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1
K., Riyazahmed. "Investment motives and preferences – An empirical inquiry during COVID-19." Investment Management and Financial Innovations 18, no. 2 (April 9, 2021): 1–11. http://dx.doi.org/10.21511/imfi.18(2).2021.01.
Повний текст джерелаАнотація:
Following the COVID-19 breakout, investment in shares, mutual funds, and life insurance are witnessing a growing trend in India. Hence, examining the determinants of investor preferences is necessary to maintain a positive trend. This study analyzes the impact of investor motives and awareness on investor preferences using the data collected from 753 Indian investors in 2020. Factor analysis grouped the investment motives into six categories, namely Nature of investments, Future financial needs, Investor personal characteristics, Safety and stability of investments, Investor behavioral aspects, and Investor’s options. The regression model used to find the impact of the investment motives and the awareness on the investor preferences explains 52.3% of changes in investor preference. Investment factors like Nature of investments, Investor personal characteristics, Investor behavior, Investor options, Awareness of mutual funds, and shares have a significant impact on investor preferences. Further, the awareness level of mutual funds and the stock market are the major variables contributing to Investors’ preference rather than identified investment factors. Investors’ personal characteristics like knowledge, confidence, ability, responsibility, and belief negatively influence investor preferences. This study adds to the existing literature by analyzing investment motives and preferences during the pandemic.
2
Spanakos, Anthony P., and Lucio R. Renno. "Elections and Economic Turbulence in Brazil: Candidates, Voters, and Investors." Latin American Politics and Society 48, no. 4 (2006): 1–26. http://dx.doi.org/10.1111/j.1548-2456.2006.tb00363.x.
Повний текст джерелаАнотація:
AbstractThe relation between elections and the economy in Latin America might be understood by considering the agency of candidates and the issue of policy preference congruence between investors and voters. The preference congruence model proposed in this article highlights political risk in emerging markets. Certain risk features increase the role of candidate campaign rhetoric and investor preferences in elections. When politicians propose policies that can appease voters and investors, elections may have a limited effect on economic indicators, such as inflation. But when voter and investor priorities differ significantly, deterioration of economic indicators is more likely. Moreover, voter and investor congruence is more likely before stabilization, when an inverted Philips curve exists, as opposed to following stabilization, when a more traditional Philips curve emerges.
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Dr. R. Sucharitha. "A Study on Factors Influencing the Perception and Preference of Investor’s Behaviour towards Stock Broking Services." Tuijin Jishu/Journal of Propulsion Technology 44, no. 4 (October 25, 2023): 1591–600. http://dx.doi.org/10.52783/tjjpt.v44.i4.1108.
Повний текст джерелаАнотація:
Investor behavior towards stockbroking services is shaped by a combination of perception and preference, influenced by various factors. Investors often form perceptions of stockbrokers based on their reputation, reliability, and the quality of services offered. These perceptions, in turn, impact their preferences when choosing a stockbroking service provider. Perception plays a significant role in investor decision-making. Investors tend to favor stockbrokers with a strong track record of providing accurate market information, timely execution of trades, and transparent fee structures. Positive word-of-mouth recommendations from other investors also contribute to a favorable perception of a stockbroker. Preference is closely tied to investors' individual goals and risk tolerance. Some investors prefer full-service brokerage firms that offer personalized advice, research reports, and a range of financial products and services. These investors value the expertise and guidance provided by their brokers. On the other hand, cost-conscious investors may prefer discount brokerage platforms that offer lower commission fees and more control over their trades. Technological advancements have had a profound impact on investor preferences. Many investors today favor online and mobile trading platforms that provide easy access to real-time market data, research tools, and the ability to execute trades from anywhere. These platforms have become increasingly popular, especially among younger, tech-savvy investors. Regulatory compliance and security are also critical factors influencing investor behavior. Investors prefer stockbroking services that adhere to stringent regulatory standards and prioritize the security of their investments and personal information. In summary, investors' perceptions and preferences regarding stockbroking services are shaped by factors such as reputation, reliability, cost, technological offerings, and regulatory compliance. As the investment landscape continues to evolve, stockbrokers must adapt to meet the changing expectations and preferences of investors to remain competitive in the market.
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Kumar, Jitendra, Anindita Adhikary, and Ajeya Jha. "Small Active Investors' Perceptions and Preferences Towards Tax Saving Mutual Fund Schemes in Eastern India." International Journal of Asian Business and Information Management 8, no. 2 (April 2017): 35–45. http://dx.doi.org/10.4018/ijabim.2017040103.
Повний текст джерелаАнотація:
Perception and preference factor plays an important role and help the investor to understand and make the meaningful investment decisions. These two factors are highly influenced by demographic differences of an investor. The present study aims to examine the perception and preference factors influencing the investment behavior of an investor based on various demographics differences. Survey method of primary data collection techniques was adopted to collect responses of 750 respondents from Eastern India particularly (state capital or satellite towns having the population of 10,00,000) Bihar, Jharkhand, Odisha, West Bengal, Sikkim and Assam. Results of the present study suggest that significant demographics differences occur in investment perceptions and preferences towards tax saving mutual fund investments among the investors.
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Yang and Nguyen. "Skewness Preference and Asset Pricing: Evidence from the Japanese Stock Market." Journal of Risk and Financial Management 12, no. 3 (September 12, 2019): 149. http://dx.doi.org/10.3390/jrfm12030149.
Повний текст джерелаАнотація:
Previous studies have shown that investor preference for positive skewness creates a potential premium on negatively skewed assets. In this paper, we attempt to explore the connection between investors’ skewness preferences and corresponding demand for a risk premium on asset returns. Using data from the Japanese stock market, we empirically study the significance of risk aversion with skewness preference that potentially delivers a premium. Compared to studies on other stock markets, our finding suggests that Japanese investors exhibit preference for positively skewed assets, but do not display dislike for ones that are negatively skewed. This implies that investors from different countries having dissimilar attitudes toward risk may possess different preferences toward positive skewness, which would result in a different magnitude of expected risk premium on negatively skewed assets.
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Sapkota, Ram. "Financial Literacy and Investment Practices of Individual Investors in Pokhara." Academia Research Journal 3, no. 2 (June 28, 2024): 138–47. http://dx.doi.org/10.3126/academia.v3i2.67382.
Повний текст джерелаАнотація:
This study empirically investigates the financial literacy and investment practices of individual investors in Pokhara. Through liberalization, privatization, and globalization, Nepal's economy has grown and financial markets have expanded, opening the door to an abundance of financial products that can be used as credit or as an investment alternative. This paper assesses the preference of the investment area by the investors. First this paper examines the differences in different investment aspects such as investment horizon, type of investors, investment objectives, expectation of return and their preference by demographic features of investors. Second this paper assesses the regress of financial literacy on investment horizon, investment objectives, expectation of return and their preference. According to the findings, Investor who has liquidity as investment objectives expect 10 to 50% return from their investment. Investors who have moderate and low risk taking objectives are expecting 5-10% return. From the study it is found that male respondent has high financial literacy than female respondent. It is found that individual investor who has high financial literacy they prefer to invest in short period of time and investors who have less financial literacy prefers long period of time as investment. Investor also shown good interest regarding the investment in business rather than other, but there is no significant relationship between gender, marital status and this opinion.
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Liu, Chun-Wen, and Chao Deng. "Stated preferences of Taiwanese investors for financial products." Qualitative Research in Financial Markets 11, no. 4 (November 4, 2019): 411–28. http://dx.doi.org/10.1108/qrfm-06-2018-0079.
Повний текст джерелаАнотація:
Purpose The popularity of wealth management in Taiwan has unleashed tense competition among financial advisors. Consumers are now more conscious of their financial services purchasing behavior. This paper aims to provide insights into local-specific investors’ characteristics and consumers’ financial product preferences and to introduce a different concept to identify localization-suitable products. Design/methodology/approach To understand customers’ preferred products, the paper examines consumers’ financial behavior by analyzing preference characteristics using data collected from Taiwanese investors. The study entailed a questionnaire designed for consumers using the stated preferences method and the multinomial and nested logit models to develop preference models for consumers’ financial products. A statistical test using the t-value, likelihood and ρ2 to observe investor preference product reactions was also used. Findings The study finds that investors are sensitive to the rate of return on investments and performance changes in foreign currency, stock and mutual funds. An elasticity analysis and prediction of the market share among interactive products show that stock and mutual funds are strongly related and the rate of return on stock undoubtedly influences the market. Originality/value The stated preference method and inclusion of risk appetite improve our understanding of consumer choice and investors’ financial product preferences and characteristics. The results provide suitable localization product suggestions for financial institutions to help them understand their customers’ behaviors better. This paper’s results are also useful in the context of smart financial services such as financial robot technology.
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Suwarno, Agus, and Putu Anom Mahadwartha. "The Analysis of Portfolio Risk Management using VAR Approach Based on Investor Risk Preference." KINERJA 21, no. 2 (September 16, 2017): 129. http://dx.doi.org/10.24002/kinerja.v21i2.1274.
Повний текст джерелаАнотація:
Ackert and Deaves (2010) said that most people have tendency to being risk averse, but with appropriate amount of compensation, people may take more risk. Understanding those circumstances, this research trying to figure risk involved in a Mean-Variance Model. This model has taken consideration about investor risk preference in composed VAR model. VAR define as a measure of the risk of investments, which in this research focuses on risk preferences. This research also conducts comparison between optimum portfolio model known as Single Index Model and Mean-Variance Mode. Robustness test taken too analyze the outcomes from different data input. Research showed that risk preference has an impact on generating portfolio based on Mean-Variance Mode (MVM). Meanwhile, Single Index Model (SIM) found to given a similar result as MVM in high risk preference. This has shown that SIM may not adequate for those who have low risk preference. Research also show that risk taker investor get more gain and endure more risk than risk averse investor. But, based on robustness test, we found that the lowest risk an investor bear is on the highest risk preference. Thus, we make a conclusion that variance is not the only factor that might cause VaR increased, data dispersion has became more major factor.Keywords: Value at risk, Single Index Model, Optimum Portfolio.
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Mason, Helen B., and Roger M. Shelor. "Stock Splits: An Institutional Investor Preference." Financial Review 33, no. 4 (November 1998): 33–46. http://dx.doi.org/10.1111/j.1540-6288.1998.tb01395.x.
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Oak, Seonghee, and Michael C. Dalbor. "Institutional Investor Preference For lodging Stocks." Journal of Hospitality Financial Management 14, no. 1 (September 2006): 82. http://dx.doi.org/10.1080/10913211.2006.10653819.
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Memarista, Gesti, and Melisa Kusuwati. "How Do Financial Experts Choose Stocks?" Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management 15, no. 1 (April 29, 2022): 50–61. http://dx.doi.org/10.20473/jmtt.v15i1.34480.
Повний текст джерелаАнотація:
Objective: This study aims to determine factors that affect financial experts as investors to buy stocks. Do financial experts have different considerations and preferences from ordinary investors in making an investment decision? Design/Methods/Approach: The research data were obtained from an online questionnaire by 581 financial experts with Securities Sub Account in Indonesian Central Securities Depository. This research employs exploratory factor analysis to examine the correlation between 29 attribute statements to develop factors. Findings: The eight groups of factors that affect the Indonesian financial expert’s considerations in the stock investment such as financial performance, comprehensive analysis, benefit signaling, company image, company insight, community involvement, investor preference, and press coverage. Originality: This study incorporates behavioral finance and maximization utility to provide a more comprehensive understanding of stock investment decisions by financial experts. Practical/Policy implication (optional): The result has practical, functional consequences for the investor, especially in the selected stock portfolio analysis. Investment analysis should consider the eight groups of factors found before choosing the stock. If the investors can not assume all factors, they can view the financial performance as the top rank factor. Thus the investor will maximize the investment return in the future.
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Hlouskova, Jaroslava, and Panagiotis Tsigaris. "Capital Income Taxation under Full loss offset Provisions of a Prospect Theory Investor." Public Finance and Management 20, no. 1 (March 2021): 45–87. http://dx.doi.org/10.1177/152397212102000103.
Повний текст джерелаАнотація:
In this paper we examine capital income taxation of a reference dependent sufficiently loss averse investor in a two period portfolio choice model under full loss offset provisions. Capital income taxation with loss offset provisions has been found to stimulate risk taking in expected utility models under certain assumptions about attitudes towards risk but would such effect be found under prospect theory type of preferences? We observe that the impact of capital income taxation depends on investors’ reference levels relative to their endowment income and thus we explore capital income taxation for different types of loss averse investors in terms of their ambition. We consider the less ambitious investors to be the ones with relatively low reference levels (they avoid relative losses in both periods) and more ambitious investors to be those with relatively high reference levels. We analyze two types of more ambitious investors: investors with higher time preference (who experience relative losses only in the second period under the bad state of nature) and investors with lower time preference (who experience relative losses only in the first period). We observe that capital income taxation stimulates current consumption in most cases which encourages risk taking, although the final outcome would depend on the investors’ degree of risk aversion, the rate of time preference and the tax rate in relation to certain thresholds. Current consumption could be discouraged for some ambitious type of investors that have relatively high second period reference levels but not necessary first period reference levels. in summary, to determine the impact of capital income taxation on the decision variables the reference levels in relation to endowment income play the most significant role. Ignoring reference depended preferences can lead to different conclusions for investors reaction to capital income taxation. We also find certain type of investors whose happiness level increases with capital income taxation under full loss offset provisions.
13
Yang, Guang, Xinwang Liu, Jindong Qin, and Ahmed Khan. "An analytical approach for behavioral portfolio model with time discounting preference." RAIRO - Operations Research 52, no. 3 (July 2018): 691–712. http://dx.doi.org/10.1051/ro/2017039.
Повний текст джерелаАнотація:
This paper presents a behavioral portfolio selection model with time discounting preference. Firstly, we discuss the portfolio selection problem and then modify this model based on cumulative prospect theory (CPT) as well as considering investors’ time discounting preference in psychology. Furthermore, an analytical solution with satisfying behavior is given for our proposed model, the results show that when investors’ goals are very ambitious, they put a high proportion of their wealth in long-term goals and adopt aggressive investment strategies with high leverage to reach short-term goals and the overall investment strategy also displays high leverage. Finally, numerical analysis is given and it is shown that investor who tends to future bias performs adequate confidence and patience whereas investor with present bias is apt to the immediate interests.
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Kamstra, Mark J., Lisa A. Kramer, Maurice D. Levi, and Russ Wermers. "Seasonal Asset Allocation: Evidence from Mutual Fund Flows." Journal of Financial and Quantitative Analysis 52, no. 1 (February 2017): 71–109. http://dx.doi.org/10.1017/s002210901600082x.
Повний текст джерелаАнотація:
We analyze the flow of money between mutual fund categories, finding strong evidence of seasonality in investor risk aversion. Aggregate investor flow data reveal an investor preference for safe mutual funds in autumn and risky funds in spring. During September alone, outflows from equity funds average $13 billion, controlling for previously documented flow determinants (e.g., capital-gains overhang). This movement of large amounts of money between fund categories is correlated with seasonality in investor risk aversion, consistent with investors preferring safer (riskier) investments in autumn (spring). We find consistent evidence in Canada and also in Australia, where seasons are offset by 6 months.
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Franke, Günter, and Erik Lüders. "Instability of Financial Markets and Preference Heterogeneity." Advances in Decision Sciences 2010 (June 23, 2010): 1–27. http://dx.doi.org/10.1155/2010/791025.
Повний текст джерелаАнотація:
This paper presents a simple rational expectations model of intertemporal asset pricing relating instability of stock return characteristics to heterogeneity in investor preferences. Heterogeneity is likely to generate declining aggregate relative risk aversion. This leads to variability in expected asset returns, volatility, and autocorrelation. The stronger this variability is, the more heterogeneous preferences are, implying more instability of financial markets. Stock market crashes may be observed if relative risk aversion differs strongly across investors.
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Amudha, Dr R., and Kavin Mugil E. "An Impact of Mobile Trading Apps on Investment Decision of Individual Investors." International Journal of Innovative Research in Engineering and Management 11, no. 2 (April 2024): 45–49. http://dx.doi.org/10.55524/ijirem.2024.11.2.9.
Повний текст джерелаАнотація:
In recent years, the investors have increasingly turned to Mobile trading apps for making investments in shares, Bonds and Mutual funds. It is significant to know, whether these Apps affect the investor decision. The study aimed to understand the impact of Mobile trading apps on investment decision of individual investors. This study examined the influence of App recommendations, Ratings, Ease of use, Personalization and Perceived information on investment decision. The Purposive sampling technique is utilized to collect the data from 200 respondents and analysed using Percentage analysis, Chi square analysis, Correlation and Regression analysis. Results indicated that the Mobile trading apps influence the investor decision. The findings will be helpful for prospective investor to use mobile trading apps and assist companies involved in making application to understand the investor preference.
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Dhandayuthapani, Dr S. P. "Mutual Fund Investor Preference and its Performance." International Journal for Research in Applied Science and Engineering Technology 7, no. 3 (March 31, 2019): 2088–92. http://dx.doi.org/10.22214/ijraset.2019.3386.
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T., Dr Velmurugan, Dr Kumar G., and Shriya K. "A Study on Investor’s Preference towards Stock Market - Special Reference to Chennai City IT Employees." Webology 19, no. 1 (January 20, 2022): 5019–27. http://dx.doi.org/10.14704/web/v19i1/web19337.
Повний текст джерелаАнотація:
Stock markets functioning important role in developing countries. It is functioning as intermediate between the investors and the corporates. Investors have differing needs, and for each investor failure to meet those needs poses a risk. Falling short of the nest eggs or amount required for a particular goal is one of the major risks but also returns, failing which he or she could face the risk of outlive his or her investments. The trade-off between risk and returns is the most absorbing and challenging job for most investors. Investor’s perspective there are various investment options are available even though stock market is one of the most preferred investment destinations for maximum of the investors because high return as well as high risk as the concept in financial management. The purpose of the study is to identify and evaluate the investor to make right investment decision. The methodology perspective samples have been used purposive sampling techniques and the target audience are IT employees in Chennai. The primary data have been collected through structured questionnaire & secondary data through research papers, journals. The dependent and independent variables used for the study are stock market investor’s expectation, objectives, risk perception, influencing factor, preference which influences the decision. The findings of the study identified that financial constituents have direct relationship which influences the stock market investors. The result of the study gives an understanding in a better perspective to how and what are the factors influence an investment drive to be a sustainable decision.
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Yu, Xiao. "The Relationship Between Prosocial Preference and Household Risk Financial Asset Allocation." Advances in Economics, Management and Political Sciences 8, no. 1 (September 13, 2023): 341–48. http://dx.doi.org/10.54254/2754-1169/8/20230339.
Повний текст джерелаАнотація:
Household financial asset allocation and investors' propensity to invest in venture capital are popular research areas. Many papers have studied the impact of income level, health status, risk attitude, etc. on household financial asset allocation. However, for the social behavior indicator of prosocial preference, there are not many papers exploring its impact on household financial asset allocation. Therefore, this paper finds an indicator to measure investors' pro-social preference, and then explores its impact on household financial asset allocation and investors' venture capital behavior. This paper selects the CHFS questionnaire data in 2017 and 2019, and conducts regression analysis through stata. The analysis results show that pro-social preference has a positive impact on venture capital behavior, and a higher level of pro-social preference will also lead to higher investor family holdings. ratio of risky financial assets.
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M, Sriram, and Kabirdoss Devi. "PREFERENCE OF INNOVATIVE AND TECHNOLOGICAL INTEGRATION OF MUTUAL FUND INVESTMENT TO THE INVESTOR IN THE CHENNAI CITY." INTERNATIONAL JOURNAL OF ADVANCED RESEARCH IN COMMERCE, MANAGEMENT & SOCIAL SCIENCE 07, no. 02(II) (May 10, 2024): 25–30. http://dx.doi.org/10.62823/7.2(ii).6512.
Повний текст джерелаАнотація:
In today's investment landscape, the infusion of innovation and technology within mutual fund offerings has become increasingly indispensable, especially for investors in Chennai. This study aims to explore the preferences of Chennai-based investors towards innovative and technologically advanced mutual fund investment solutions. Through a comprehensive survey methodology, the research seeks to discern investor sentiments and expectations concerning the integration of technology in mutual fund platforms. Specifically, it investigates the extent to which investors prioritize user-friendly interfaces, personalized investment choices, and real-time tracking functionalities. By pinpointing these preferences, financial institutions and fund managers can tailor their offerings to meet the distinct requirements of Chennai investors, thus fostering heightened engagement and participation in the mutual fund market. This investigation underscores the imperative of embracing innovation to enrich the investor journey and propel mutual fund adoption in Chennai, addressing the evolving needs and expectations of investors in the digital era.
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LOZZA, SERGIO ORTOBELLI, HAIM SHALIT, and FRANK J. FABOZZI. "PORTFOLIO SELECTION PROBLEMS CONSISTENT WITH GIVEN PREFERENCE ORDERINGS." International Journal of Theoretical and Applied Finance 16, no. 05 (July 25, 2013): 1350029. http://dx.doi.org/10.1142/s0219024913500295.
Повний текст джерелаАнотація:
This paper theoretically and empirically investigates the connection between portfolio theory and ordering theory. In particular, we examine three different portfolio problems and the respective orderings used to rank investors' choices: (1) risk orderings, (2) variability orderings, and (3) tracking-error orderings. For each problem, we discuss the properties of the risk measures, variability measures, and tracking-error measures, as well as their consistency with investor choices. Finally, for each problem, we propose an empirical application of several admissible portfolio optimization problems using the US stock market. The proposed empirical analysis permits us to evaluate the ex-post impact of the optimal choices, thereby deriving completely different investors' preference orderings during the recent financial crisis.
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Gunawan, Kristian, and Ikrimach Ikrimach. "Implementation of Python-Based Topsis Method for Best Stock Selection Analysis Using Yahoo Finance." JURNAL TEKNOLOGI DAN OPEN SOURCE 7, no. 2 (December 1, 2024): 125–37. https://doi.org/10.36378/jtos.v7i2.3873.
Повний текст джерелаАнотація:
This study developed a web-based application implementing the TOPSIS (Technique for Order of Preference by Similarity to Ideal Solution) method for stock investment analysis and recommendations. The application was built using the Flask framework and integrated with the Yahoo Finance API for real-time stock data retrieval. The TOPSIS method evaluated stock alternatives based on criteria such as closing price, P/E ratio, revenue growth, and dividend per share. Testing included functional evaluation, response time analysis, and simulations of three investor scenarios: High Risk-High Return, Low Risk-Low Return, and Balanced. Results indicate that the application effectively delivers stock recommendations aligned with investor preferences, achieving an average response time of 1–4 seconds per feature. Simulations highlight its adaptability in adjusting criteria weights to match different risk profiles. Despite limitations due to external API dependencies, the application demonstrates effectiveness as a decision support tool for stock investment, offering accessibility and flexibility to investors.
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Teja, Adrian. "Investor Limited Information Processing Capacity: Industry Level Analysis." Jurnal Manajemen dan Keuangan 8, no. 1 (July 31, 2019): 99–112. http://dx.doi.org/10.33059/jmk.v8i1.1307.
Повний текст джерелаАнотація:
Investor has cognitive limitation in the form of limited information-processing capacity relative to the amount of information available to them. This limitation force investors to optimize their valuable resources by focusing only to a specific set of information based on their unique preference. Since different industry have different information complexities, different industries will have different investor segment in terms of investor number, investor sophistication, and investor speed to gather and to comprehend information from other industry. We investigate the prevalence of investor’s limited information-processing capacity in Indonesian stock market using autoregressive model. We used monthly data from 31 December 1999 to 30 September 2015 to identify whether there are industries that consistently lead other industries. We find only mining industry return, with small market capitalization only 3.3% relative to total Jakarta Composite Index market capitalization, which consistently leads Jakarta Composite Index return for one to two months.
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Patel, Jahanvi. "A Study on Familiarity Bias in Investor Decision-Making." International Journal for Research in Applied Science and Engineering Technology 11, no. 12 (December 31, 2023): 2273–83. http://dx.doi.org/10.22214/ijraset.2023.57824.
Повний текст джерелаАнотація:
Abstract: For a considerable amount of time, conventional finance theories have maintained that investors make judgments based on logical analyses and economic models. But the development of behavioral finance casts doubt on this notion, showing that emotions, cognitive biases, and natural tendencies frequently influence human decision-making. This study looks into familiarity bias, a psychological component that affects investor decisions, and how common it is. Using a thorough methodology, the study examines investor choices in the banking, FMCG, and auto mobile industries. Results repeatedly point to a considerable preference for well-known businesses, even in situations when risks and returns on investment are similar. Investors exhibit behavioral biases and brand loyalty; familiarity bias is particularly persistent across various investor profiles. The findings show that investors, irrespective of expertise level, devote a sizeable chunk of their capital to reputable businesses. The results of hypothesis testing show relationships between gender and familiarity bias as well as between different investor types according to holding length and risk. However, monthly income did not show a significant correlation with familiarity bias, indicating that it is prevalent at different income levels. The study comes to the conclusion that a thorough understanding of investor decision-making requires an awareness of behavioral biases.
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Srivastava, Praveen Ranjan, and Prajwal Eachempati. "A Hybrid Portfolio Selection Model." International Journal of Intelligent Information Technologies 16, no. 3 (July 2020): 100–116. http://dx.doi.org/10.4018/ijiit.2020070105.
Повний текст джерелаАнотація:
It is generally observed that investors approach asset managers and financial analysts to recommend a customized portfolio based on certain personalized preferences. The article discusses a methodology to build a hybrid personalized multi-criteria model in the Indian stock market context suiting investor preferences. The analytical hierarchy process (AHP) was used to compute the criteria weights and data envelopment analysis (DEA) was adopted to screen the best portfolios which were subsequently ranked by a fuzzy technique for order of preference by similarity to ideal solution (FTOPSIS) and evaluation based on distance from average solution (EDA). The rankings of portfolios were validated for robustness with the actual rankings awarded by Credit Rating Information Services of India Limited (CRISIL) to demonstrate the efficacy of the hybrid model and it was found that Fuzzy TOPSIS and EDA rankings were consistent with the CRISIL rankings proposed by expert investors.
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S, GOWTHAM. "BONDS VS STOCKS PREFERENCE IN PORTFOLIO DURING COVID 19 PANDEMIC." INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT 08, no. 01 (January 15, 2024): 1–9. http://dx.doi.org/10.55041/ijsrem28305.
Повний текст джерелаАнотація:
This research explores investor preferences for bonds and stocks during the COVID-19 pandemic, a period marked by significant financial market disruptions. Bonds, considered safer with fixed income, were favoured for stability, while stocks, representing higher risk and potential returns, saw varied responses. The study employs market data from HDFC Bank, Bank of Baroda, Muthoot Finance, and India Bulls Housing Finance. Findings indicate a general inclination towards bonds, with specific recommendations for investors based onrisk tolerance.
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He, Qizhi, Pingfan Xia, Bo Li, and Jia-Bao Liu. "Evaluating Investors’ Recognition Abilities for Risk and Profit in Online Loan Markets Using Nonlinear Models and Financial Big Data." Journal of Function Spaces 2021 (September 30, 2021): 1–15. http://dx.doi.org/10.1155/2021/5178970.
Повний текст джерелаАнотація:
Financial big data are obtained by web crawler, and investors’ recognition abilities for risk and profit in online loan markets are researched using heteroskedastic Probit models. The conclusions are obtained as follows: First, the preference for the item is reflected directly in the time and indirectly in the number of participants for being full, and the larger the preference, the shorter the time and the fewer the participants. Second, investors can discriminate the default risk not reflected by the interest rate, and the bigger the default risk, the longer the time and the more participants being full. Third, investors can discriminate the pure return rate deducted from the maturity term and credit risk, and the higher the return, the shorter the time and the fewer the participants being full. Fourth, default risks are reflected well by online loan platform interest rates, and inventors do not choose the item blindly according to the interest rate but consider comprehensively the profit and the risk. In the future, interest rate liberalization should be deepened, the choosing function of interest rates should be played better, and the information disclosure, investor education, and investor effective usage of other information should be strengthened.
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Nam, Yoon Sung. "An Exploratory Study on Change of Investment Preference among Investors in Korean Stock Market after Global Opening - Focusing on Foreign Investor, Institutional Investor, and Individual Investor-." Journal of Human Resource Management Research 23, no. 5 (December 30, 2016): 121–34. http://dx.doi.org/10.14396/jhrmr.2016.23.5.121.
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Bar-Hava, Keren, Feng Gu, and Baruch Lev. "Market Evidence on Investor Preference for Fewer Directorships." Journal of Financial and Quantitative Analysis 55, no. 3 (January 28, 2019): 931–54. http://dx.doi.org/10.1017/s0022109019000085.
Повний текст джерелаАнотація:
We examine investors’ preference for directors serving on fewer versus more boards (“busy directors”) by measuring market reaction to busy directors’ resignations at the companies that still keep these directors on the board. We find a positive reaction implying a preference for fewer directorships. The reaction is more positive when the need for the director’s services is greater, when the resignation frees up more of the director’s time, and when the director is of higher quality. Furthermore, we find that following their resignation, directors increase their board responsibilities/leadership at firms that still retain them and seek no board appointments elsewhere.
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Reid, Donald W., and Bernard V. Tew. "The skewness preference of a risk-averse investor." Atlantic Economic Journal 18, no. 2 (June 1990): 89–90. http://dx.doi.org/10.1007/bf02313373.
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Venturelli, Valeria, Alessia Pedrazzoli, and Giovanni Gallo. "Birds of a Feather Flock Together: The Inclusive Effect of Similarity Patterns in Equity Crowdfunding." Sustainability 12, no. 9 (April 26, 2020): 3539. http://dx.doi.org/10.3390/su12093539.
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Crowdfunding is helping to drive financial inclusion by expanding the availability of funds to traditionally excluded and underserved groups of individuals, such as ethnic minority and female entrepreneurs. This study verifies how ethnic and gender similarity between investor and entrepreneur can affect the invested amount in an equity crowdfunding campaign. Using an integrated approach with linear regression and Shapley decomposition, we analyze 8600 investments made by 5996 unique personal shareholder investors in 81 equity crowdfunding campaigns. Results show that similarity patterns seem to significantly influence the amount invested in a campaign but their effects change according to investor’s gender and ethnic origin. In fact, even if female investors give a higher amount to men-led companies, their preference changes if the company is run by a female founder belonging to the same ethnic minority group. Results emphasize equity crowdfunding’s potential as a tool for the financial inclusion of ethnic minority groups of investors and entrepreneurs.
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Shiva, Atul, and Manjit Singh. "Stock hunting or blue chip investments?" Qualitative Research in Financial Markets 12, no. 1 (November 13, 2019): 1–23. http://dx.doi.org/10.1108/qrfm-11-2018-0120.
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Purpose The purpose of this paper is to study the individual investors’ preferences towards stock selection in social media environments. The study is conducted to understand the implications and conceptual directions for the corporates and financial advisors to understand the choices of individual investors applied in financial markets. Further, this study aims to examine the selection of the most preferred social media platform and behavioral intentions of investors towards selection of investment portfolios in Indian stock markets. Design/methodology/approach A questionnaire was designed based on the technique of conjoint analysis and was responded by 428 respondents belonging to the Northern region of India. The estimation of preference functions in Conjoint Analysis was designed by using orthogonal arrays and was calculated using the ordinary least square regression technique. Findings This study reveals that while making selection of desired investment portfolios, the investors give highest preference to social media platforms in terms of highest utility value and range followed by their preference for behavioral intentions to invest. Among different social media platforms, the investors preferred Twitter the most, followed by Facebook and the primary interest of investors was observed towards Intra-day trading purposes and balanced portfolio investments in financial markets. The major reason behind opting the social media platforms was selection of speculative stocks. Research limitations/implications The actual individual investment behavior cannot be observed through the survey, which limits the external validity of the study. Practical implications The paper presents a very important practical tool that can help financial advisors, opinion leaders and corporates in defining their target audience more sharply for investment-related advice. The findings revealed by the study will put them in a better position to understand how investors differ behaviorally and they will get acquainted with their choices and preferences while making investment decisions in the backdrop of social media environments. The preferences of the investors based on social media usage discovered by the study will not only enable the individual investors understand their own preferences, but those of the other investors as well in terms of planned investment decisions and choices. Originality/value The paper is a first of its kind to empirically identify the individual investors and their preferences and choices by applying conjoint analysis in the new social media environment. The study thus integrates the gap between marketing theories and emerging theories of behavioral finance to understand the investor behavior in a better way.
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Et.al, Dr A. Arunachala rajan. "Investors Preferences On Investment In Returns Basis." Turkish Journal of Computer and Mathematics Education (TURCOMAT) 12, no. 3 (April 10, 2021): 3099–103. http://dx.doi.org/10.17762/turcomat.v12i3.1532.
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Investors always want to maximize their return on investments. Return may take several forms. Investors expect to receive interest on debentures and dividends on shares. It is essential for the investors to distinguish between realized return and expected return. Realised return means return that was earned or could have been earned. Expected return is the return from an asset that investors anticipate over a future period. So, expected return is a predicted return. It may or may not occur. An investor will be willing to make investment only if the expected return is adequate. But in reality investors do not realise the expected return always. This study is conducted to analyse the returns basis for investor’s preference on investment in Thoothukudi District
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Hong, You jeong, and Jong sung Kim. "The Effect of Investment Preference by Social Venture Business Model on Investment Intention: Positive Emotional Mediating Effect." Korean Career, Entrepreneurship & Business Association 7, no. 5 (September 30, 2023): 55–72. http://dx.doi.org/10.48206/kceba.2023.7.5.55.
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The purpose of this study is to analyze the effect of preferences for each of the three types of social venture business models, a hybrid organization, on investment intention. In addition, it is intended to verify the mediating role of positive emotions in the relationship between preferences by type and investment intention. In order to conduct this study, a survey was conducted on 101 investors.
The results of the study are as follows. First, based on the hybrid characteristics of social ventures, the types of business models were classified into 'Embedded', 'Integrated', and 'External', and the relationship between type preference and investment intention was analyzed. Second, positive emotions have been shown to play a mediating role in the relationship between preferences for social venture business models and investment intentions.
Based on the results of this study, the following implications were presented. First, the higher the preference for embedded, integrated, and external business model types, the higher the investment intention, so it is necessary to analyze investment cases by business type in detail to find ways to reduce investor uncertainty. Second, social venture managers should consider what business activities to include social missions in and include them as sustainable programs so that they can lead to investment intentions. Third, from the perspective of investors, it was confirmed what factors are needed and affect in investing in social venture business. Through this, social venture managers will be able to establish specific strategies that can be presented to investors. Finally, through this study, various follow-up studies by domestic investors, social venture companies, and related parties can be expected by verifying the relationship between investors' positive emotions and investment intention variables according to the type of social venture business model.
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Williams, Zoe Phillips. "Investor-State Arbitration in Domestic Mining Conflicts." Global Environmental Politics 16, no. 4 (November 2016): 32–49. http://dx.doi.org/10.1162/glep_a_00380.
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International investment agreements (IIAs) give conflicts between mining companies and communities a transnational dimension, allowing investors to sue a state before an IIA tribunal. While investor-state disputes related to extractive industries arise from a wide range of state actions, an important subset are triggered by domestic conflicts between anti-mining groups and foreign companies. How does arbitration affect anti-mining movements? I argue that IIAs limit the government’s responsiveness to domestic pressure, reducing the ability of domestic nonstate actors to influence policies governing the extractive industry. However, it cannot be assumed that states would support these groups even without investor pressure; IIAs only have this effect when anti-mining groups are able to change the state’s preference toward the investment.
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Singh, Amanjot, Ritesh Patel, and Harminder Singh. "Recalibration of priorities: Investor preference and Russia-Ukraine conflict." Finance Research Letters 50 (December 2022): 103294. http://dx.doi.org/10.1016/j.frl.2022.103294.
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Chen, Kuen-Suan, Ruey-Chyn Tsaur, and Nei-Chih Lin. "Dimensions Analysis to Excess Investment in Fuzzy Portfolio Model from the Threshold of Guaranteed Return Rates." Mathematics 11, no. 1 (December 22, 2022): 44. http://dx.doi.org/10.3390/math11010044.
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Portfolio selection is a major topic for investors to allocate their assets and maximize their profit under constrained risk. For uncertain investment behavior in a vagueness environment, some researchers have devoted themselves to this field of fuzzy portfolio models for portfolio selection. Especially, Tsaur, Chiu and Huang in 2021 defined guaranteed return rates to excess investment for securities whose return rates are bigger than the guaranteed return rates in the fuzzy portfolio selection. However, an independent investor has original ideas in investment, and thus we need to consider more types of risk attitudes for an investor’s portfolio selection when the guaranteed return rates are used to excess investment. To manage the excess investment by the risk preference, a new concept of s dimensions of excess investment is introduced to perceive the risk attitude of an investor for portfolio selection. Finally, we present a numerical example of a portfolio selection problem to illustrate the proposed model. This example shows that the higher dimensions of excess investment derive lower expected return rates with lower constrained risk than that of dimension s = 1; and we suggest lower risk preference should select a higher dimension of excess investment. Then, the dimension of excess investment s = 2 can be applied for portfolio selection when the risk preference is lower.
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Sadeghi, Soheila, Taimoor Marjani, Ali Hassani, and Jose Moreno. "Development of Optimal Stock Portfolio Selection Model in the Tehran Stock Exchange by Employing Markowitz Mean-Semivariance Model." Journal of Finance Issues 20, no. 1 (July 16, 2022): 47–71. http://dx.doi.org/10.58886/jfi.v20i1.3061.
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In an increasingly complex financial market, selecting the optimal stock portfolio has become a subject of intense debate. This study aims to develop a model for optimal stock portfolio selection. We apply Markowitz's mean-semivariance approach to determine the downside risk of portfolios, which reflects investors' intuitive perception of risk. In the first stage, the combination of the Analytic Hierarchy Process (AHP) and Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) with interval data is employed to identify and rank good quality stocks according to the recommended criteria by experts. After selecting qualified stocks, in the second phase, we create portfolios, and the weight invested in each stock is determined. Then, three portfolios are created for three groups of risk-averse, neutral to risk, and risk-taker investors. The mean-semivariance optimization model is used in this phase. The proposed approach in the paper is implemented in a real case study of the Tehran stock exchange (TSE). Three portfolios for three groups of investors were evaluated and compared to the market performance using sharp criteria. All three portfolios outperformed the market portfolio both in terms of risk and return. The proposed model of this study can be utilized as a decision support tool when forming an optimal stock portfolio by considering both experts’ opinions on stock evaluation and investor risk preferences simultaneously.
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Lee, Eun Jung, and Yu Kyung Lee. "Changes in the Relation Between ESG and Expected Returns According to ESG Awareness Levels." Korean Journal of Financial Studies 52, no. 5 (October 31, 2023): 641–76. http://dx.doi.org/10.26845/kjfs.2023.10.52.5.641.
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The COVID-19 pandemic has triggered an increased awareness and interest in ESG (Environmental, Social, Governance) among investors in the Korean market. Consequently, this study examines the changes in investors’ tastes and preferences regarding ESG before and after COVID-19 and analyzes how these changes affect the relationship between ESG and expected returns. The analysis revealed that, before COVID-19 the excess returns of portfolios constructed by buying stocks with high ESG scores and selling stocks with low ESG scores were not statistically significant. However, after COVID-19 the excess returns of these portfolios were significantly positive. This result suggests that prior to the pandemic, investors did not perceive ESG as a risk and showed no preference for ESG investments, leading to insignificant excess returns close to zero. In contrast, after the COVID-19 pandemic, increased interest in ESG resulted in a shift in investor preferences, leading to positive excess returns in ESG investments. The results remain consistent even after controlling for firm characteristics. Furthermore, when we examine the impact of each ESG component on expected returns separately, we find that heightened interest in environmental and social factors has a significant positive effect on expected returns.
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Setyowati, Henny, Abdul Hoyyi, and Di Asih I. Maruddani. "PEMBENTUKAN PORTOFOLIO OPTIMAL DENGAN METODE RESAMPLED EFFICIENT FRONTIER UNTUK PERHITUNGAN VALUE AT RISK DILENGKAPI APLIKASI GUI MATLAB." Jurnal Gaussian 8, no. 1 (February 28, 2019): 127–38. http://dx.doi.org/10.14710/j.gauss.v8i1.26627.
Повний текст джерелаАнотація:
The purpose of investors in investing is to get a return, but investors also have to bear the risks that might exist. There are 3 types of investors in investment based on their preference for risk, namely risk aversion (risk averter), moderate risk takers (risk moderate), and high risk takers (risk takers). To obtain an optimal portfolio for each type of investor, the Resampled Efficient Frontier Method is used with Monte Carlo Simulation as much as 700 times, to obtain more parameter estimates. The results of the Resampled Efficient Frontier from Efficient Frontier will take 51 efficient points to determine the optimal portfolio for each type of investor. The efficient point taken is the 1st, 26th and 51st efficient points for the investor risk averter type, risk moderate, and risk taker. To determine the estimated loss in investment, the VaR value is calculated based on the monthly return data of BBNI, UNTR, INKP, and KLBF shares for the period February 2013 to March 2017, with a capital allocation of Rp 100,000,000.00, a holding period of 20 days, and a level of trust of 95%. The Matlab GUI is used to facilitate users in processing data.Keywords: Efficient Frontier, Monte-Carlo Simulation, Normal Distribution, VaR, Matlab GUI
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Zhang, Xiao-Jun. "Book-to-Market Ratio and Skewness of Stock Returns." Accounting Review 88, no. 6 (June 1, 2013): 2213–40. http://dx.doi.org/10.2308/accr-50524.
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ABSTRACT: This study demonstrates that stocks with low book-to-market ratios, also known as glamour stocks, have significantly more positive skewness in their return distributions compared to the return distributions of value stocks with high book-to-market ratios. The premium (discount) investors apply to these glamour (value) stocks also correlates significantly with the difference in return skewness. These findings suggest that the value/glamour-stock puzzle is partially explained by investor preference for positive skewness in stock returns. Such preference for skewness, which is consistent with investors having inverse S-shaped utility functions, is observed in such consumer behaviors as lottery purchases and gambling. This paper further documents significant predictive power of accounting-based measures, such as the book rate of return, with respect to the skewness of stock returns. Data Availability: Data are available from sources identified in the paper.
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Dong, Yue, Jiepeng Wang, and Tingqiang Chen. "Price Linkage Rumors in the Stock Market and Investor Risk Contagion on Bilayer-Coupled Networks." Complexity 2019 (April 10, 2019): 1–21. http://dx.doi.org/10.1155/2019/4727868.
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Investor heterogeneities include investor risk preference, investor risk cognitive level, information value, and investor influence. From the perspective of the stock price linkage, this article constructs an SCIR contagion model of investor risk on a single-layer network. It digs out the investor risk caused by rumors in the stock market under the stock price linkage and its contagion mechanism. The function and influence of different mechanism probabilities and investor heterogeneities on the effects of risk contagion in the stock market are explored through computer simulation. Based on the SCIR contagion model of investor risk on single-layer network, we construct an SCI1I2R contagion model of investor risk on bilayer-coupled networks. Initially, the evolution mechanisms of investor risk contagion in the stock market are compared in single-layer and bilayer-coupled networks. Thereafter, the evolution characteristics and rules of investor risk contagion under different connection modes and heterogeneous mechanism probabilities are compared on bilayer-coupled networks. The results corroborate the following. (1) In the SCIR contagion model of investor risk on a single-layer network, immune failure probability and immune probability have the “global effect”. (2) Investor heterogeneities both have “global effect” and “local effect” on investor risk contagion. (3) Compared with the investor risk contagion on a single-layer network, bilayer-coupled networks can expand the investor risk contagion and have a “global enhancement” effect. (4) Among the three interlayer connection modes of the SCI1I2R model of investor risk contagion on bilayer-coupled networks, the assortative link has the effect of “local enhancement”, while the disassortative link has the effect of “local inhibition”. (5) In the SCI1I2R model of investor risk contagion on bilayer-coupled networks, heterogeneous mechanism probabilities have “global effect” and “local effect”. The research conclusion provides a theoretical basis for regulators to prevent financial risks from spreading among different investors, which is of high theoretical value and practical significance.
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Cui, Kaihua. "A Comparative Analysis of Investment Assets of Three High-tech Companies." Highlights in Business, Economics and Management 36 (July 17, 2024): 468–72. http://dx.doi.org/10.54097/gdt08790.
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This essay provides an in-depth financial analysis of global high-tech leaders Dell, Apple, and Tesla with the aim of providing investors with effective investment strategies. Dell, Apple, and Tesla have some commonalities in their main businesses: hardware products, software and services, and retail and distribution. By examining the latest financial metrics of these companies, including interpretation of the data and analysis of asset selection challenges for different investor groups, the study uncovered a range of interesting findings. The study covers nine different investor profiles, including value, revenue, PEG, index, ratio analysis, DCF, Momentum, insider buying, and stock buyback investors. Using established financial models, the study find that index, momentum, insider buying, and share buyback investors are more inclined to choose the shares of these three companies. At the same time, ratio analysis and discounted cash flow (DCF) investors also show a preference for Apple. These findings provide valuable insights for developing personalized investment strategies aimed at optimizing financial returns in the high-tech sector. This study not only provides investors with practical decision-making tools, but also provides a new perspective for understanding the financial performance and attractiveness of high-tech companies.
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Furnback, W., A. F. Magyar, and B. Wang. "Analyzing Investor Preference Towards Bio-Technology Companies In Different Phases." Value in Health 16, no. 3 (May 2013): A263. http://dx.doi.org/10.1016/j.jval.2013.03.1348.
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Friedman, Henry L. "Investor Preference for Director Characteristics: Portfolio Choice with Gender Bias." Accounting Review 95, no. 5 (October 17, 2019): 117–47. http://dx.doi.org/10.2308/accr-52621.
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ABSTRACT This study examines whether investor-level preferences for director characteristics influence portfolio choices, using data on the U.S. holdings of non-U.S. funds. Consistent with bias-based preferences influencing portfolio allocations, funds from countries with greater gender inequality invest less and hold smaller stakes in firms with more female directors. Since variation in funds' home country gender biases are plausibly unrelated to the selection and performance of female directors in U.S. firms, the empirical strategy mitigates endogeneity concerns arising from estimates based on associations between market performance and gender demographics. The study contributes by linking investments to measured gender biases and by providing evidence, through additional analysis, of potential channels through which gender bias may affect portfolio choice. JEL Classifications: G11; J16; M10.
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Hu, Xiao, Yiqing Chen, Long Ren, and Zeshui Xu. "Investor preference analysis: An online optimization approach with missing information." Information Sciences 633 (July 2023): 27–40. http://dx.doi.org/10.1016/j.ins.2023.03.066.
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Escobar-Anel, Marcos, and Yiyao Jiao. "Robust Portfolio Optimization with Environmental, Social, and Corporate Governance Preference." Risks 12, no. 2 (February 5, 2024): 33. http://dx.doi.org/10.3390/risks12020033.
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This study addresses the crucial but under-explored topic of ambiguity aversion, i.e., model misspecification, in the area of environmental, social, and corporate governance (ESG) within portfolio decisions. It considers a risk- and ambiguity-averse investor allocating resources to a risk-free asset, a market index, a green stock, and a brown stock. The study employs a robust control approach rooted in relative entropy to account for model misspecification and derive closed-form optimal investment strategies. The key contribution of this study includes demonstrating, using two sets of empirical data on asset returns and ESG ratings, the substantial influence of ambiguity on optimal trading strategies, particularly highlighting the differential effects of market, green, and brown ambiguities. As a by-product of our analytical solutions, the study contrasts ambiguity-averse investors with their non-ambiguity counterparts, revealing more cautious risk exposures with a reduction in short-selling positions for the former. Furthermore, three types of investors who employ popular suboptimal strategies are identified, together with two loss measures used to quantify their performance. The findings reveal that popular strategies, not accounting for ESG and misspecification in the model, could lead to significant financial costs, with the extent of loss varying depending on those two factors: investors’ ambiguity aversion profiles and ESG preferences.
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Ahmad, Gatot Nazir, Ari Warokka, and Irna Puji Lestari. "FINANCIAL RISK TOLERANCE ANALYSIS OF INDONESIAN RETAIL INVESTORS." Humanities & Social Sciences Reviews 8, no. 4 (September 10, 2020): 852–75. http://dx.doi.org/10.18510/hssr.2020.8484.
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Purpose: This study aims to analyze how risk tolerance of Indonesian retail investors is based on sociodemographic characteristics and also related to the multidimensional risk Due to the different characteristics of investors turn out to become different levels of risk tolerance for each individual investor, hence considering investor's sociodemographic factors is very important in assessing risk tolerance.
Methodology: This study used quantitative analysis. The random sampling was obtained from the sample cohorts, which consist of the Indonesian retail investor club. Data was collected through an online survey and gathered 407 respondents. Then, the data was analyzed by using PLS with Smart-PLS 3.0 software.
Result: Our findings showed that the most of socio-demographic variables such as age, gender, marital status, education, and income affected the financial risk tolerance, whereas ethics do not affect financial risk tolerance. And risk capacity partially mediated socio-demographics on financial risk tolerance.
Application: The investor and financial advisers would use this analysis in assessing risk tolerance and determining the best type of investment and best suits the risk preference of investors.
Novelty: To the best our knowledge, this study is pretty scarce. Not like the previous studies, this research also use an advanced method which explores variables interdependency. This research is the first one in Indonesia, which compiles socio-demographic variables. And also it is an enriched empirical and literature manner.
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Lawrence, Alastair, James P. Ryans, and Estelle Y. Sun. "Investor Demand for Sell-Side Research." Accounting Review 92, no. 2 (July 1, 2016): 123–49. http://dx.doi.org/10.2308/accr-51525.
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ABSTRACT We use daily page views of analyst estimates, ratings, and target prices on Yahoo Finance to understand when users seek sell-side analyst research. Demand for this information is most pronounced on days with earnings announcements, management guidance, and All-Star analyst reports. Surprisingly, demand does not increase at Form 10-K and Form 10-Q filings. While the overall demand for analyst estimates is 19.9 percent less than for analyst ratings and target prices, on earnings announcement and management guidance days, this preference is reversed. Moreover, the demand for analyst information substantially trumps that of SEC filings and financial statement information. JEL Classifications: M41; G14; G24.
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Ruiz, Ana B., Rubén Saborido, José D. Bermúdez, Mariano Luque, and Enriqueta Vercher. "Preference-based evolutionary multi-objective optimization for portfolio selection: a new credibilistic model under investor preferences." Journal of Global Optimization 76, no. 2 (May 9, 2019): 295–315. http://dx.doi.org/10.1007/s10898-019-00782-1.
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