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Are Individual or Institutional Investors the Agents of Bubbles?
SSRN Electronic Journal, 2012Behavioral bubble models typically assume that uninformed trend-chasers, presumably individual investors, cause bubbles, while informed contrarian investors such as institutions, trade against bubbles. DeLong et al. (1990a) highlight that to be considered a “bubble”, the mis-pricing must prevail in a large, diversified portfolio. To meet this criterion,
Jongmoo Jay Choi +2 more
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Longevity Risk Management for Individual Investors
2012We model and numerically solve the optimal asset allocation problem of a retired couple with uncertain lifetime, in the presence of a life insurance policy. The couple maximizes expected utility over their joint lifetime by dynamically adjusting their asset allocation and purchasing term-life insurance.
Kim, Woo Chang +3 more
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Individual investors and the Monday effect
Managerial Finance, 2019Purpose For this study, the authors document day-of-the-week trading patterns of individual investors using a unique data set of NYSE-listed firms and discuss their influence on the Monday effect. It is found that Monday stock returns are generally lower than those of other weekdays and, on average, negative.
Bishal B.C. +3 more
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Individual Investors and Volatility
2008We test the hypothesis that individual investors contribute to the idiosyncratic volatility of stock returns because they act as noise traders. To this end, we consider a reform that makes short selling or buying on margin more expensive for retail investors relative to institutions, for a subset of French stocks. If retail investors are noise traders,
Foucault, Thierry +2 more
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Social Disclosure and the Individual Investor
Accounting, Auditing & Accountability Journal, 1994The demand for social information by individual investors is supported by the survey reported in this study. Based on the results of the 1991 survey on the usefulness of annual reports to corporate shareholders, there appears to be a strong demand for information about product safety and quality, and about the company′s environmental activities ...
Marc J. Epstein, Martin Freedman
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2012
This chapter deals with the first significant financialization in a government debt market: individual investors moving from being depositors in commercial banks to being direct owners of their own government’s debt. Individuals have an increased ability to trade a risk which, it can be argued, they in part assume as bank depositors (especially in ...
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This chapter deals with the first significant financialization in a government debt market: individual investors moving from being depositors in commercial banks to being direct owners of their own government’s debt. Individuals have an increased ability to trade a risk which, it can be argued, they in part assume as bank depositors (especially in ...
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THE INDIVIDUAL INVESTOR: ATTRIBUTES AND ATTITUDES
The Journal of Finance, 1974Lease, Ronald C +2 more
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Individual investors and risk-taking
Journal of Economic Psychology, 1982Abstract During the last decade, a large amount of information has been collected concerning financial markets and financial institutions. Less is known about individual investors. This study relates a specific personality characteristics, locus of control, to portfolio risk as measured by beta; these two concepts are described below.
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The Local Bias of Individual Investors
2002This study investigates individual investors' bias towards nearby companies. Using data from a large U.S. discount brokerage, we find that individual investors tend to invest in companies closer to them relative to the market portfolio. Unlike Coval and Moskowitz's (1999) findings on institutional investors, however, we find that advantageous ...
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