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The Resource Capital Market Anomalies : Explained by humańs irrationality

Capital Market Anomalies : Explained by humańs irrationality

Label
Capital Market Anomalies : Explained by humańs irrationality
Title
Capital Market Anomalies
Title remainder
Explained by humańs irrationality
Creator
Contributor
Subject
Genre
Language
eng
Summary
  • Why do small caps achieve higher risk-adjusted yields than large caps? Why do stock prices increase or decrease upon an index entry respectively deletion? Why does January records higher yields than the remaining months of the year? These as well as other observed capital market anomalies or phenomena could be insufficiently explained by the classical capital market theory, which proceeds on the assumptions that all correspondent information are reflected in the stock prices, all negative effects are directly balanced on the market level and that efficiency of arbitrage principle exists as well as that all market participants act rationally (i.e. optimizing their benefits in the sense of the homo economicus). This motivated some economists and psychologists to include behavioural scientific findings in their research of the influences on the formation of prices on the capital market. In the 1980s the theory of Behavioural Finance was developed, which challenges the homo economicus. Researchers came to the conclusion that humans are not only acting rational, but that they are also influenced by emotions, knowledge and experiences. This new scientific behavioural oriented theory, which is today a separate branch of research, contradicts the classical capital market theory and supplies explanations for the observed phenomena on the capital market. The aim of this book is to demonstrate how human behaviour influences the development on the capital market and how Behavioural Finance serves as an explanation for the empirically observed capital market anomalies. This book begins with the introduction of the theoretical basis of Behavioural Finance and its emergence; tasks as well as aims will be explained in detail. Subsequently, human's heuristics as well as anomalies and irrationalities in their decision making process will be demonstrated. In the
  • third chapter, the capital market anomalies or phenomena as well as the irrational and behavioural reasons for their existence will be described. The fourth chapter covers empirical evidence for their existence as well as for the insufficient explanatory power of the classical capital market theory. Concluding a critical acclaim, target achievements and perspectives concerning Behavioural Finance will be given. Biographische Informationen Irini Varvouzou, B.A., was born in Neuss in 1979. After her apprenticeship as an industrial clerk, she completed her B.A. of International Management at the FOM University of Applied Sciences in Duisburg while continuing to work in a Japanse trading house. During her studies, she developed a preference for the economic field "Finance"; she thus chose to write a book about the topic "Behavioural Finance under special consideration of capital"
Cataloging source
MiAaPQ
LC call number
HG4523 -- .V37 2013eb
Literary form
non fiction
Nature of contents
dictionaries
Label
Capital Market Anomalies : Explained by humańs irrationality
Link
http://ebookcentral.proquest.com/lib/multco/detail.action?docID=1324011
Instantiates
Publication
Copyright
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
  • Capital Market Anomalies: Explained by human's irrationality -- Table of Contents -- 1. Introduction -- 1.1. Problem Specification -- 1.2. Objective -- 1.3. Structure -- 2. Theoretical Basis of Behavioural Finance -- 2.1. Heuristics -- 2.1.1. Availability Heuristic -- 2.1.2. Representative Heuristic -- 2.1.3. Anchoring Heuristic -- 2.2. Behavioural Anomalies/Irrationalities -- 2.2.1. Information Perception Anomalies -- 2.2.1.1. Framing Effect -- 2.2.1.3. Selective Perception -- 2.2.2. Information Processing Anomalies -- 2.2.2.1. Reference Point Effect -- 2.2.2.2. Mental Accounting -- 2.2.2.3. Loss Aversion -- 2.2.3. Decision Making Anomalies -- 2.2.3.1. Cognitive Dissonance -- 2.2.3.2. Regret Avoidance -- 2.2.3.3. Overconfidence Bias -- 3. Capital Market Anomalies/Phenomena -- 3.1. Calendar Anomalies -- 3.1.1. Weekend Effect -- 3.1.2. January Effect -- 3.1.3. Turn-of-the-Month Effect -- 3.2. Figure Anomalies -- 3.2.1. Size Effect and Neglected-Firm Effect -- 3.2.2. Book-to-Market-Ratio Effect -- 3.2.3. Price-Earnings-Ratio Effect -- 3.3. Market Efficiency Anomalies -- 3.3.1. Index Effect -- 3.3.2. Bubbles and Crashs -- 3.3.3. Home Bias -- 3.3.4. Over-reaction and Under-reaction -- 3.3.5. Momentum Effect -- 3.3.6. Mean Reversion Effect -- 3.3.7. Announcement Effect -- 3.3.9. Closed-End Fund Puzzle -- 4. Empirical Evidence to the Capital Market Anomalies/Phenomena -- 4.1. Empirical Evidence to the Calendar Anomalies -- 4.1.1. Weekend Effect evidenced on International Markets -- 4.1.2. Other Studies to the remaining Calendar Anomalies -- 4.2. Empirical Evidence to the Figure Anomalies -- 4.2.1. Size Effect and Neglected-Firm Effect evidenced on the SDAX and DAX -- 4.2.2. Other Studies to the remaining Figure Anomalies -- 4.3. Empirical Evidence to the Market Efficiency Anomalies -- 4.3.1. Index Effect evidenced on the S&P 500
  • 4.3.2. Bubbles and Crashs evidenced on the Tulipmania -- 5. Conclusion -- 5.1. Critical Acclaim -- 5.2. Target Achievement -- 5.3. Perspective -- Bibliography
Control code
EBC1324011
Dimensions
unknown
Edition
1st ed.
Extent
1 online resource (83 pages)
Form of item
online
Isbn
9783954895304
Media category
computer
Media MARC source
rdamedia
Media type code
c
Note
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
Sound
unknown sound
Specific material designation
remote
System control number
  • (MiAaPQ)EBC1324011
  • (Au-PeEL)EBL1324011
  • (CaPaEBR)ebr10735020
  • (OCoLC)854977185
Label
Capital Market Anomalies : Explained by humańs irrationality
Link
http://ebookcentral.proquest.com/lib/multco/detail.action?docID=1324011
Publication
Copyright
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
  • Capital Market Anomalies: Explained by human's irrationality -- Table of Contents -- 1. Introduction -- 1.1. Problem Specification -- 1.2. Objective -- 1.3. Structure -- 2. Theoretical Basis of Behavioural Finance -- 2.1. Heuristics -- 2.1.1. Availability Heuristic -- 2.1.2. Representative Heuristic -- 2.1.3. Anchoring Heuristic -- 2.2. Behavioural Anomalies/Irrationalities -- 2.2.1. Information Perception Anomalies -- 2.2.1.1. Framing Effect -- 2.2.1.3. Selective Perception -- 2.2.2. Information Processing Anomalies -- 2.2.2.1. Reference Point Effect -- 2.2.2.2. Mental Accounting -- 2.2.2.3. Loss Aversion -- 2.2.3. Decision Making Anomalies -- 2.2.3.1. Cognitive Dissonance -- 2.2.3.2. Regret Avoidance -- 2.2.3.3. Overconfidence Bias -- 3. Capital Market Anomalies/Phenomena -- 3.1. Calendar Anomalies -- 3.1.1. Weekend Effect -- 3.1.2. January Effect -- 3.1.3. Turn-of-the-Month Effect -- 3.2. Figure Anomalies -- 3.2.1. Size Effect and Neglected-Firm Effect -- 3.2.2. Book-to-Market-Ratio Effect -- 3.2.3. Price-Earnings-Ratio Effect -- 3.3. Market Efficiency Anomalies -- 3.3.1. Index Effect -- 3.3.2. Bubbles and Crashs -- 3.3.3. Home Bias -- 3.3.4. Over-reaction and Under-reaction -- 3.3.5. Momentum Effect -- 3.3.6. Mean Reversion Effect -- 3.3.7. Announcement Effect -- 3.3.9. Closed-End Fund Puzzle -- 4. Empirical Evidence to the Capital Market Anomalies/Phenomena -- 4.1. Empirical Evidence to the Calendar Anomalies -- 4.1.1. Weekend Effect evidenced on International Markets -- 4.1.2. Other Studies to the remaining Calendar Anomalies -- 4.2. Empirical Evidence to the Figure Anomalies -- 4.2.1. Size Effect and Neglected-Firm Effect evidenced on the SDAX and DAX -- 4.2.2. Other Studies to the remaining Figure Anomalies -- 4.3. Empirical Evidence to the Market Efficiency Anomalies -- 4.3.1. Index Effect evidenced on the S&P 500
  • 4.3.2. Bubbles and Crashs evidenced on the Tulipmania -- 5. Conclusion -- 5.1. Critical Acclaim -- 5.2. Target Achievement -- 5.3. Perspective -- Bibliography
Control code
EBC1324011
Dimensions
unknown
Edition
1st ed.
Extent
1 online resource (83 pages)
Form of item
online
Isbn
9783954895304
Media category
computer
Media MARC source
rdamedia
Media type code
c
Note
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
Sound
unknown sound
Specific material designation
remote
System control number
  • (MiAaPQ)EBC1324011
  • (Au-PeEL)EBL1324011
  • (CaPaEBR)ebr10735020
  • (OCoLC)854977185

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