Empirical study on conservative and representative heuristics of Hong Kong small investors adopting momentum and contrarian trading strategies

Chow, Sheung-Chi; Hon, Tai-Yuen; Wong, Wing‐Keung; Woo, Kai-Yin

doi:10.1504/ijrm.2018.091836

Cited by 14 publications

(9 citation statements)

References 43 publications

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“…Hence, extensions may include comparison with any other samples. Readers may refer to Wong et al [85] and the references therein for more information on the discussion.…”

Section: Managerial Applicationsmentioning

confidence: 99%

e-Purchase Intention of Taiwanese Consumers: Sustainable Mediation of Perceived Usefulness and Perceived Ease of Use

et al. 2018

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This study proposes a new model by partially combining personality traits (PT) and Technology Acceptance Model (TAM) attributes to examine the influences of personality characteristics (conscientiousness, openness) and perception of technology (perceived usefulness, perceives ease of use) on e-purchase intention. We use truncate sampling technique and survey questionnaire to target the sample of Taiwanese online consumers and collect data. We find that consciousness (CON) (personality attribute) significantly influences perceived usefulness (PU) (technology perception attributes), perceived ease of use (PEOU) (technology perception attributes) and openness to experience (OPE) (personality attribute). PU, PEOU and OPE have significant impacts on e-purchase intention (INT). PEOU has the strongest positive impact on (INT). In addition, PU, PEOU and OPE combined together mediate the relationship between CON and INT. Further post hoc analysis of the mediation shows that both PU and PEOU are sustainable mediators. However, OPE is not a significant mediator.

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“…Hence, extensions may include comparison with any other samples. Readers may refer to Wong et al [85] and the references therein for more information on the discussion.…”

Section: Managerial Applicationsmentioning

confidence: 99%

e-Purchase Intention of Taiwanese Consumers: Sustainable Mediation of Perceived Usefulness and Perceived Ease of Use

et al. 2018

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“…In addition to conducting statistical analysis to real data of stock prices to test whether there is any market anomaly, scholars could also use questionnaires to conduct surveys to examine investors' attitude on the market anomaly. For example, Wong et al (2018b) distributed their questionnaires to small investors in Hong Kong, to conduct a survey to examine the behavior of investor behavior on long-term overreaction, short-term underreaction, and their magnitude effect. Their empirical findings support the theory developed by Guo et al (2017a), and the references therein, that small investors in Hong Kong have both conservative and representative heuristics and they do use momentum and contrarian strategies in their investment.…”

Section: Behavioral Models For Some Financial Anomaliesmentioning

confidence: 99%

Review on Efficiency and Anomalies in Stock Markets

Woo

Mai²,

McAleer

et al. 2020

Economies

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The efficient-market hypothesis (EMH) is one of the most important economic and financial hypotheses that have been tested over the past century. Due to many abnormal phenomena and conflicting evidence, otherwise known as anomalies against EMH, some academics have questioned whether EMH is valid, and pointed out that the financial literature has substantial evidence of anomalies, so that many theories have been developed to explain some anomalies. To address the issue, this paper reviews the theory and literature on market efficiency and market anomalies. We give a brief review on market efficiency and clearly define the concept of market efficiency and the EMH. We discuss some efforts that challenge the EMH. We review different market anomalies and different theories of Behavioral Finance that could be used to explain such market anomalies. This review is useful to academics for developing cutting-edge treatments of financial theory that EMH, anomalies, and Behavioral Finance underlie. The review is also beneficial to investors for making choices of investment products and strategies that suit their risk preferences and behavioral traits predicted from behavioral models. Finally, when EMH, anomalies and Behavioral Finance are used to explain the impacts of investor behavior on stock price movements, it is invaluable to policy makers, when reviewing their policies, to avoid excessive fluctuations in stock markets.

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“…For example, Fabozzi, Fung, Lam, and Wong (2013) extend the models developed by Wong (2010, 2012), Guo, McAleer, Wong, and Zhu (2017) and others by developing 3 tests to test for the magnitude effect of short-term underreaction and long-term overreaction that can use the approaches discussed in our paper to get optimization solutions. On the other hand, Wong, Chow, Hon, and Woo (2018) conduct a questionnaire survey to examine whether the theory developed by Wong (2008, 2010), and Guo, McAleer, Wong, and Zhu (2017) and others that can use the approaches discussed in our paper to get the moment generating function, expectation and variance of different distributions for the behavior models estimators.…”

Section: Behavioral Modelsmentioning

confidence: 99%

Moment Generating Function, Expectation and Variance of Ubiquitous Distributions with Applications in Decision Sciences: A Review

Pho

Tran

et al. 2019

SSRN Journal

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Empirical study on conservative and representative heuristics of Hong Kong small investors adopting momentum and contrarian trading strategies

Cited by 14 publications

References 43 publications

e-Purchase Intention of Taiwanese Consumers: Sustainable Mediation of Perceived Usefulness and Perceived Ease of Use

e-Purchase Intention of Taiwanese Consumers: Sustainable Mediation of Perceived Usefulness and Perceived Ease of Use

Review on Efficiency and Anomalies in Stock Markets

Moment Generating Function, Expectation and Variance of Ubiquitous Distributions with Applications in Decision Sciences: A Review

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