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Goh, Chin Fei, and Karen Tay. "Stock Investors’ Confidence on Low-Cost and Traditional Airlines in Asia During Financial Crisis 2007-2009 : Evidence from Air Asia and Singapore Airlines." Thesis, Blekinge Tekniska Högskola, Sektionen för management, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-2651.
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The birth of low-cost carriers (LCC) in recent years, have added a new dimension to the aviation business, especially in Asia. There have been several success stories of these LCCs, compared with conventional full-serviced carriers. Two renowned airlines in Asia, Air Asia and Singapore Airlines have been chosen as our sample companies for the purpose of this research paper. Air Asia will represent the LCC segment, while Singapore Airlines is the proxy for traditional carriers. These two classes of airlines have different business models, which prompt us to find out how each has performed in the recent financial meltdown in 2007/08. In this paper, we will use financial ratios and stock analysis to find out the performance of Air Asia and Singapore Airlines. This quantitative and event methodology approach is apt to provide market participants, such as investors, which segment of the airline industry tend to outperform in time of an economic crisis. Based on our empirical findings, we have found that Air Asia has a better financial performance and is a less risky stock, compared with Singapore Airlines, during such economic downturn. So investors seeking for a more sound investment in such troubled times, may be able to find some gem in LCCs.
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Stenseth, Pauline, and Ida Albåge. "En kartläggning av den kvinnliga riskprofilen : Vilka faktorer influerar kvinnors risktagande vid finansiella beslut?" Thesis, Linköpings universitet, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-148948.
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Bakgrund: Tidigare forskning har visat att det finns en signifikant könsskillnad gällande finansiellt risktagande, där kvinnor generellt sett har visat sig vara mindre risktagande än män. Dessutom visar teorier att en investerares risktagande bland annat varierar beroende på dennes tidigare erfarenheter samt en mängd olika karaktärsdrag. Samtidigt har tidigare studier funnit samband mellan olika variabler, så som finansiell förmåga samt övertro på sin egen förmåga, och nivå av risktagande. Idag äger kvinnor bara en tredjedel av hushållens totala aktier i Sverige men enligt Nordnets försäljningssiffror från januari 2017 har antalet kvinnliga aktieägare ökat i en snabbare takt än antalet manliga aktieägare under samma period, vilket vittnar om ett ökat kvinnligt intresse för investeringar. Syfte: Syftet med uppsatsen är att undersöka huruvida det finns något samband mellan faktorerna bakgrund, finansiell förmåga, övertro samt investeringsvana och kvinnors riskprofiler vid investeringsbeslut av finansiell karaktär. Vidare ämnar studien analysera den erhållna empirin i relation till tidigare studier inom området, för att öka förståelsen för vad som styr kvinnligt risktagande. Genomförande: Studien genomfördes via en kvantitativ forskningsmetod, där empirisk data samlades in genom en enkätundersökning som besvarades av totalt 487 kvinnor. Insamlad data analyserades via en multipel regressionsanalys i SPSS, varpå utfallet jämfördes med tidigare forskning. Slutsats: Studiens resultat visade att civilstånd, övertro, investeringsvana och finansiell förmåga har en signifikant inverkan på vilken riskprofil en kvinnlig investerare har. De tre förstnämnda förhåller sig positivt till risktagande, där en ökning i variablerna leder till ett större risktagande. Utfallet visade däremot att en ökning i finansiell förmåga leder till ett lägre risktagande, vilket gick emot tidigare forskning. Studien har således genererat både empiriskt stöd inom området och nytt bidrag kring vad som styr kvinnligt risktagande.<br>Background: Previous studies, within the field of behavioural finance and women ́s risk- taking, have all recognized the gender difference when evaluating risk in financial decision- making. In general, women investors tend to be more risk-averse than men, and gender differences seem to be influenced by many aspects and investor-characteristics. Earlier studies have validated the correlation between risk-taking and financial literacy and over- confidence. According to statistical data from Nordnet (2017), the number of women stock- market participants have grown in a faster pace compared to male investors, under the same period. This states that interest for investing have become a popular theme among women. Purpose: The purpose of this study is to investigate whether the factors background, financial literacy, over-confidence and investing experience can explain the risk profile of a woman financial investor. Based on the empirical results, the authors intended to analyze the output in relation to reference studies, in order to deepen the understanding and knowledge of which factors influence women ́s risk-taking in financial decision-making. Completion: The study was conducted by a quantitative method, where the empirical data was collected through a survey with a total of 487 respondents. The data was then analysed in the statistical program SPSS, using a multiple regression analysis, upon which the results were compared to previous studies. Conclusion: The results of the study disclosed that the variables of civil status, over- confidence, investing experience and financial literacy all validated a significant correlation with the risk profile of a female investor. Based on the statistical outcome, civil status, over- confidence and investing experience, demonstrated a positive correlation with the women ́s risk profile. Contrariwise, the output of financial literacy revealed a negative correlation, in which a high financial literacy determines a lower risk-taking. The empirical results can support earlier reference studies, in addition to a contribution of what influence women ́s risk profile in financial decision-making.
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Vieira, Thaís Roberta Correa. "Finanças comportamentais : um estudo sobre o perfil do investidor, o efeito aversão a extremos e o grau de confiança nas decisões de investimentos." Universidade Federal do Espírito Santo, 2012. http://repositorio.ufes.br/handle/10/5647.
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Previous issue date: 2012-07-03<br>Coordenação de Aperfeiçoamento de Pessoal de Nível Superior<br>The classical economic theory assumes that people make decisions through rational processes, particularly in the sense that they are coherent and consistent. However, many experimental studies indicate violations of this assumption. Two factors that lead to these violations are Overconfidence and Aversion to extremes, this is the preference of intermediate choices, avoiding extreme options. These factors commonly induce investors to make decisions that generate further frustration. The financial crisis of 2008, where there was a large depreciation of various assets, also showed that many people chose not coherent with their investment profile. So in 2010, the Brazilian Association of Financial and Capital Markets (ANBIMA) determined that the institutions that sell mutual funds must make an evaluation Investor Profile (API) so that investors are advised to make investments consistent with your profile. This study aimed to verify the score resulting from the API and the Degree of Confidence in investment decisions make people more susceptible to the effect Aversion Extremes. To fulfill this objective, a questionnaire was administered to 112 undergraduates courses in Administration, Accounting and Economics from the Federal University of Espírito Santo. Based on the theoretical framework were outlined eight chances. The first hypothesis aims to Analysis of Investor Profile and Degree of Confidence in investment decisions make people more susceptible to the effect Aversion Extremes. The other hypotheses identify the relationships between gender, degree of confidence, the API and Investment Decisions. Additionally, characteristics of which were verified Investor Profile make individuals more likely to effect Aversion Extremes. The main conclusion of this study is the first hypothesis, whose tests reveal that the higher the API more likely occur in the end, while the Degree of Confidence in Investment Decisions not increase susceptibility to extreme aversion<br>A teoria econômica clássica assume que as pessoas tomam decisões por meio de processos racionais, particularmente no sentido de que são coerentes e consistentes. Contudo, muitos estudos experimentais apontam violações dessa premissa. Dois fatores que levam a essas violações são o Excesso de Confiança e a Aversão a Extremos, que consiste na preferência de escolhas intermediárias, evitando opções extremas. Esses fatores comumente induzem os investidores a tomar decisões que geram posterior frustração. A crise financeira internacional de 2008, na qual houve grande desvalorização de vários ativos, também evidenciou que muitas pessoas optaram por investimentos pouco condizentes com seu perfil de risco. Por isso, em 2010, a Associação Brasileira das Entidades do Mercado Financeiro e de Capitais (ANBIMA) determinou que as instituições que vendem fundos de investimentos devem fazer uma Avaliação do Perfil do Investidor (API) para que os investidores sejam orientados a fazer investimentos condizentes com o seu perfil. Esta pesquisa buscou verificar se a pontuação resultante da Avaliação do Perfil do Investidor e o seu Grau de Confiança nas decisões de investimentos tornam esses investidores mais suscetíveis ao efeito Aversão a Extremos. Para cumprir esse objetivo, foi aplicado um questionário a 112 alunos de graduação dos cursos de Administração, Ciências Contábeis e Ciências Econômicas da Universidade Federal do Espírito Santo. Com base no referencial teórico, foram delineadas oito hipóteses. A primeira hipótese verifica se a Análise do Perfil do Investidor e o Grau de Confiança nas decisões de investimentos tornam as pessoas mais suscetíveis ao efeito Aversão a Extremos. As demais hipóteses identificam as relações entre o gênero, o Grau de Confiança, a API e as Decisões de Investimentos. Adicionalmente, foram verificadas quais características do Perfil do Investidor tornam os indivíduos mais propensos ao efeito Aversão a Extremos. A principal conclusão deste estudo reside na primeira hipótese, cujos testes revelam que quanto maior a pontuação na API maior a probabilidade de ocorrer o efeito Aversão a Extremos, enquanto o Grau de Confiança nas Decisões de Investimento não aumentou a suscetibilidade à Aversão a Extremos
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Modifica, Cristina. "Post sarbannes-oxley betas has investor confidence returned ? /." Staten Island, N.Y. : [s.n.], 2007. http://library.wagner.edu/theses/business/2007/thesis_bus_2007_modif_post.pdf.
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Jubb, Christine A. "Choosing an auditor : corporate governance, interpersonal associations and investor confidence /." Connect to thesis, 2000. http://eprints.unimelb.edu.au/archive/00000383.
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Argyros, Robert. "The power of investor sentiment: an analysis of the impact of investor confidence on South African financial markets." Thesis, Rhodes University, 2013. http://hdl.handle.net/10962/d1004169.
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Whether investor sentiment has any authority over financial markets has long been a topic of discussion in the field of finance. This study investigates the relationship between investor sentiment and share returns in South Africa. Determining this relationship will add to the existing work which has documented important determinants of share returns on the stock exchange in South Africa, as well adding to the inconclusive link between sentiment and the South African financial markets. Does sentiment influence share returns or do share returns influence sentiment? Using quarterly data for the period 1996-2010, the study makes use of the FNB/BER Consumer Confidence Index as a proxy for investor sentiment, and the FTSE/JSE All Share Index to represent the South African financial markets. A regression analysis was conducted along with granger-causality tests, impulse response functions and variance decompositions in order to determine the nature of this relationship. The results showed that investor sentiment has a statistically significant relationship with share returns in South Africa. However, sentiment is only able to account for a very small portion of the variation in returns, with returns able to account for a larger portion of the variation in sentiment. Therefore investor sentiment is not a suitable predictor of share returns in South Africa. In addition, granger-causality tests indicate that returns are actually the leading indicator, suggesting that changes in South African investors’ confidence levels occur following changes in the state of the JSE. The limitations of the study include the infrequent nature of the sentiment measure used, thereby failing to capture important changes in sentiment and their immediate impact on financial markets. In addition, the sentiment of foreign investors must be taken into account due to the large foreign investment in the JSE.
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Kosaiyakanont, Amonlaya. "The influence of corporate disclosure on investor confidence in Thai listed companies." Thesis, University of Southampton, 2011. https://eprints.soton.ac.uk/191317/.
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The thesis is a study of corporate disclosure and stock market liquidity in Thailand. It uses a two-phase exploratory design in which the results from the qualitative method phase of the study are used to inform the quantitative method phase. The qualitative phase of the study aims to gain an understanding of corporate disclosure and the sources of information used of by financial analysts and the fund managers in Thailand. Specifically, it explores the use financial analysts and fund managers make of different sources and channels of communication, and their views on the purpose and the quality of disclosure and of the reasons why companies may choose to disclose information voluntarily. It also explores financial analysts’ and fund managers’ perceptions about the value of the audit report. The qualitative study is based upon interviews with financial analysts and fund managers working in Thailand and uses grounded theory to analyse the interview material. The quantitative phase of the study examines the relationship between the voluntary information disclosure by Thai listed companies and stock market liquidity. In particular, it examines the relationship between stock market liquidity and: (i) categories of information disclosure; and (ii) channels of information disclosure. It also examines the relationship between information disclosure and: (i) audit firm size, and (ii) analyst following. Disclosure is measured in two ways: first using ratings by financial analysts and fund managers of companies’ public and private disclosures and second by means of a disclosure index. Stock market liquidity is measured using information obtained from the Stock Exchange of Thailand ‘SET Market Analysis and Reporting Tool’ database. The empirical results show strong evidence to indicate that disclosing more voluntary information, particularly through public disclosure, reduces information asymmetry, improves investor confidence and enhances the stock market liquidity. In addition to the results of the primarily investigation, this study also finds that there is a significant and positive relationship between the audit firm size and the level of voluntary information disclosure. Moreover, the results report that not all sections of information disclosure are related to the size of analyst following
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Rodman, Michael. "The reinstatement of investor confidence through section 404 of the Sarbanes-Oxley Act /." Staten Island, N.Y. : [s.n.], 2005. http://library.wagner.edu/theses/business/2005/thesis_bus_2005_rodma_reins.pdf.
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DE, LA PAZ GIAN CARLO, and SVEN STECK. "IFRS 7: Disclosure of Financial Instruments Do European banks comply with the new standard in terms of credit risk and risk management?" Thesis, Karlstads universitet, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-7944.
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With the increasing complexity of banking operations, the demand for extensive disclosure has advanced over the years. In 2007, the International Accounting Standards Board (IASB) has consolidated and expanded disclosure requirements related to financial instruments in IFRS7. Arguably, the adoption of IFRS7 in Europe was met with substantial differences in implementation among countries. Moreover, IFRS7 was launched a few months before the global financial crisis hit Europe. This study examines the level of disclosure according to IFRS7 of 12 banks spread across Europe using their annual accounts from 2007-2010. The banks were chosen on the basis of their market capitalization by the end of 2007. A disclosure index based on IFRS7 was created for this study to evaluate the level of disclosure of the banks. After examining the disclosure level, this paper analyzes if there is a correlation between compliance on disclosure index and bank performance as measured by the Total Shareholder Return. This study aims to find out if a high compliance significantly affects performance in terms of TSR and if it helped banks weather the global financial crisis. The background part provides a broad perspective on disclosure, financial reporting, accounting standards, and IFRS7. It also provides a situation on bank run, and on the recent financial crisis. With the use of secondary data from published accounts of banks, the empirical study presents the disclosure level of banks and TSR performance. The findings suggest that most banks have a selective compliance and moderate fulfillmenton disclosure obligations. Inadequacy is particularly seen in areas where additional disclosure is required by using the implementation guidance of IFRS7. The correlation between compliance and performance is seen to be very minimal which suggests that a high disclosure during a financial crisis does not help prevent huge financial losses.
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Shahid, Muhammad Sadiq. "Investor confidence, macroeconomic forces and the performance of stock market : an empirical investigation of the Pakistan stock market." Thesis, Middlesex University, 2015. http://eprints.mdx.ac.uk/18506/.
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This study investigates investor confidence and the macroeconomic factors contributing to the Stock market performance in Pakistan during the period 1997- 2012. We find that: (1) Macro economic variables play an important role in explaining stock market performance in Pakistan. (2) The effects of macroeconomic variables on the stock market performance across different sectors, different firm sizes, and different risk portfolios are somewhat different. (3) Historical stock return volatility significantly influences the current stock market volatility; and historical volatility shocks drive volatility changes in all sectors of the stock market. (4) Investor sentiment exhibits explanatory power in capturing financial market anomalies such as the size, sector momentum effect and betas of the firm. Particularly, there is a positive association between investor confidence and stock returns, and the majority of variations in stock returns are explained by the investor sentiment index. (5) The sensitivities of the stock market performance are different across different industries. (6) The findings also indicate that risky portfolio returns are more sensitive to the investor confidence, and vice versa. (7) Similarly, the large firms are less sensitive, where small firms are highly sensitive to the investors’ confidence. The findings let us to conclude that high risk firms and small firms are hard-to-arbitrage. Our findings facilitate policy-makers and practitioners to understand the importance of investor sentiment and take remedial measures to build confidence among investors.
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Kipp, Peter. "The Effect of Expanded Audit Report Disclosures on Users’ Confidence in the Audit and the Financial Statements." Scholar Commons, 2017. http://scholarcommons.usf.edu/etd/6718.
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I investigate how nonprofessional investors’ confidence in the financial statements and the audit report is influenced by the firm specific details of a critical audit matter (CAM) disclosure in conjunction with the description of the audit procedures engaged to address the CAM in the audit report. Using participants recruited from Amazon Mechanical Turk as a proxy for nonprofessional investors in a 2x2 +1 (control) between-participants experiment manipulating CAM disclosure detail (Detailed/Generic) and the description of the audit procedures engaged to address the CAM (Detail/Generic) I find that greater detail in the description of the CAM results in higher confidence in the accuracy and reliability of the financial statements than a generic description of the CAM, consistent with boundary condition of Support Theory. Further, I find that greater detail in the description of the related audit procedures engaged to address the CAM increases nonprofessional investors’ perceptions of audit quality. Evidence of an effect of CAM and audit procedure disclosure language on investment judgments is also presented. These results have implications for researchers, practitioners, and regulators to carefully consider the language used to disclose CAMs in the auditor’s report.
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Buchanan, John. "Corporate Governance and the Shareholder: Asymmetry, Confidence, and Decision-Making." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/3751.
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In the decade following the ten-plus percent stockmarket collapse of 2000, regulators enacted a myriad of regulations in response to increasing angst experienced by U.S. capital market retail investors. Systemic asymmetric disclosures have fractured investor confidence prompting many commentators to characterize the relationship between Wall Street and the investment community on main street as dire. Though copious works exist on the phenomenon of corporate behaviors, especially matters of shareholder welfare, weak boards, pervious governance mechanisms, and managerial excess, current literature has revealed a dearth in corporate governance praxis specific to the question and effects of asymmetric disseminations and its principal impact on the retail/noninstitutional accredited investor's (NIAI) confidence and decision-making propensities. This phenomenological study is purposed to bridging the gap between the effects of governance disclosure and the confidence and decision-making inclinations of NIAIs. Conceptual frameworks of Akerlof's information theory and Verstegen Ryan and Buchholtz's trust/risk decision making model undergirded the study. A nonrandom purposive sampling method was used to select 21 NIAI informants. Analysis of interview data revealed epistemological patterns/themes confirming the deleterious effects of asymmetrical disseminations on participants' investment decision-making and trust behaviors. Findings may help academicians, investors, policy makers, and practitioners better comprehend the phenomenon and possibly contribute to operating efficiencies in the capital markets. Proaction and greater assertiveness in the investor/activist community may provide an impetus for continued regulatory reforms, improved transparency, and a revitalization of public trust as positive social change outcomes.
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Bucher, Ralf. "Strategic risk management for tidal current and wave power projects." Thesis, University of Edinburgh, 2018. http://hdl.handle.net/1842/31297.
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Tidal current and wave power, as emerging forms of renewable generation, represent innovations that are confronted by significant technological and financial challenges. Currently, the marine energy sector finds itself in a decisive transition phase having developed full-scale technology demonstrators but still lacking proof of the concept in a commercial project environment. After the decades-long development process with larger than expected setbacks and delays, investors are discouraged because of high capital requirements and the uncertainty of future revenues. Although ideas for improving the investment climate can be found, there is a lack of well-founded arguments and coordinated strategies to work towards a breakthrough in the marine energy market. The objective of this research is to provide stakeholder-specific prioritised strategy options for de-risking the commercialisation of tidal current and wave power technologies. A key principle applied is to integrate a wide knowledge spectrum comprising the technology, policy and financing sectors and to compile the information in a holistic and transparent manner. To gain a broad understanding of the characteristics of presently ongoing marine energy activities and the correlated strategic planning, a comprehensive survey was conducted. Based on this multidisciplinary attempt, an all-encompassing appraisal was possible by avoiding over-concentration on stakeholder-specific views or interests. System dynamics modelling was employed to develop a series of cause-effect relationship diagrams of the key interactions and correlations in the field. It was revealed that the circular relationship between two major risks for array-scale projects - reliability and funding - requires coordinated action to overcome. As funding is necessary for improving system reliability (and vice-versa), showcasing 'array-scale success' was identified as the game-changing milestone towards commercial generation. Furthermore, it was found that a number of comparably competent manufacturing firms is required to implement major marine energy projects. This would result from fostering a multi-company market breakthrough concept, based on intensified knowledge sharing and trustful collaborative interaction between competitors. Additionally, effective separation of complexity into 'detail' and 'dynamically complex' constituents was found to be fundamental for identifying long-term, effective solutions. It is decisive to accept this primary classification, as measures appropriately applied on one type of complexity can be counterproductive if applied on the other. Most of the available planning tools and analytical methods do not address the management of dynamic complexity, necessary in innovative environments where flexibility and tolerance of vagueness are indispensable. Successful application of several strategies to deal with both types of complexity in comparable innovation-driven environments was considered suitable for de-risking the commercialisation of marine energy. The challenges for strategy-finding in a demandingly complex and increasingly dynamic environment are addressed in this research by exploiting a case-specific expert knowledge database. The structured information compression and subsequent strategy-finding process is realised based on calculated rankings of impact factors by systems dynamics software and substantiated by representative interview statements. The analysis makes use of multi-level expert knowledge and the application of a control-loop-based methods. The systems approach as applied in this research comprises the combination of interview-based (bottom-up learning) processes and the application of prioritised strategy options in the form of concerted management action (top-down planning). The approach of processing multi-level interview data by system dynamics modelling represents a powerful method to detect and assess ongoing developments and thus to advance strategy-finding. The systematic and unbiased approach to identify the top-level drivers for commercialising marine energy supports the long-term creation of investor confidence, based on a concept of transparency and credibility.
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Mungai, Ruguru. "Using Efficient Market Theory and Behavioral Finance Theory to Investigate the Impact of Investor Confidence: Lessons from Global Financial Crises." University of the Western Cape, 2019. http://hdl.handle.net/11394/7600.
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Magister Commercii - MCom<br>The drastic decline in stock prices on the 24th October 1929 sent a frantic wave of panic across the
US. Merely a century later, on the 29th September 2008 another financial crisis hit the globe - this
time leaving most countries devastated. The main objective of this study is twofold: 1) to determine
whether leading indicators have sufficient predictive capacity to predict global financial crises;
and 2) to use the Efficient Market Theory (EMT) and/ or Behavioural Finance Theory (BFT) as a
means of developing a theory explaining the potential impact bad public announcements had on
the level of investor confidence before the 1929 Great Depression and the 2008 Global Financial
Crisis. This study was not only designed to qualitatively conceptualise the notion of the term
“investor confidence” whilst drawing special attention to its frailty using the 1929 Great
Depression and the 2008 Global Financial Crisis, but also assist governments, reserve banks and
key institutions to develop effective strategies of mitigating the effects of the latter financial crisis
as well as provide guidance on how another financial crisis can be prevented. This study extracted
bad public announcements from 40 books and 60 journal articles using 6 NBER-based leading
economic indicators (LEI) and 4 systematic risk-based leading non-economic indicators (LNEI)
in order to: 1) qualitatively assess the extent to which leading indicators can be used to predict
global financial crises 3 – 8 months in advance; and 2) use the EMT and/ or BFT to provide an
explanation concerning the potential impact that bad public announcements had on the level of
investor confidence before the 1929 Great Depression and the 2008 Global Financial Crisis.
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Sequeira, Elizabetth da Costa. "Os indicadores de confiança, o sentimento do investidor e o mercado de capitais português." Master's thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/3191.
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Mestrado em Finanças<br>Este estudo tem como objectivo encontrar uma medida do sentimento do investidor individual português, utilizando como proxy a confiança do consumidor, tal como alguns estudos das finanças comportamentais sugerem. Primeiro, efectuamos uma comparação entre a confiança do consumidor da Comissão Europeia (CE) e do Instituto Nacional de Estatística (INE) com o índice de confiança dos economistas do Instituto Superior de Economia e Gestão (ISEG), relacionando em seguida estes três indicadores com o mercado de capitais português (PSI-20). Os resultados sugerem uma maior relação do indicador de confiança da CE com o PSI-20. Posteriormente, separamos este indicador de confiança em duas componentes. Uma relacionada com os fundamentos económicos e outra que denominamos como a nossa medida do sentimento do investidor individual português. Os resultados mostram que, apenas as variações do mercado de capitais português influenciam o sentimento do investidor, sugerindo que a medida por nós utilizada para o sentimento do investidor parece não ser uma medida óptima para captar as ondas de optimismo e pessimismo verificadas no mercado de capitais português.<br>The purpose of this study is to find a measure of the Portuguese individual investor sentiment using the consumer confidence as a proxy, as some of the behavior finance literature suggest. First we analyzed if the consumer confidence index of the European Commission (EC) and the one from the Portuguese National Institute of Statistics (INE) were different from the economist's confidence index of the School of Economics and Management (ISEG) and we also studied the relationship between those three indexes and the Portuguese stock market index (PSI-20). We found evidence that the consumer confidence index of EC is the one that has the strongest relationship with PSI-20. Then we split this index into two components. One related to economic fundamentals and the other we called our measure of Portuguese individual investor sentiment. The results show that only the stock market has an influence in the investor sentiment, suggesting that our measure of sentiment is not the best measure to forecast the waves of investor optimism and pessimism in Portugal.
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許賀傑. "The Relationship between Institution Investor Confidence and Stock Return." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/91867717055916725062.
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SHARMA, AKANSHA. "EFFECT OF INVESTOR CONFIDENCE AND MACROECONOMIC POLICIES ON STOCK RETURNS." Thesis, 2015. http://dspace.dtu.ac.in:8080/jspui/handle/repository/17384.
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Through this study it has been tried to explore that how the stock return get affected by the
investor confidence and the various macroeconomic variables.
For this we have tried to establish a relationship to seek how these variables like WPI
inflation data, Dollar-rupee exchange rate, 24 carats one ounce gold prices and Brent crude
oil prices affect the pillars of market. The data has been collected for the period 2000-2013
For the same BSE-500 index values are taken for stock prices. The values of call and put
options are taken for investor confidence.
After collecting the data, an analysis of the same has been done with the help of regression model to find that : (1) Macro-economic variables influence the stock prices. (2) Gold Prices have inverse relationship with stock prices. (3) Crude oil prices have positive relationship with stock prices. (4) Investor confidence has positive relation with stock prices. Different hypothesis have been set to validate the above mentioned variables.
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Tsai, Min-Chiao, and 蔡旻橋. "Nowcasting Consumer Confidence Index: Taiwan e-investor Sentiment and Google Trends." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/24817030100573747641.
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碩士<br>世新大學<br>財務金融學研究所(含碩專班)<br>102<br>The study establishes a model to nowcast Consumer Confidence Index by using Taiwan e-investor sentiment index and Google Trends searching volume. The nowcasting model is expecting to utilize the latest data in detecting and responding instant events rapidly in real time. The study uses Autoregressive Integrated Moving Average model (ARIMA) and Bridge Equation to establish the forecasting model. Furthermore, RMSE and DM test are used to evaluate the efficiency and performance of the model.
The results indicate that Taiwan e-investor sentiment index has an information value in predicting the Consumer Confidence Index. When a new indicator, Google Trends, is incorporate into our forecasting model, showing a significant forecast improvement. It's interesting to notice that the first week of data which Taiwan e-investor sentiment index and Google Trends search index announced in the first week of the month can predict the Consumer Confidence Index in the last of the month exactly. That is, we can predict CCI at an early month in average about 24 days ahead of CCI announcement at the end of the month. This is an advantage of nowcasting and is also a breakthrough for predicting CCI.
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Bosman, Liaan. "The relationship between mineral resource reporting, shareholder value and investor confidence." Diss., 2013. http://hdl.handle.net/2263/40656.
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Mineral resources are the most important asset of a mining company and form the basis of its economic value. The communication of mineral resource estimates is essential for investors to make informed decisions. International reporting standards have been developed to improve the governance of mineral resources and to ensure that the information is communicated in such a way that it could be understood by interested stakeholders. In spite of this, many users still do not fully understand its potential impact on shareholder value and investor confidence. The basis of this study was to explore the relationship between mineral resource reporting, shareholder value and investor confidence.
This study was exploratory in nature and followed a quantitative research design. It was conducted on data from mining companies listed in Australia, Canada, England and South Africa. The time period selected was after the perceived end of the global financial crisis. Multiple linear regression and independent t-test analyses were employed to explore the relationship between mineral resource reporting, shareholder value and investor confidence.
This study found a significant relationship between mineral resource reporting and shareholder value for gold, non-gold and small-cap companies. The results further revealed a significant relationship between mineral resource reporting and investor confidence for large-cap companies. It further confirmed that mineral resource reporting is value relevant and found that the information contained therein is not consistently interpreted when compared to published research. Several new interpretations of mineral resource reporting information were identified as being statistically significant.<br>Dissertation (MBA)--University of Pretoria, 2013.<br>lmgibs2014<br>Gordon Institute of Business Science (GIBS)<br>MBA<br>Unrestricted
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Hung-Lin, Chen, and 陳虹霖. "Studies of Mutual Fund Investors'' Over-confident Behavior in Taiwan." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/09709392360137180625.
Full textAbstract:
碩士<br>國立臺灣大學<br>財務金融學研究所<br>90<br>This paper uses the account data for 13,377 households from a famous asset management company in Taiwan, developing the investment behavior structure of mutual fund investors. Specifically, we hope to test whether overconfidence can explain high trading levels and the resulting poor performance of individual investors. Empirical results show there’s no tendency for investors to be overconfident. However, people who have lowest turnover rate earn more and the second are those who trade most excessively. We can conclude that the better policy for mutual fund investment is to buy and hold or to invest in dollar cost averaging method.
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Wang, Wenzhao, C. Su, and D. Duxberry. "Investor Sentiment and Stock Returns: Global Evidence." 2021. http://hdl.handle.net/10454/18584.
Full textAbstract:
Yes<br>We assess the impact of investor sentiment on future stock returns in 50 global stock markets. Using the consumer confidence index (CCI) as the sentiment proxy, we document a negative relationship between investor sentiment and future stock returns at the global level. While the separation between developed and emerging markets does not disrupt the negative pattern, investor sentiment has a more instant impact in emerging markets, but a more enduring impact in developed markets. Individual stock markets reveal heterogeneity in the sentiment-return relationship. This heterogeneity can be explained by cross-market differences in culture and institutions, along with intelligence and education, to varying degrees influenced by the extent of individual investor market participation.<br>The full-text of this article will be released for public view at the end of the publisher embargo on 19 Jan 2023.
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Ping, Chi-Cheng, and 平其正. "Taiwan e-investor Sentiment and Nowcast of Consumer Confidence Index in Real Time." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/49823084816919000326.
Full textAbstract:
碩士<br>世新大學<br>財務金融學研究所(含碩專班)<br>102<br>The study takes the Current Quarter Model (CQM) proposed by Peng Su-Ling and Chou Ji (2001) as reference to establish Current Monthly Model（CMM）. The relatively high-frequency sentiment index of Taiwanese e-investors (weekly data) is adopted to achieve the current prediction of consumer confidence index (CCI) of the National Central University (monthly data). By using weekly-published features of sentiment index, the two roles of instantaneity and advantages of enriching traditional data are analyzed; based on the mode automation, current prediction is conducted through historical data and current data which are updated in real time. Moreover, CMM and CCI are used to eliminate government and domestic think-tank’s lack on the prediction of CCI. Next, this study contributes to literature by establishing weekly forecasting model.
Research results find that the high-frequency data, CMM, has fully employed the latest prospect and industrial information which are currently obtained, sufficiently utilizing the function of detecting incidents timely and responding rapidly and grasping prospect shift in real time. Besides, the establishment of the model can include the latest information every week to adjust and amend the prediction results dynamically which provides prediction references for related government authorities and research institutions.
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Huang, Yu-Ting, and 黃鈺婷. "A Study on Investor’s Personality Trait and Over-confidence Behavior: The Case of Taiwan Stock Market." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/2vuw54.
Full textAbstract:
碩士<br>國立臺北科技大學<br>經營管理系碩士班<br>100<br>Previous behavioral finance studies focused on the psychological biases of investors’ behaviors in different financial markets, and only few literatures explored the classifications of the different types of personality traits. The main purpose of this study is to examine whether investors have different overconfidence tendency among different types of personality traits and personal backgrounds, and whether those differences could affect the investors’ trading behaviors.
This study uses questionnaire survey which combines “overconfidence” with two types of personality traits: Locus of Control and Risk Taking. Moreover, we use the trading details which the school organized by “virtual investment competition” and employ several statistics models (i.e. descriptive analysis, reliability and validity analysis, nonparametric statistics, canonical correlation and GMM) to investigate the relationship between investors’ psychological status, personal background and trading behaviors.
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CHAN, LI-CHE, and 詹立哲. "The Relationship between Three Major Institutional Investor’s Shareholding and Managerial Confidence on the Taiwan Stock Market." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/9n2nc3.
Full textAbstract:
碩士<br>逢甲大學<br>金融碩士在職學位學程<br>106<br>The purpose of this paper is to examine the relationship between three major institutional holdings and managerial confidence on the Taiwan stock market. Is there a connection or influence between the trend of three major institutional holdings in the stock listed company and the company’s managerial confidence ? Object of study is all of the company’s listed on the Taiwan stock exchange. The research period is from year 2004 ~ 2016 and the samples are also distinguish by industry.
The results of this research are as follows ;
1. Positive correlation between the Foreign Investor’s institutional holdings and the managerial confidence.
2. Negative correlation between the Investment Trust’s institutional holdings and the managerial confidence.
3. Negative correlation between the Dealer’s institutional holdings and the managerial confidence.
4. There are no major difference between the industry’s distinguish from the samples.
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Chin, Li-cheng, and 鄭麗卿. "An Analysis on the Investor’s Decision-making at the Stock Market in Taiwan─A Case Study of Over-confidence." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/66721888608796983237.
Full textAbstract:
碩士<br>佛光大學<br>經濟學系<br>98<br>An Analysis on the Investor’s Decision-making at the Stock
Market in Taiwan─A Case Study of Over-confidence
Student: Li-cheng Chin Advisor: Ming-jui Hsieh
Abstract
In the economic society with seriously competition, investors must be adopt the proper investment tool in order to achieve the maximum profit subject to the limited income, however, the price changes on the stock market was influenced by those factors such as the politics, economy, psychology, policy…etc.,, therefore, though investors have a lot of tools for managing money matters, but the failing example of making investment is repeating and appearing constantly, because most of the investors do not make the reasonable policy according to the theory of utility maximization, but was influenced by those of unreasonable emotions such as the over confidence, optimism, attribution theory…etc., this essay pay attention to investors' over-confidence in this research, and to explain the irrational behavior of the investment decision, and the impact on investment decision.
The feature of humans psychological decision making is gradually founded in the long-term process of evolution, so it is considerably stable and has not obvious difference in the longer time.Therefore,if investors want to conquer the market, they must overcome their cognitive bias and psychological obstacles. By discussing the theory of behavioral finance, we can understand investors deviant behavior. Investors can not only fix deviant decisions by that but reach the goal of acquiring long-term profit by making use of peoples deviant behaviors.
Furthermore, after understanding investors bias of behavior ,we hope that it can help investors face what they encounter in the strategy of investment by rational attitude through related financial education. I believe that this is one of the main purposes of the development of behavioral finance to help investors understand themselves, others and the market. Facing the systematic bias revealed in what mentioned above, they can not only consciously avoid being misleaded by various psychological bias but previously obtain excessive profit by making use of many kinds of strategies of behavioral investment. On the other hand, it can provide an opportunity of obtaining excessive profit for investors who understand the markets bias.
Key words : Over-confident Efficiency market Prospect theory Reference point
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Lipšanová, Tereza. "Závodní úzkost u sportovních gymnastek: Vztah k věku a délce sportovní kariéry." Master's thesis, 2021. http://www.nusl.cz/ntk/nusl-447265.
Full textAbstract:
Title: Competitive anxiety in female gymnasts: Association with age and length of sports career Objectives: The main aim of the diploma thesis is to describe levels of competitive anxiety and its association to age and length of sports career in young female gymnasts from Prague. Methods: The thesis has a character of empirical and theoretical research and includes elements of quantitative research with an application of a survey. Specifically the thesis represents a cross-sectional study. A multidimensional questionnaire, the Competitive state anxiety investory-2 was administered to a sample of N = 18 female gymnasts. The questionnaire consists of three subscales measuring: somatic anxiety, cognitive anxiety, self-confidence. Data were analyzed using basic descriptive statistics, and the Pearson correlation coefficient was used to examine the hypotheses about relationships. Results: The results have shown that age is related to somatic and cognitive anxiety, whereas both components of competitive anxiety increase with increasing age. On the other hand age was not associated with self- confidence. The length of sports career was positively associated with somatic anxiety and self-confidence, however was not related to cognitive anxiety. Keywords: activation, emotions, cognitive anxiety, somatic...