillä, että alaluokkia mittaavilla muuttujilla on eräissä tapauksissa vastakkaismerkkisiä, pääluokkaa mittaavassa muuttujassa toisensa peittäviä, yhteyksiä osallistumispäätökseen. Tämä voidaan havaita muun muassa pääluokkaan ”elämyshakuisuus” kuuluvien ”kokeilunhalun” (+) ja ”tuhlaavaisuuden” (-) kohdalla, samoin kuin pääluokkaan ”palkkioriippuvuus” kuuvilla ”riippuvuudella” (+) ja ”sentimentaalisuudella” (-). Kaiken kaikkiaan luonteenpirteitä mittaavien muuttujien vaikutuksen suurusluokka on korkea, vastaten yksittäisen muuttujan kohdalla jopa neljän prosentin marginaalivaikutusta osakemarkkinoille osallistumisen todennäköisyyteen. Toinen essee tarkastelee luonteenpiirteiden ja riskinkarttamisen asteen välistä yhteyttä. Tutkimuksessa mitataan yksityishenkilön riskinkarttamisen astetta toisaalta hänen osakeomistuksensa rakenteen perusteella ja toisaalta kyselytutkimuksen avulla. Sijoittajien luonteenpiirteiden ja muodostettujen riskinkarttamisen astetta mittaavien muuttujien väliset korrelaatiot muodostavat selkeän rakenteen. Eräät luonteenpiirteet ovat merkitsevässä riippuvuussuhteessa muun muassa sijoittajan osakesalkun volatiliteettiin, salkkuun sisällytettyjen osakesarjojen määrään ja sijoittajan kaupankäyntiaktiivisuuteen. Luonteenpiirteitä kuvaavien muuttujien ja riskinkarttamisastetta kuvaavien muuttujien välisen yhteyden perusteella luonteenpiirteitä tulisi tarkastella enneminkin erillisinä sijoittajien preferenssejä kuvaavina muuttujina kuin riskinkarttamisasteen taustalla olevina perustekijöinä. Kolmas essee osoittaa, että luonteenpiirteet ovat yhteydessä siihen, suosiiko sijoittaja arvo- vs. kasvuosakkeita ja/tai alhaisen markkina-arvon vs. korkean markkina-arvon yhtiöiden osakkeita. Tutkimustulokset osoittavat, että ”tuhlaavammat” sijoittajat suosivat korkean markkina-arvon omaavia kasvuosakkeita, kun taas ”impulsiivisemmat” sijoittajat suosivat alhaisen markkina-arvon omaavia kasvuosakkeita. Vastaavasti ”sentimentaalisemmat” sijoittajat suosivat ylipäätään alhaisen markkina-arvon omaavia arvo-osakkeita, ”sosiaalisten” sijoittajien suosiessa heidänkin alhaista markkina-arvoa, suunnaten kiinnostustaan samalla arvo-osakkeisiin
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Caffrey, Andrew John. "Essays on investor and mutual fund behavior." Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 2006. http://wwwlib.umi.com/cr/ucsd/fullcit?p3225996.

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Thesis (Ph. D.)--University of California, San Diego, 2006.
Title from first page of PDF file (viewed October 10, 2006). Available via ProQuest Digital Dissertations. Vita. Includes bibliographical references (p. 174-178).
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Ranish, Benjamin Michael. "Essays on Stock Investing and Investor Behavior." Thesis, Harvard University, 2013. http://dissertations.umi.com/gsas.harvard:10848.

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Chapter one shows that US households with high unconditional and cyclical labor income risk are more leveraged and allocate a greater share of their financial assets to stocks. I use self-reported risk preferences to show that rational sorting of risk tolerant workers into risky employment is responsible for this otherwise puzzling result. With risk preferences accounted for, I find evidence that households with greater permanent income variance reduce leverage and stock allocations to an extent consistent with theory. However, household portfolios and employment selection do not respond significantly to any of the other three forms of labor income risk I measure: disaster risk, permanent income cyclicality, and permanent income variance cyclicality. Chapter two reports evidence that individual investors in Indian equities hold better performing portfolios as they become more experienced in the equity market. Experienced investors tilt their portfolios profitably towards value stocks and stocks with low turnover, but these tilts do not fully explain their performance. Experienced investors also tend to have lower turnover and disposition bias. These behaviors, as well as underdiversification, diminish when investors experience poor returns resulting from them, consistent with models of reinforcement learning. Furthermore, Indian stocks held by experienced, well diversified, low-turnover and low-disposition-bias investors deliver higher average returns even controlling for a standard set of stock-level characteristics. Chapter three shows that news reflected by industry stock returns is only gradually incorporated into stock prices in other countries. Information links between cross-border portfolios play a significant role in explaining variation in the speed of this incorporation; responses to industry news are rapid across borders where portfolios share more crosslistings, equity analyst coverage, and a greater common equity investor base. The drift in returns following cross-border industry news has halved in the past 25 years. About half of this change relates to a growth in information links and reductions in expropriations risks facing foreign investors. A simple long-short trading strategy designed to exploit gradual diffusion of industry news across borders appears profitable, but is unlikely to yield returns as high as the 8 to 9 percent annual rate the strategy has returned historically.
Economics
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Arild, Elinor, and Ann Iren Haave. "Investor Behavior in the Norwegian Equity Market." Thesis, Norges teknisk-naturvitenskapelige universitet, Institutt for industriell økonomi og teknologiledelse, 2014. http://urn.kb.se/resolve?urn=urn:nbn:no:ntnu:diva-26158.

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We examine investor behavior in the Norwegian equity market by studying two behavioral finance phenomena: The Disposition Effect and Herd behavior. Both utilize market data from Oslo Stock Exchange. This thesis will contribute to the existing literature on investor behavior by including evidence from Norway, characterized as a developed market. In the disposition effect paper, the methodology employed on the data examines the relationship between volume at a given point in time, and volume that took place in the past at different stock price levels. In the second paper focusing on herd behavior, a model that analyses the relationship between cross-sectional absolute deviations of asset returns and the corresponding market returns is used for the main part, while the final part combines the volume perspective from the disposition effect study with relevant assumptions for detecting herd behavior. The empirical analysis of the disposition effect presents scattered evidence, suggesting that the disposition effect exists to some extent in Norway. In addition, the evidence for tax-loss-selling, representing the opposite prediction of the disposition effect, is limited. Equivalently, by using the cross-sectional approach for detecting herd behavior we find no evidence of herding in the Norwegian market. In addition, no significant signs of herding are found in the investigation of herding through a volume perspective. Our results for the disposition effect and herd behavior in Norway suggests that they are not powerful factors in determining equity returns and volumes in the market, coinciding with similar empirical research on developed markets. This can partly be explained by sufficient access to diverse information and investment opportunities on individual stocks, and partly by the lack of comprehensive empirical models.
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Liu, Yi-Fang. "Investor behavior and impact on market prices." Thesis, Paris 1, 2014. http://www.theses.fr/2014PA010084.

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Comportement de l'investisseur et impact sur les prix du marché
Sir Isaac Newton, who is one of the most influential physicist and mathematician of all time, after he suffered huge losses in tulip market said: “I can calculate the motions of heavenly bodies, but not the madness of people.” Financial markets are full of uncertainties. The movement and volatility in stock prices has been the focus of attention for scholars all the time. Over the last decades, financial markets gain influence both at people’s life and country’s economics as a result of technological advances, financial liberalization, and ongoing international trade. On one hand, participant’s property and investor’s market performance are impacted by price fluctuation. On the other hand, the development of national economic is closely interrelated to the stability of financial markets. In this effect, the understanding of investors’ designing making and how it affect the market price movement is of vital interest to both researchers and economic policy market. Experimental Finance has already become a well-established field, a fact that was recognized by the attribution of the Nobel Prize in Economics to Vernon Smith in 2002 who’s most significant work was concerned with market mechanisms and tests of different auction forms. However so far the major part of experimental work in Finance has considered (including Vernon Smith) human rationality and the ability of markets to find the proper price close to an equilibrium setting. [...]
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Sairafi, Kamran, Karl Selleby, and Thom Ståhl. "Behavioral Finance : The Student Investor." Thesis, Jönköping University, JIBS, Business Administration, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-1500.

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Bachelor thesis within Business Administration

Title: Behavioral Finance – The Student Perspective

Authors: Kamran Sairafi, Karl Selleby, Thom Ståhl

Tutor: Urban Österlund

Date: 2008-05-30

Background: History is full of examples on how humans can create investment

bubbles through speculation; from the Dutch tulip mania to the

Dot Com bubble humans have proven to be capable of creating

economical chaos. Classical economical theories hold the assumption

that individuals act rationally regarding decisions of an

economical nature. Since the information on the stock market is

available to everyone who seeks it, the appearance of investment

bubbles should not be possible. Behavioral finance is an academic

branch which seeks to explore these phenomenons through the

psychological factors affecting humans in investment decisions.

Purpose: The purpose of the report is twofold. Firstly it is to examine the

characteristics of investment interested business students enrolled

at Jönköping International Business School. Secondly it looks into

the decision-making process and choices of the population

from the perspective of behavioral finance.

Method: This research holds an abductive approach and is based on qualitative

data. Data collection was done through an Internet-based

questionnaire containing several different questions on the areas

related to the inquiries. In some cases statistical analysis was conducted

to test for significant correlation between key characteristics.

Results: A statistically proven correlation could be discerned between

trading experience and frequency; for each additional year an individual

engaged in trading the frequency increased. Herd behavior

was detected in a majority of the sample. When faced with a

scenario in which their immediate surrounding opposed their own

analysis of a stock, the greater part of the sample would reconsider

their position. Two main sub-groups were detected. The first

was characterized by its high tolerance of risk; the second subgroup

was characterized by its inconsistency in behavior.

Conclusions: This paper found that the behavior of respondents in the chosen

population was best described as “student behavior”; a somehow

irrational behavior explained by the learning process in which

business students exist.

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Lawrence, Stephen Caleb. "Essays in empirical corporate finance." Thesis, Boston College, 2007. http://hdl.handle.net/2345/591.

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Thesis advisor: Edith Hotchkiss
Chapter one of this dissertation provides new evidence on the existence of dividend clienteles for institutional investors. We directly examine individual institutions' preferences for dividend paying stocks based on the characteristics of stocks held in their portfolio. Many institutions follow persistent investment styles, maintaining relatively high or low dividend yield portfolios over time. Institutions which hold portfolios of higher yielding stocks are significantly more likely to increase their holdings in response to a dividend increase or sell their stock in response to a decrease. For a subset of institutions, we directly observe the proportion of their portfolio managed on behalf of taxable clients. Consistent with tax-induced dividend clienteles, institutions with more taxable clients are less likely to increase their holdings in response to a dividend increase. Finally, we show that stock price reactions to announcements of dividend increases are related to characteristics of the institutions holding the stock. Our results suggest that tax status, as well as other factors are important in explaining observed clientele behavior. Chapter two explores the determinants of heterogeneity in institutional investor portfolio preferences and the relationship between institutions and the clients they serve. I find that the characteristics of an institution's clients and the characteristics of the institution itself are both important determinants of portfolio preferences and trading behavior. Specifically, I find that institutions traditionally subject to prudent investor laws are more likely to invest in high quality stocks, although, institutions sub-managing money for pension funds are less prudent than pension managers themselves. In addition, I find that institutions with taxable clients are likely to avoid unnecessary dividend taxation and turn over their portfolios less frequently. More generally, institutions exhibit systematic shifts in their exposure to common risk factors that may be explained in part by the levels and changes in client composition. While evidence for a causal link between client shifts and institutional preferences is limited to mutual funds, contemporaneous changes in clients and portfolio characteristics suggest that the dynamics of institutional investment are closely related to the nature of the clients served
Thesis (PhD) — Boston College, 2007
Submitted to: Boston College. Carroll School of Management
Discipline: Finance
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Hoffmann, Arvid Oskar Ivar. "Essays on the social dimensions of investor behavior." [S.l. : Groningen : s.n. ; University Library of Groningen] [Host], 2007. http://irs.ub.rug.nl/ppn/304988855.

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Books on the topic "Investor behavior"

1

Baker, H. Kent, and Victor Ricciardi, eds. Investor Behavior. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2014. http://dx.doi.org/10.1002/9781118813454.

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Gelos, Gaston. Transparency and international investor behavior. [Washington, D.C.]: International Monetary Fund, Research Department, 2002.

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Burghardt, Matthias. Retail Investor Sentiment and Behavior. Wiesbaden: Gabler, 2011. http://dx.doi.org/10.1007/978-3-8349-6170-9.

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Molière, Andre. Investor behavior: Patterns and pitfalls. Hauppauge, N.Y: Nova Science Publisher's, 2011.

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Ameriks, John. Emotional intelligence and investor behavior. [Charlottesville, Va.]: Research Foundation of CFA Institute, 2009.

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Gelos, Gaston. Transparency and international investor behavior. Cambridge, MA: National Bureau of Economic Research, 2002.

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Lakonishok, Josef. Investor behavior and the option market. Cambridge, Mass: National Bureau of Economic Research, 2004.

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Lakonishok, Josef. Investor behavior in the option market. Cambridge, MA: National Bureau of Economic Research, 2004.

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Shiller, Robert J. Initial public offerings: Investor behavior and underpricing. Cambridge, MA: National Bureau of Economic Research, 1988.

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Kaustia, Markku. Essays on investor behavior and psychological reference prices. [Helsinki]: Helsinki School of Economics, 2003.

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Book chapters on the topic "Investor behavior"

1

Weiler, Simon. "Investor behavior." In Dynamics of Cross-Border Flow-Performance Relationships, 42–44. Wiesbaden: Springer Fachmedien Wiesbaden, 2014. http://dx.doi.org/10.1007/978-3-658-08154-6_4.

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Szyszka, Adam. "Investor Behavior." In Behavioral Finance and Capital Markets, 61–85. New York: Palgrave Macmillan US, 2013. http://dx.doi.org/10.1057/9781137366290_4.

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Altman, Morris. "Behavioral Economics, Thinking Processes, Decision Making, and Investment Behavior." In Investor Behavior, 43–61. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2014. http://dx.doi.org/10.1002/9781118813454.ch3.

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Baker, H. Kent, and Victor Ricciardi. "Investor Behavior: An Overview." In Investor Behavior, 1–24. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2014. http://dx.doi.org/10.1002/9781118813454.ch1.

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Altfest, Lewis J. "Motivation and Satisfaction." In Investor Behavior, 171–88. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2014. http://dx.doi.org/10.1002/9781118813454.ch10.

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Yeske, Dave, and Elissa Buie. "Policy-Based Financial Planning: Decision Rules for a Changing World." In Investor Behavior, 189–208. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2014. http://dx.doi.org/10.1002/9781118813454.ch11.

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Grable, John E., and Kristy L. Archuleta. "Financial Counseling and Coaching." In Investor Behavior, 209–26. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2014. http://dx.doi.org/10.1002/9781118813454.ch12.

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Goetz, Joseph W., and Jerry E. Gale. "Financial Therapy: De-Biasing and Client Behaviors." In Investor Behavior, 227–44. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2014. http://dx.doi.org/10.1002/9781118813454.ch13.

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Snow, Renée M. "Transpersonal Economics." In Investor Behavior, 245–64. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2014. http://dx.doi.org/10.1002/9781118813454.ch14.

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Fisher, Gregg S. "Advising the Behavioral Investor: Lessons from the Real World." In Investor Behavior, 265–83. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2014. http://dx.doi.org/10.1002/9781118813454.ch15.

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Conference papers on the topic "Investor behavior"

1

Sutrisno, Ferdinandus Yohanes Nugraha, and Putu Anom Mahadwartha. "Ambiguity and inconsistency of investor buying behavior." In Proceedings of the 16th International Symposium on Management (INSYMA 2019). Paris, France: Atlantis Press, 2019. http://dx.doi.org/10.2991/insyma-19.2019.11.

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"Institutional investor shareholdings and corporate financialization behavior." In 2022 2nd International Conference on Management Science and Industrial Economy Development. Clausius Scientific Press Inc., 2022. http://dx.doi.org/10.23977/msied2022.031.

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Yusbardini, Yusbardini, and Khairina Natsir. "Investor Bias Behavior in Investment Decision Making." In Tenth International Conference on Entrepreneurship and Business Management 2021 (ICEBM 2021). Paris, France: Atlantis Press, 2022. http://dx.doi.org/10.2991/aebmr.k.220501.064.

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Zhang, Yanyu, and Qiang Xu. "Investor Sentiment, Information Disclosure and Corporate Investment Behavior." In 2017 International Conference on Economics, Finance and Statistics (ICEFS 2017). Paris, France: Atlantis Press, 2017. http://dx.doi.org/10.2991/icefs-17.2017.7.

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Pagliaro, Cynthia, Dhagash Mehta, Han-Tai Shiao, Shaofei Wang, and Luwei Xiong. "Investor behavior modeling by analyzing financial advisor notes." In ICAIF'21: 2nd ACM International Conference on AI in Finance. New York, NY, USA: ACM, 2021. http://dx.doi.org/10.1145/3490354.3494388.

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XIE, RUOTING. "THE IMPACT OF INVESTOR SENTIMENT ON THE RETURN OF STOCKS—EMPIRICAL ANALYSIS BASED ON THE DCC-GARCH MODEL." In 2021 INTERNATIONAL CONFERENCE ON ADVANCED EDUCATION AND INFORMATION MANAGEMENT (AEIM 2021). Destech Publications, Inc., 2021. http://dx.doi.org/10.12783/dtssehs/aeim2021/35991.

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Abstract. With the gradual inapplicability of the “rational man” and the efficient market hypothesis in the contemporary financial field, modern finance represented by behavioral finance has emerged. Behavioral finance is guided by the study of human psychology and behavior, exploring the internal connections and fluctuations in the financial market. Investor sentiment is often regarded as the most effective data reflected from a human perspective. Therefore, this article selects the monthly data of CICSI Investor Sentiment Index, Shenzhen Component Index, and Shanghai Composite Index logarithmic rate of return from February 2003 to December 2017, and establishes a DCCGARCH model for dynamic correlation analysis as an empirical study Basis, and draw conclusions. After research, it is found that there is a very obvious relationship between the investor sentiment index and the logarithmic return rate of the Chinese main board market. Particularly during periods of high investor sentiment, the negative correlation presented is more significant. Finally, based on the results of the research, this article makes recommendations for behavioral finance research, policy and regulation formulation, financial supervision and investors.
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Malafeyev, Oleg, Irina Zaitseva, Sergey Sychev, Tatiana Smirnova, Anastasia Malova, and Aleksandra Tsybaeva. "Psychological model of the project investor and manager behavior in risk." In PROCEEDINGS OF THE INTERNATIONAL CONFERENCE OF COMPUTATIONAL METHODS IN SCIENCES AND ENGINEERING 2019 (ICCMSE-2019). AIP Publishing, 2019. http://dx.doi.org/10.1063/1.5138093.

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Sun, Wei. "Portfolio Selection Strategies with Investor Psychology and Behavior under Fuzzy Random Environment." In 2015 8th International Symposium on Computational Intelligence and Design (ISCID). IEEE, 2015. http://dx.doi.org/10.1109/iscid.2015.189.

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Shi, Jinyan, Yan Li, and Yanxi Li. "Research on the enterprise investment behavior and economic consequence considering investor sentiment." In 2011 International Conference on Business Management and Electronic Information (BMEI). IEEE, 2011. http://dx.doi.org/10.1109/icbmei.2011.5917052.

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SORROSAL-FORRADELLAS, M. TERESA, M. GLÒRIA BARBERÀ-MARINÉ, LISANA B. MARTINEZ, and MARÍA-JOSÉ GARBAJOSA-CABELLO. "MEMORY IN FINANCIAL TIME SERIES: FROM INVESTOR BEHAVIOR TO ARTIFICIAL NEURAL NETWORKS." In Proceedings of the XVII SIGEF Congress. WORLD SCIENTIFIC, 2012. http://dx.doi.org/10.1142/9789814415774_0022.

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Reports on the topic "Investor behavior"

1

Gelos, R. Gaston, and Shang-Jin Wei. Transparency and International Investor Behavior. Cambridge, MA: National Bureau of Economic Research, October 2002. http://dx.doi.org/10.3386/w9260.

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Han, Bing, David Hirshleifer, and Johan Walden. Social Transmission Bias and Investor Behavior. Cambridge, MA: National Bureau of Economic Research, February 2018. http://dx.doi.org/10.3386/w24281.

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Lakonishok, Josef, Inmoo Lee, and Allen Poteshman. Investor Behavior in the Option Market. Cambridge, MA: National Bureau of Economic Research, February 2004. http://dx.doi.org/10.3386/w10264.

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Friedman, Benjamin, and V. Vance Roley. Aspects of Investor Behavior Under Risk. Cambridge, MA: National Bureau of Economic Research, April 1985. http://dx.doi.org/10.3386/w1611.

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Shiller, Robert. Initial Public Offerings: Investor Behavior and Underpricing. Cambridge, MA: National Bureau of Economic Research, December 1988. http://dx.doi.org/10.3386/w2806.

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Shiller, Robert. Investor Behavior in the October 1987 Stock Market Crash: Survey Evidence. Cambridge, MA: National Bureau of Economic Research, November 1987. http://dx.doi.org/10.3386/w2446.

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Barberis, Nicholas, and Lawrence Jin. Model-free and Model-based Learning as Joint Drivers of Investor Behavior. Cambridge, MA: National Bureau of Economic Research, March 2023. http://dx.doi.org/10.3386/w31081.

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Gamboa-Estrada, Fredy, and Andrés Sánchez-Jabba. The Effects of Foreign Investor Composition on Colombia´s Sovereign Debt Flows. Banco de la República Colombia, December 2022. http://dx.doi.org/10.32468/be.1222.

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Assessing the composition of sovereign debt holders is important because investors’ behavior varies according to distinctive components, including shareholders’ preferences, regulatory constraints, and profitability mandates. To study this issue, we examine the determinants of offshore investments of mutual funds and pension funds, which concentrate Colombia’s outstanding sovereign debt. Our results indicate that mutual funds exhibit considerable sensitivity to shocks in global factors, such as the Federal Funds Rate, sovereign risk, and the composition of financial indices. This contrasts with findings among pension funds, for which we detected no statistically significant effects when examining these factors, underlining the differences in foreign investor behavior that could impact sovereign debt flows within emerging markets.
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Choi, James, David Laibson, and Andrew Metrick. Does the Internet Increase Trading? Evidence from Investor Behavior in 401(k) Plans. Cambridge, MA: National Bureau of Economic Research, September 2000. http://dx.doi.org/10.3386/w7878.

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Calomiris, Charles, Mauricio Larrain, Sergio Schmukler, and Tomas Williams. Search for Yield in Large International Corporate Bonds: Investor Behavior and Firm Responses. Cambridge, MA: National Bureau of Economic Research, June 2019. http://dx.doi.org/10.3386/w25979.

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