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Dissertations / Theses on the topic 'Investor psychology'
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1
Eshraghi, Arman. "Professional investor psychology and investment performance : evidence from mutual funds." Thesis, University of Edinburgh, 2012. http://hdl.handle.net/1842/9705.
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In the seven decades following the Investment Company Act of 1940 coming into force in the United States, the mutual fund industry has undergone dramatic changes including, some argue, a transition from stewardship to salesmanship with asset-gathering becoming the industry’s driving force. As fund managers incrementally assumed a more pronounced role in the investment fund industry, an emerging strand of finance literature focused on their characteristics and their potential impact on investment performance. While a large body of academic research concurs that fund managers cannot outperform systematically better than chance, there are also a significant number of studies that link the psychological characteristics of investors to their investment performance. Importantly, we know that fund managers, as a representative sample of professional investors, often have to operate under enormous anxiety and associated psychic pressures. In their effort to cope with these pressures and make sense of an immensely unpredictable and complex work environment, a wide range of psychic defences and behavioural biases may be triggered. The purpose of this research is to investigate, on the one hand, to what extent mutual fund managers are prone to overconfidence and associated behavioural biases such as self-serving attribution. On the other hand, the extent to which overconfidence, proxied by a wide range of variables including overoptimism, excessive certainty and excessive self-reference, may have any bearing on fund performance is of interest. The fundamental question is why, how, and through which mechanisms does overconfidence affect performance. The underlying research questions are motivated by three large areas of research: studies of mutual fund performance and persistence, studies of financial accounting narratives, and studies of professional investor psychology. I also explore how overconfidence is fundamentally generated and, in a sense, resorted to by fund managers as a defence mechanism against the psychic pressures of having to work in a highly intangible, complex and uncertain environment. Drawing on evidence from fund manager reports written for investors, I explain how they use the medium of narratives, and in particular stories, to make sense of what they do as fund managers and their added value for clients. I demonstrate how analysing fund manager commentaries, both through computer-assisted corpus-linguistic approaches and through the “close reading” method, sheds light on the link between fund manager psychology and investment performance. In particular, from the perspective of narrative analysis, I explain how fund managers write their reports in distinguishably different genres depending, among others, on their past performance record, fund size and investment style. In addition, I establish in a longitudinal study that the overall economic environment in which fund managers operate does influence the rhetoric of fund manager reports as well as the evidence for the Pollyanna hypothesis. My findings also suggest that excessive overconfidence is associated, to a large extent, with diminished future investment returns. While superior past returns are expected to increase fund manager confidence which, in turn, may introduce the overconfidence bias in the investment decision-making process and thus diminish returns (through inefficient stock selection, suboptimal market timing and other possible mechanisms), this is not a simple regression towards the mean. The asset pricing model employed in my empirical analysis, the Carhart four-factor model, controls for the effect of previous-year momentum, and my overconfidence measures are only slightly correlated with the momentum figures. Hence, one is led to the conclusion that the narrative-based variables used in this study indeed capture some aspect of the professional investor psychology, and are capable of enhancing the explanatory power of conventional asset-pricing models such as Carhart’s. In investigating the dynamic relationship between fund manager overconfidence and investment performance, the cross-sectional variations in my study demonstrate that superior past performance boosts overconfidence as measured by all proxies employed. In addition, there appears to be an inverted-U relationship between overconfidence and subsequent investment performance. In particular, a hedging strategy based on shorting funds with extremely overconfident managers and going long in funds with normally (over)confident managers, yields positive average returns. The impact of overconfidence on subsequent returns is robust across different investment styles, although it is stronger among growth-oriented funds. Incorporating average scores for fund manager overconfidence over longer periods yields similar results. In addition, fund manager duration appears to correlate with managerial overconfidence in the long term.
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Vinces, Guillermo Baquero. "On hedge fund performance, capital flows and investor psychology." [Rotterdam] : Rotterdam : Erasmus Research Institute of Management (ERIM), Erasmus University Rotterdam ; Erasmus University [Host], 2006. http://hdl.handle.net/1765/8192.
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Assenza, Gaudenz B. "Mobilizing private capital for the global environment : private financing of renewable energy and energy efficiency projects." Thesis, University of Oxford, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.273089.
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Beydoun, Abdul. "Explaining Investor Preferences: The Significance of Socio-demographic, Ideological, and Attitudinal Factors." FIU Digital Commons, 2012. http://digitalcommons.fiu.edu/etd/664.
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Previous research on investor preferences focused mainly on the relationship between socio-demographic variables and risk tolerance. This study extends the research in this area by focusing on three aspects of investor preferences: risk tolerance, time horizon, and estate intentions. The objective is to provide a more comprehensive model of investor preferences, including both psychological and attitudinal variables. This study addresses the following: Are socio-demographic variables sufficient to predict investor preferences? Is there a difference between males and females? How much additional variance is explained by including political ideology, positive psychology attitudes, and pro-social attitudes? Are these attitudinal variables simply additive or are they interactive?
Data were collected from MBA students and senior undergraduate students in a major research university in South Florida. A scale was developed to measure estate intentions, a construct that has never been examined in management studies. The findings supported the expectation that psychological variables would be positively correlated with the dependent variables. However, I expected that pro-social attitudes would be a moderator variable, and this expectation was not realized. This dissertation contributes to the investor preferences field in several ways. First, it demonstrates the importance of psychological and attitudinal variables in explaining investor preferences. I also found differences between males and females regarding risk tolerance. This study can provide financial advisers with a deeper understanding of the importance of psychological and attitudinal variables in determining investor behavior. Finally, the results of this study augment and expand stakeholder theory. This study brings the investor into the stakeholder model, enhancing the descriptive, explanatory, and predictive capabilities of stakeholder theory. Future research could replicate this study using real investors in different locations for cultural variation, or using a panel of respondents for a longitudinal study.
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Obergruber, Petr. "Psychologie investora na devizových trzích." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-162782.
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The topic of work "Investor's psychology on Foreign Exchange market" is to explain basic assumption for business on the Foreign Exchange markets and also methods how to profit on them. Work focus on soft factors, which are important in investor's decisions making process. These factors are typical for human's decisions, which are not always optimal from statistical and logical side, and may cause mistakes and investor's lost. The most important economic theories of client's behavior are used for conclusions. The major part of work foces on client as individual, describes his motivation, expectation, trade joining and risk adaptation. Theoretical data are participants of the research, which is based in two decision's making games. Conclutions are created from results of games and their comparison.
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Polnický, Martin. "Psychologie investora na trhu FOREX." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-198619.
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In the introduction, this dissertation about "Psychology of an investor on the Forex market" introduces to the reader the prerequisites for trading on the foreign exchange market. On a theoretical level, it deals mostly with fundamental, technical as well as psychological analysis of prediction of development of exchange rates on the Foreign Exchange Market. Theoretical part also includes an outline of basic criteria for choosing a Forex broker and introduction of a trading platform. Practical part of the dissertation focuses on comparing and choosing a broker, plus the process for opening a real trading account; creating a trading plan and strategy, which will be used to apply different tools and indicators of technical analysis of inter-day trading of EUR/USD pair. In the conclusion, trading system created by myself is evaluated and psychological phenomenon affecting investors' decision-making during real Forex trading. This dissertation deals only with Spot Forex market, because trading through FX brokers is done on the Spot market.
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Hedesström, Ted Martin. "The psychology of diversification : novice investors' ability to spread risks /." Göteborg : Dept. of Psychology, Göteborg University : [Ted Martin Hedesström], 2006. http://hdl.handle.net/2077/278.
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Hedesström, Ted Martin. "The psychology of diversification$4novice investor's ability to spread risks /." Göteborg : Dep. of Psychology, Göteborg Univ, 2006. http://swbplus.bsz-bw.de/bsz255770812inh.pdf.
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Gherzi, Svetlana. "Psychological attributes of individual investors in finanical markets." Thesis, University of Warwick, 2015. http://wrap.warwick.ac.uk/67909/.
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The aim of this thesis is to understand which psychological attributes are important in explaining investors observed behavior within the financial markets and the economy. The dataset used for most part of the thesis consists of UK based individual investors. This research involves analysis of investors selective attention to information conditional on the past stock market returns and investors’ personality trait of neuroticism. The study also includes cross-sectional analysis of investors’ portfolio performance, risk preferences and trading behavior and how these relate to various self-reported psychological attributes. Lastly this study explores the impact of arousal and psychological attributes on investors’ trading behavior within an experimental framework. Standard models of economics assume that individuals are omniscient rational utility maximizers with stable risk preferences and such models leave no room for individual differences and emotions. The results of the current research provide evidence that psychological attributes play an important role in financial decision making and account for significant variation in investors’ information acquisition decisions, frequency of trades, risk preferences and portfolio performance. The objective of this thesis is to contribute to the growing field of behavioral finance by providing a finer picture of investors’ behavior and by suggesting alternative explanations that better reflect the behavior of the agents that populate the real world.
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Eng, Richard. "Exploring Investors' Decision Making Processes During the 2008 Financial Crisis Using Epstein's Cognitive Experiential Self-Theory| A Multiple-case Study." Thesis, Northcentral University, 2015. http://pqdtopen.proquest.com/#viewpdf?dispub=3669103.
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A longstanding controversy in financial economics is whether investors' rational forces or their emotional responses govern the asset pricing of the financial markets. Some psychology researchers use dual- process models to understand peoples' information processing. The problem is that some investors allow cognitive biases which operate quickly and automatically in the System 1 domain, to affect their decisions rather than respond deliberatively and rationally which are ascribed to the System 2 domain. The purpose of this study was to explore how and why investors, when faced with extreme stress impelled during the 2008 Financial Crisis, yielded to either System 1 or System 2 axis decision-making. Without evaluating the role that cognitive biases play in information processing, investors will not understand why they make inauspicious automatic decisions or grasp the steps that could help avoid realized losses in their stock portfolio. This qualitative research consisted of a multiple-case study that included in-depth semi-structured interviews of 12 investors who had at least $1 million invested in stocks and bonds and triangulation data analysis. The research findings indicated that stock market literacy and risk profiling are foundations for sound investing. When faced with a financial crisis, some investors displayed cognitive biases such as nervousness, worry, and fear that led to myopic loss aversion that caused them to sell their entire stock portfolio or reallocated into more conservative, less risky bonds. Some investors with no emotions and higher stock market literacy considered the financial crisis as a blip in the long-term upward trend performance of stocks and viewed the financial crisis as an opportunity to buy more stocks. For those investors that displayed emotions because of the financial crisis, emotion regulation strategies helped them make more controlled and deliberative investment decisions. Nevertheless, the decisions made by investors may be satisficing because of peoples' bounded rationality, the inherent information processing limitation of the human mind. The specific role of emotion in the duality of information processing was undetermined because the crisis evolved over time rather than a singular event. It is possible that quantitative determination of stock market literacy and the application of Epstein's Rational-Experiential Questionnaire and personality tests including satisfaction questions could shed further information on the dual-process mechanisms.
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Beaulieu, Cynthia Louise. "The assessment of dyadic and sexual functioning in chronic pain patients and the invested partners /." The Ohio State University, 1988. http://rave.ohiolink.edu/etdc/view?acc_num=osu1487588249823446.
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Hughes, Margaret Vardell. "INVESTORS REACTIONS TO COMPETITIVE ACTIONS AMONG RIVALS: A STEP TOWARD STRATEGIC ASSET PRICING THEORY." Lexington, Ky. : [University of Kentucky Libraries], 2008. http://hdl.handle.net/10225/895.
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Thesis (Ph. D.)--University of Kentucky, 2008.Title from document title page (viewed on October 29, 2008). Document formatted into pages; contains: vii, 133 p. : ill. (some col.). Includes abstract and vita. Includes bibliographical references (p. 118-130).
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Orkut, Hava. "The behavior of French retail investors : issues within the MiFID directive." Thesis, Strasbourg, 2018. http://www.theses.fr/2018STRAB010/document.
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Nous étudions le comportement des investisseurs individuels sur les marchés financiers en combinant les réponses au questionnaire MiFID et les données bancaires de plus de 98,000 clients d’une grande banque Européenne. Tout d’abord, nous étudions la participation sur les marchés actions. Nous montrons que la tolérance au risque et les attitudes face aux pertes auto-évaluées des clients sont de forts prédicteurs de l’investissement en actions tout en contrôlant les déterminants classiques. Puis, dans le cadre de la comptabilité mentale, nous créons une typologie d’objectifs mentaux et montrons que les décisions financières des clients sont cohérentes avec leurs objectifs mentaux. Enfin, nous analysons le comportement des investisseurs détenant directement au moins une action étrangère. Nous montrons qu’ils détiennent des portefeuilles d’actions plus diversifiés que les investisseurs domestiques. Ces investisseurs sophistiqués sont plus tolérants au risque, moins sensibles aux pertes et plus instruits en matière financière mais sont sujets au biais nationalWe study retail investors’ behavior on financial markets by combining the MiFID questionnaire answers and banking records of more than 98,000 retail clients of a large European retail bank. First, we study stock market participation. We show that retail clients’ self-assessed risk tolerance and attitudes towards losses are strong drivers of stockholding while controlling for classical determinants. Second, under the mental accounting framework, we derive a typology of retail client mental goals and show that retail clients’ actual investment decisions are consistent with their mental goals. Finally, we analyze the behavior of investors directly holding at least one foreign individual stock. We show that they hold more diversified stock portfolios than domestic investors. These sophisticated investors are more risk tolerant, less sensitive to losses and more financially literate but are subject to the home bias
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Gonzalez, Ricardo Alonso. "Heurísticas afetivas no mercado de ações: um estudo quase-experimental salvador." Universidade Federal da Bahia, 2011. http://www.adm.ufba.br/sites/default/files/publicacao/arquivo/RICARDO%20ALONSO.pdf.
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O objetivo desta pesquisa foi investigar de que forma aspectos afetivos se manifestam nos julgamentos de risco e benefício nos investidores do mercado de ações brasileiro por meio da heurística afetiva. O processo decisório que conduz aos julgamentos é complexo e multifacetado, e neste trabalho pressupõe-se que o afeto assume posição privilegiada nos julgamentos. Para alcançar o objetivo pretendido criaram-se quatro estímulos em relação ao mercado de ações: alto risco; baixo risco; alto benefício; baixo benefício. A aplicação da pesquisa ocorreu em três fases, sendo uma fase de préteste, uma fase de teste (Fase 1- Teste) e uma terceira fase que se constituiu na aplicação da pesquisa propriamente dita (Fase 2 – Pesquisa). Na fase de pré-teste ajustou-se o instrumento de coleta de dados, e na Fase 1 – Teste foi feita uma pesquisa prévia com servidores da SEFAZ-BA. Essa amostra foi composta por 134 indivíduos segregados aleatoriamente em quatro grupos (um grupo para cada estímulo). Os resultados obtidos nessa fase permitiram passar para a fase seguinte. Na Fase 2 – Pesquisa aplicou-se o experimento em uma amostra composta por 143 investidores da bolsa de valores que operam por meio do home broker. A manifestação da heurística afetiva ocorreu no Grupo 2 por meio da diferença significativa de percepção de risco e de benefício antes e depois do estímulo. Para tanto, utilizou-se o teste t para médias. Em seguida, buscou-se nas variáveis idade, gênero e grau autopercebido de conhecimento do mercado de ações as determinantes da manifestação da heurística afetiva. Por meio da regressão logística múltipla identificouse que apenas a variável grau autopercebido de conhecimento do mercado de ações exerceu influência significativa na manifestação da heurística afetiva. Os resultados encontrados na pesquisa sugerem que a heurística afetiva manifesta-se mais em indivíduos com menor grau de conhecimento, e que os fatores idade e gênero não exercem influência significativa.
Salvador
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Khelladi, Insaf. "Les déterminants de la décision d'achat d'actions de l'investisseur individuel : une analyse sous le prisme de la valeur perçue. Le cas de l’actionnaire individuel français." Thesis, Université Côte d'Azur (ComUE), 2018. http://www.theses.fr/2018AZUR0009.
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La constante baisse de l’actionnariat individuel en France est qualifiée d’énigme. Les ménages français participent faiblement aux marchés d’actions. Les entreprises éprouvent des difficultés à attirer de nouveaux investisseurs individuels, or l’actionnariat individuel est apprécié pour sa fidélité et son engagement. L’action est un produit financier et d’image qui offre une source de financement stable et durable pour les entreprises, les systèmes de retraite et les investissements à long terme. Les décisions financières et d’investissements sont nourries par la finance moderne et la finance comportementale. Bien que des contradictions existent sur leurs hypothèses fondatrices, ces courants partagent une même conception de la valeur intrinsèque d’un actif financier, une valeur objective déterminée essentiellement par les attributs monétaires du produit, limitant ainsi l’individu dans ses choix et décisions. Notre recherche explore le comportement de l’investisseur individuel en mobilisant le cadre conceptuel de la valeur perçue développé par la littérature en marketing. Nous proposons un modèle de comportement d’achat d’actions de l’investisseur individuel pour examiner les relations entre les attributs des actions et les bénéfices perçus. Ce modèle permet de comprendre le processus de formation de la valeur perçue de l’investisseur individuel qui détermine sa décision d’achat d’actions. Notre démarche exploratoire utilise une méthode mixte pour étudier le contexte de l’actionnaire individuel français détenteur d’actions en direct. Les résultats relèvent l’existence de familles d’attributs du produit action, d’une typologie de bénéfices perçus, et des liens entre attributs et bénéfices faisant ressortir des profils d’investisseurs individuels. Notre recherche éclaire davantage le processus de choix et de décision d’achat d’actions de l’investisseur individuel, et propose aux acteurs du marketing financier une segmentation des investisseurs individuels par les bénéfices perçus afin d’adapter leurs offres de produits et services financiers envers cette cibleThe constant decline of individual shareholders is a French puzzle. French households participate feebly in equity markets. Companies find it difficult to attract new individual investors, even though they are valued for their loyalty and commitment. A share is a financial and image products that provides a sustainable source of finance for businesses, retirement systems, and long-term investments. Financial and investment decisions are framed by modern finance and behavioral finance. Although they are contradictory on their founding assumptions, these streams share the same conception of the intrinsic value of a financial asset, an objective value determined essentially by the monetary attributes, thus limiting the individual in his choices and decisions. Our research explores the behavior of the individual investor through applying the conceptual framework of the perceived value developed by the marketing literature. We propose an individual investor's stock behavior model to examine the relationship between stock attributes and perceived benefits. This model allows understanding the process of the formation of the perceived value of the individual investor, which determines his decision to buy shares. Our exploratory approach uses a mixed method to study the context of the French individual shareholder holding registered shares. The results highlight the existence of families of shares’ attributes, a typology of perceived benefits, and links between attributes and benefits that exhibiting individual investor profiles. Our research sheds new light on the individual investor's decision-making and buying process, and offers financial marketers a segmentation of individual investors based on the perceived benefits, allowing them to tailor their financial products and services offerings towards this target
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Haguet, Daniel. "Les déterminants de la décision d'achat des investisseurs individuels : l'exemple français." Thesis, Nice, 2016. http://www.theses.fr/2016NICE0003/document.
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L'étude est effectuée sur la base d'un échantillon de 13.000 clients d'un courtier en ligne et 1,3M de mouvements d'achats et de vente de valeurs mobilières durant le période Janvier 2006 - Juin 2008. Nous démontrons 1/ Grâce à des régressions linéaires, que les investisseurs individuels français présentent un comportement contrarian par rapport aux évolutions de l'indice domestique. Ils achètent quand le marché baisse et vendent quand le marché monte. Ce résultat est cohérent avec la littérature sur les "noise traders" et la liquidité du marché.2/ sous la forme de régressions logistiques, que la sophistication (approximée par l'utilisation du SRD) est un facteur d'accroissement de la décision d'achat.Ces résultats ouvrent des perspectives pour l'industrie financière et le développement de l'Education financière dans notre paysThis dissertation draws from a sample of 13 000 clients of an online broker and 1.3M movements of buys and sells from January 2006 to June 2008. The results show that:1/ By regressing the buys and sells to the returns of the domestic index (CAC 40), the french individual investors have a contrarian behavior. This result is in line with the existing literature on "noise traders" and the market liquidity.2/ Through logistic regression of the purchase decision, we show that sophistication (that we proxy with the use of the SRD), is a strong factor explaining the purchase decision.These results can bring insights to the financial industry and help to the development of the financial litteracy
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Hsu, Jing-Tang, and 許景棠. "The Effect of Idiosyncratic Risk on Investor Psychology." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/47793332934187882281.
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碩士國立臺北大學
企業管理學系
93
In the tradition Financial Theory, Capital Asset Pricing Model (CAPM) told us that systematic risk is the only relevant risk. And the idiosyncratic risk can be diversified away. The CAPM, like all models which attempt explain complex real world phenomena using simplifying assumptions, is an abstraction and does not completely and perfectly. In the latest study about CAPM shows that systematic risk is not the only risk in the stock market. The reason is that diversification is too expensive for investors. In this paper, we employ the indirect decomposition method to decompose systematic risk and idiosyncratic risk and use PSY estimate investor psychology. The conclusion was that idiosyncratic risk can effect the investor psychology in the bear market. In the other words, in the bear market, investors are not willing to hold their stock and want to sell it when idiosyncratic risk increasing. And in 2000 the market is the most information efficiency than other periods.
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Long-Shao-Ming and 龍紹明. "A Study of Investor Psychology and Behavior in China Stock Market and Recommendations on Capital Market Reform." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/w4w645.
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碩士國立臺灣科技大學
財務金融研究所
105
Through the sample survey and investors in the financial market Chinese Asset Management Co responsible person interview, found China financial market especially the fundamental problems and contradictions of the stock market, puts forward the management decision scheme for asset management, and puts forward the reform suggestions and supervision plan, expected Chinese capital market can develop better. The purpose of this study is to discover the rules and character-istics of macro China some essential stock market, and find some direction of financial supervi-sion, provide additional direction of asset allocation and regulatory guidelines for dealing with the private equity fund managers. This study belongs to qualitative research. It mainly adopts sampling survey and individual inter-view, combining network information and related literature, periodicals and periodicals, and makes a comprehensive analysis, and draws the conclusion of the research. The conclusions of this study include: China's stock market has the characteristics of emerging and transitional market, fluctuates sharply and fluctuates in the same direction, and the value in-vestment method has no obvious advantage in china. On the one hand, through the value of in-vestment methods of stock selection, on the other hand, the use of technical approach, election time, the two are well integrated, in order to benefit the invincible position in the stock market. Based on the market characteristics at the present stage, this paper puts forward some suggestions for capi-tal market reform.
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Huang, Bo-Siang, and 黃柏翔. "Market States and Investors'' Psychology Bias." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/25225933369850371300.
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碩士雲林科技大學
財務金融系碩士班
98
From historical events, we can find financial events and sudden impact of international events on the stock market, such as the Internet bubble, subprime mortgage and collapse of Lehman Brothers, etc., the impact throughout the world, to enable countries without stock markets not experiencing a very serious injury, the collapse of confidence, both in Europe and Asia, related or not related industries, there are unlimited down, many good fundamentals companies also suffered unexpected calamities. In this study, we use listed companies in Taiwan as the research samples, explore the emotional response among the various industries to measure, such as: disposition effect, overconfidence, sunk costs, house money effects were paid for the market index impact of the use of regression analysis to understand the emotional value for the week positive and negative returns associated with regard to returns after leading and lag relationship between emotions. By Pagan and Sossounov (2003) definition to distinguish between bull and bear market, whether investors are mental errors caused by the same impact. The results show that investor emotions will have a negative impact on returns.
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"Managerial ownership of debt." Thesis, 2011. http://library.cuhk.edu.hk/record=b6075328.
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Debt holding by managers, i.e., inside debt, aligns the incentives of managers more closely with those of debtholders, reducing agency costs of debt (Jensen and Meckling (1976) and Edmans and Liu (2011)). My thesis investigates the effect of managerial ownership of debt on corporate risk-taking, bank loan contracting, and accounting conservatism.In the first chapter I examine the effect of managerial ownership of debt on agency costs of debt problems related to risk-taking. I find that higher managerial ownership of debt implements lower corporate risk-taking, in terms of less investment in R&D, more investment in capital expenditures, and more corporate diversification. The role of inside debt in moderating risk-taking is more pronounced in firms with high level of default risk. These findings suggest that managers with large inside debt holdings are less likely to pursue risky projects that potentially transfer wealth from debtholders to shareholders.
In the second chapter I examine how terms of bank loans are related to managerial ownership of debt. Specifically, the analysis uncovers significant evidence of lower loan spreads for firms with larger debt ownership by CEOs. The negative relation is more pronounced when creditors face higher expropriation risk and when the CEO's expected retirement horizon is beyond loan maturity. I also find that loans to firms with larger managerial debt holdings are associated with smaller lending syndicates, fewer covenant restrictions, and less collateral requirement, consistent with lenders anticipating lower expropriation risk at these firms.
In the third chapter I examine the relation between accounting conservatism and managerial ownership of debt. Consistent with debt holdings by managers mitigating the debtholder-shareholder conflicts and reducing debtholders' demand for accounting conservatism, I find significant evidence of less conservative financial reporting at firms whose CEOs have accumulated more deferred compensation and pension benefits. This negative relation is more pronounced in firms with higher expected agency costs of debt and in firms that can credibly commit to a higher level of conservatism if required by debtholders. These findings are robust to using a number of alternative accounting conservatism measures and to correcting for potential endogeneity of managerial ownership of debt.
Xin, Xiangang.
Advisers: Danqing Young; Oliver M. Rui; Cong Wang.
Source: Dissertation Abstracts International, Volume: 73-07(E), Section: A.
Thesis (Ph.D.)--Chinese University of Hong Kong, 2011.
Includes bibliographical references (leaves 134-140).
Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Electronic reproduction. Ann Arbor, MI : ProQuest Information and Learning Company, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Abstract also in Chinese.
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Chang, Sze-Hsun, and 張四薰. "The Study of Psychology Process , Risk Attitude to Disposition Effect for Taiwan Investors." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/57141287630269682535.
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碩士國立臺北大學
企業管理學系
95
This study mainly investigates the variables influencing the populace investors’ decision-making behavior. Many variables influencing the investors’ disposition effect had been discussed in literatures. In this study, four variables have been proposed for the possible explanations of the populace investors’ disposition effect. Four variables are the overconfidence, the mental account, the self-control and the risk attitude. According to the hypothesized supposition relationship between each variable, a model correlating the populace investors’ deposition effect and the decision-making behavior was proposed. The correlation model was later used for the structural equation modeling. In one exercise, the overconfidence was hypothesized to be positively influences the deposition effect. The real diagnosis did not support the hypothesis but indicated the negative impact of the overconfidence on the populace investors’ deposition effect. In the other exercise, the hypothesis of the self-control negatively influencing the deposition effect was proved to be fault. The real diagnoses indicated that the self-control actually positively impacted the populace investors’ deposition effect. Additionally, the positive impacts of the overconfidence on the risk attitude, the overconfidence on the mental account, the self-control on the risk attitude, the self-control on the mental account, the mental account on the risk attitude and risk attitude on the deposition effect were diagnosed in this research. In this research, the scale was constructed with many observable and latent variables. The observed variables were examined via the confirmation factor analysis and the results sufficiently reflected the latent variables. Furthermore, the path analysis model describing the factors that influence the decision-making behavior of the populace investors was closely examined. The path analysis model was also capable of predicting the correlation among the major observable variables. All the results of examinations were shown to be statistically significant. The last but not the least, further explanations and discussions are proposed and future studies are also suggested.
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Lam, Khai-Tri, and 黃智榮. "Investors'' Responses and Financial Crisis: A Study of Investment Psychology Based on the Evidence of Hochiminh Stock Exchange." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/ehm7t5.
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碩士國立高雄第一科技大學
國際管理碩士學位學程
99
This study applied time-series analysis over the period from 2004 to 2010, with emphasis on the influence of the 2008 financial crisis on Vietnam’s stock market one of the frontier markets. This study investigated the monthly Granger-causality relationship between Vietnam index and trading volumes, which proved that local investors were more yielding to the influence of psychological biases and stock return while foreign investors were more experienced and knowledgeable to the effect of psychological slant and speculative investment. In addition, impulse response methodology was used to examine the responses of investors in detail and confirmed the hypotheses of sounding responses and invert syndrome, which occurred in a transforming economy like Vietnam. Finally, this study found that trading volumes had co-integration relationships among some selected macroeconomic variables, international indicators i.e. world gold price and crude oil price. The results showed that the hypotheses of national and international economic signals had influence on investors’ responses, which suggested that less-sophisticated investors were more heavily influenced by stock crash.
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Goodfellow, Christiane [Verfasser]. "Stock and index futures trading behaviour of individual and institutional investors / vorgelegt von Christiane Goodfellow (geb. Schöne)." 2008. http://d-nb.info/98923245X/34.
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Lee, Tae Jun. "The Role of Financial Services Advertising on Investors' Decision-Making." 2011. http://trace.tennessee.edu/utk_graddiss/989.
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The present study assesses the effect of financial services advertising on investors’ decision-making by adopting a two-sided approach: a stimulus-side analysis to document the nature and prevalence of advertising strategies and advertising disclosures being used and a response-side investigation to examine the investors’ processing of and receptiveness to financial services advertising. By performing a content analysis of recently published financial services magazine advertisements, this study provides a contemporary look at whether and how financial services companies inform, persuade, and communicate with average investors. Results from this content analysis method is also used as a foundation to help design realistic test ads in the subsequent experimental design as a response-side approach. Combined with stimulus-side data, a between-group experimental design allows an empirical test of how the interaction between investors’ exposures to different advertising practices (i.e., advertising strategies and advertising disclosures) and individual regulatory focus might affect the ways investors perceive and evaluate the advertised financial product. In this stage, the likely processing and persuasive differences between advertising strategies and advertising disclosures and the potential moderating role of investors’ regulatory focus form the basis of the response-side approach to complement the content analysis phase. Results from the content analysis show that financial services companies increased informational advertising strategies and presented more advertising information during the three-year (2007-2009) period of interest. Findings indicate that financial services companies might play a role in enhancing the role of communication, information, and advertising in the marketplace for financial literacy. However, in order to adequately evaluate the range of investor’s response to advertising strategies and advertising disclosures, this study employs a two advertising strategies (information versus transformational) x two advertising disclosures (complete disclosure versus non-disclosure) x two regulatory focus (promotion-focused versus prevention-focused) between-subject, randomized, experimental design. Findings from the experimental design reveal that investors’ financial decision-making may be affected by internal characteristics (i.e., regulatory focus) as well as external information (i.e., advertising strategies and advertising disclosures). Especially, regulatory focus was found to be function as a moderating variable that can influence the direction and strength of relationship between different financial services advertising practices and the outcome variables of financial decision-making such as risk perceptions, product attitudes, and purchase intentions. Finally, theoretical, managerial, and policy implications are discussed and opportunities for the future research are identified.
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Fanning, Kirsten. "Unintended consequences of lowering disclosure thresholds: Proposed changes to SFAS No. 5." 2011. https://scholarworks.umass.edu/dissertations/AAI3445156.
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Recently, investors have asserted that firms' loss contingency disclosures are not adequate to allow them to assess the likelihood of material losses due to litigation (i.e., litigation risk), and a debate has developed over whether the threshold for disclosure should be lowered to provide investors with more information relating to litigation. Using an experiment, I investigate two unintended consequences of lowering a disclosure threshold, as the FASB has recently proposed. First, I find that adding low probability lawsuits to the disclosure of reasonably possible lawsuits lowers prospective investors' perceptions of litigation risk relating to the disclosure, even though more lawsuits are disclosed. Second, lowering the threshold allows firms to portray the entire disclosure opportunistically, diverting attention from higher probability to lower probability lawsuits. I find evidence that firms can use such an opportunistic presentation under a lower threshold to their advantage. Specifically, prospective investors' and even short investors' perceptions were just as favorable to the firm as long investors' when the disclosure threshold was lower and firms adopted an opportunistic disclosure strategy. Thus, my findings suggest that the FASB's proposal to require disclosure of lower probability loss contingencies may have unintended consequences for investors' perceptions of firms' loss exposure.
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Schmitt, Ruth [Verfasser]. "The role of goal proximity and invested effort for the valuation of expected outcomes : an investigation with functional magnetic resonance imaging / von Ruth Schmitt." 2011. http://d-nb.info/1012989372/34.
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Du, Toit Alison Jane. "Emotional intelligence and leadership in a South African financial services institution." Diss., 2014. http://hdl.handle.net/10500/14227.
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The purpose of this study was to determine whether there is a relationship between
emotional intelligence and leadership among senior leaders in a South African financial services
organisation. The sample consisted of 973 participants. A convenience sample was used, as the
leaders were part of a strategic organisational initiative and completed measurement instruments as
part of this process. All participants completed the Bar-On EQ-i, in order to measure emotional
intelligence, whereas the leadership data were obtained from an organisation-specific multi-rater
which accessed self-ratings, peer and subordinate ratings as well as manager ratings in
terms of leadership behaviours linked to organisational worldviews of leadership effectiveness. The
results show that there was a statistically significant relationship between emotional intelligence
and leadership among the leaders, but that there was poor predictive strength between these
variables.Industrial & Organisational Psychology
MCom (Industrial and Organisational Psychology)