Herding and Contrarian Behavior in Financial Markets PDF Download
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Author: Andreas Park
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Andreas Park
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Andreas Park
Publisher:
ISBN:
Category : Collective behavior
Languages : en
Pages : 66
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Author: Sushil Bikhchandani
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 38
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Author: Valentin Azofra-Palenzuela
Publisher:
ISBN:
Category :
Languages : en
Pages : 35
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One of the arguments to explain the existence of anomalies in capital markets is the existence of cognitive biases in the behaviour of investors. Our goal is to study one of these cognitive biases: herding among investors. Our laboratory experiment results lead us to reject that subjects' tendency to herd is to blame for inadequate price formation in financial markets. In a setting where subjects receive a fixed payment, their reputation cannot be questioned and gathering private information does not prove costly, individuals do not display any tendency to herd. Moreover, we observe contrarian behaviour which leads subjects to take decisions against their own private information, ignoring public information they already have available.
Author: Antonio Guarino
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781451869996
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
We study herd behavior in a laboratory financial market with financial market professionals. We compare two treatments, one in which the price adjusts to the order flow so that herding should never occur, and one in which event uncertainty makes herding possible. In the first treatment, subjects herd seldom, in accordance with both the theory and previous experimental evidence on student subjects. A proportion of subjects, however, engage in contrarianism, something not accounted for by the theory. In the second treatment, the proportion of herding decisions increases, but not as much as theory suggests; moreover, contrarianism disappears altogether.
Author: Marco Cipriani
Publisher:
ISBN:
Category : Capitalists and financiers
Languages : en
Pages : 0
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Book Description
We study herd behavior in a laboratory financial market with financial market professionals. We compare two treatments, one in which the price adjusts to the order flow so that herding should never occur, and one in which event uncertainty makes herding possible. In the first treatment, subjects herd seldom, in accordance with both the theory and previous experimental evidence on student subjects. A proportion of subjects, however, engage in contrarianism, something not accounted for by the theory. In the second treatment, the proportion of herding decisions increases, but not as much as theory suggests; moreover, contrarianism disappears altogether.
Author: David Dreman
Publisher: Simon and Schuster
ISBN: 0743297962
Category : Business & Economics
Languages : en
Pages : 498
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Book Description
Introduces important new findings in psychology to demonstrate why most investment strategies are flawed, outlining atypical strategies designed to prevent over- and under-valuations while crash-proofing a portfolio.
Author: Lee Scott Redding
Publisher: International Monetary Fund
ISBN: 1451947968
Category : Business & Economics
Languages : en
Pages : 16
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Book Description
Recent developments in financial economics have included many explorations into market microstructure, that is, the internal functioning of markets and the ways in which they provide liquidity to traders. An important contribution of this literature is that prices can deviate from their fundamental values. This paper describes models of imperfect liquidity and improperly processed information in financial markets, focusing on the noise trader and investor herding literature. The motivations for this line of research are presented, followed by a description of some of the major contributions and tests of some of their empirical implications.
Author: Andreas Park
Publisher:
ISBN:
Category :
Languages : en
Pages :
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