Behavioral finance: A panel discussion

Filbeck, Greg; Ricciardi, Victor; Evensky, Harold; Fan, Steve Z.; Holzhauer, Hunter M.; Spieler, Andrew C.

doi:10.1016/j.jbef.2017.07.008

Cited by 30 publications

(25 citation statements)

References 11 publications

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“…The other set is made by emotional biases. As Filbeck et al (2017) observe: "The general rule is that cognitive errors can be mitigated by educating investors, while the emotional biased cannot mitigated only accommodated". Emotional biases are smartly exploited by firms, included financial firms, for marketing purposes.…”

Section: Policy Discussion: How To Tackle Cognitive Biases In Finance and Monetary Policymentioning

confidence: 99%

“…However, literature has detected no particular links excepted for gender: males have significantly higher scores on the CRT than females (Da Silva et al, 2018) and, not surprisingly, males are also more overconfident and trade more frequently (Booth and Katic, 2012, Gentile et al 2016, Filbeck et al, 2017. This is connected to the fact that women are more risk averse than men (Ackert et al, 2020).…”

Section: Crt and Cognitive Biasesmentioning

confidence: 95%

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The Impact of Cognitive Skills on Investment Decisions: An Empirical Assessment and Policy Suggestions

Esposito

Lorenzo

2021

SSRN Journal

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This E-book is protected by copyright and may not be copied, reproduced, transferred, distributed, rented, licensed or transmitted in public, or used in any other way except as it has been authorized by the publisher, the terms and conditions to which it was purchased, or as expressly required by applicable law. Any unauthorized use or distribution of this text as well as the alteration of electronic rights management information is a violation of the rights of the publisher and of the author and will be sanctioned according to the provisions of Law 633/1941 and subsequent amendments.

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Section: Policy Discussion: How To Tackle Cognitive Biases In Finance and Monetary Policymentioning

confidence: 99%

Section: Crt and Cognitive Biasesmentioning

confidence: 95%

The Impact of Cognitive Skills on Investment Decisions: An Empirical Assessment and Policy Suggestions

Esposito

Lorenzo

2021

SSRN Journal

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“…In fact, market players are faced with speculative behaviours. First, the lesson from the global financial crisis of [2007][2008] shows that overconfidence in appraisal creates an asset price bubble (Filbeck et al, 2017). When market agents realise their error, the bubble bursts, and the stock market crashes.…”

Section: Literature Review 21 Theoretical Backgroundmentioning

confidence: 99%

Are Islamic Stocks Less Exposed to Sentiment-Based Mispricing Than Non-Islamic Ones? Evidence From the Indonesian Stock Exchange

Hashfi

Naufa

Munawaroh

2021

JIMF

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The aim of this research is to verify the role of Islamic value in stock mispricing in the Indonesian capital market. Empirically, high investor sentiment can lead to mispricing on equity appraisal. When investors feel excessively optimistic about their valuation, equity will be overpriced, or vice versa. The presence of Islamic values, such as the prohibition of interest, speculative and uncertain transactions, and excessive leverage, arguably reduce sentiment-based mispricing. Daily and cross-sectional market data were employed. In addition, principal component analysis was conducted to construct a firm-specific investor sentiment variable. With regard to the method, the Hausman-Taylor (H-T) approach was used to deal with heterogeneity, endogeneity, and the time-invariant variable in Fama-MacBeth regression. The results show that our baseline analysis confirms the mispricing of overall stocks. However, Islamic stocks are less exposed to sentiment-based mispricing than their non-Islamic counterparts. The results are consistent with our robustness test, in which we estimate the equation model across industry and portfolio. Finally, our findings imply various insights for both investors and policymakers.

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“…As oportunidades de pesquisa em finanças comportamentais, se referem a investigação de como o gênero afeta os investimentos, seja por meio do estilo pessoal e/ou alocação de ativos (Filbeck et al, 2017). Analisando a função de valor para caracterizar os indivíduos em relação ao risco, Malul, Rosenboim e Shavit (2013) verificaram que existem diferenças entre os indivíduos, sendo necessário uma análise mais aprofundada para caracterizá-los.…”

Section: Gênerounclassified

A Aversão à Perda e o Excesso de Confiança sob a Ótica do Gênero

Nunes

Flores

Silva

2018

CBR

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A tomada de decisão financeira é um dos aspectos estudados pelas Finanças Comportamentais, que partem do pressuposto da racionalidade limitada dos indivíduos. Considerando especificamente os estudantes, pode-se compreender a validade dos julgamentos realizados, sendo um auxílio na atuação profissional dos mesmos. Assim, o presente estudo buscou analisar os vieses comportamentais de aversão à perda e excesso de confiança nos estudantes do Curso de Administração de uma Universidade do Rio Grande do Sul sob a ótica do gênero. O primeiro viés faz com que os indivíduos corram riscos mais freqüentes em suas decisões, já o segundo, faz com que os mesmos confiem mais do que deveriam em seus próprios conhecimentos e opiniões. Realizou-se uma pesquisa survey composta por 81 respondentes, a partir de um questionário estruturado, o qual abordou os vieses comportamentais e questões de perfil. Por meio da análise foi possível observar que os estudantes possuem os vieses analisados e que estes afetam a tomada de decisão. Sob a ótica do gênero, percebeu-se que não há diferença.

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Behavioral finance: A panel discussion

Cited by 30 publications

References 11 publications

The Impact of Cognitive Skills on Investment Decisions: An Empirical Assessment and Policy Suggestions

The Impact of Cognitive Skills on Investment Decisions: An Empirical Assessment and Policy Suggestions

Are Islamic Stocks Less Exposed to Sentiment-Based Mispricing Than Non-Islamic Ones? Evidence From the Indonesian Stock Exchange

A Aversão à Perda e o Excesso de Confiança sob a Ótica do Gênero

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