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Investors’ Risk Preference Characteristics and Conditional Skewness  [PDF]
Fenghua Wen,Zhifang He,Xiaohong Chen
Mathematical Problems in Engineering , 2014, DOI: 10.1155/2014/814965
Abstract: Perspective on behavioral finance, we take a new look at the characteristics of investors’ risk preference, building the D-GARCH-M model, DR-GARCH-M model, and GARCHC-M model to investigate their changes with states of gain and loss and values of return together with other time-varying characteristics of investors’ risk preference. Based on a full description of risk preference characteristic, we develop a GARCHCS-M model to study its effect on the return skewness. The top ten market value stock composite indexes from Global Stock Exchange in 2012 are adopted to make the empirical analysis. The results show that investors are risk aversion when they gain and risk seeking when they lose, which effectively explains the inconsistent risk-return relationship. Moreover, the degree of risk aversion rises with the increasing gain and that of risk seeking improves with the increasing losses. Meanwhile, we find that investors’ inherent risk preference in most countries displays risk seeking, and their current risk preference is influenced by last period’s risk preference and disturbances. At last, investors’ risk preferences affect the conditional skewness; specifically, their risk aversion makes return skewness reduce, while risk seeking makes the skewness increase. 1. Introduction Risk preference refers to the attitude people hold towards risks, which is a key factor in studies on investors’ decision-making behavior. Standard financial theory assumes that investors are rational and believes that when making investment decisions they tend to have invariant risk preferences-risk averse. However, as the research goes, people gradually find that the investors’ decision-making behavior in real life does not always comply with the assumption of rationality and their behaviors are usually limited by their own cognitive biases and external environment, leading to their risk preferences varying with different situations. With the development of behavioral finance, a multitude of research indicated that the result of investment in the financial market can affect their decisions, making them exhibit inconsistent risk preference. Prospect Theory proposed by Kahneman and Tversky [1] had described some prominent psychological traits of investors in their decision-making under uncertainty. Their experiments suggested that individuals tend to be risk averse with gain and risk seeking with loss, which have been confirmed by a variety of subsequent studies. For example, Laughhunn and Payne [2] found evidence that 20 managers in the process of their multiple risk choice
The Relationship between Individual Personality Traits (Internality-Externality) and Psychological Distress in Employees in Japan  [PDF]
Masahito Fushimi
Depression Research and Treatment , 2011, DOI: 10.1155/2011/731307
Abstract: This study examines the relationship between the internality-externality (I-E) scale as an indicator of coping styles and the Kessler 6 (K6) scale as an indicator of psychological distress and analyzes the effects of sociodemographic and employment-related factors on this relationship. Employees from Akita prefecture in Japan were invited to complete self-administered questionnaires. A uniform pattern of findings emerged in the relationship between the two scales as follows: all the significant correlations were negative, that is, as the I-E score increased, the K6 score decreased. Furthermore, significant effects were observed for the I-E scale regarding sex, age, education, employee type, and employment status and the K6 scale with multiple regression analyses. Among these, the effect of the K6 scale was significant for the I-E scale in both males and females. The results of this study may help improve mental health clinicians' understanding of psychological distress in employees. 1. Introduction The majority of previous literature on stress has studied the relationship between stressors and psychological distress. In addition, several such studies adopted moderators or coping behaviors as factors [1–3]. Several factors serve as potential moderators of stressor-strain relationships; these include Type A behavior pattern, internality-externality (I-E), and hardiness. Type A refers to a behavioral style characterized by ambitiousness, aggressiveness, competitiveness, impatience, potential for hostility, and a hard-driving nature; furthermore, it is characterized by motor responses such as muscle tenseness, a vigorous speech pattern, and rapidity of movement. I-E, which is also called locus of control (LOC), was also adopted as a moderator by several studies [3]. I-E is often described as a personality-like variable that might affect the long-term coping pattern of individuals. LOC refers to the differences in beliefs concerning personal control, represented by the continuum from internality to externality. “Internals” believe that “reinforcements are contingent upon their own behavior, capacities, or attributes.” In contrast, “externals” believe that “reinforcements are not under their personal control but rather are under the control of powerful others, luck, chance, fate, and so forth” [1]. In order to understand the processes related to occupational stress, it is necessary to explore how individuals behave in response to perceived stress (i.e., coping behavior) and to examine the relationship between potentially stressful incidents and psychological
Rationality and Routines as Dynamic Capabilities? The Case of Property Investors
André Scharmanski,Martina Fuchs
Urbani Izziv , 2012,
Abstract: In their decision-making, companies often follow a particular mix of old and new routines. The global commercial property industry exemplifies the combination of long-standing with novel routines. Recently, investors have turned their attention to new, far-away and still opaque market regions. In contrast to traditional property investors these new, more professional investors seek a ‘rational’ foundation for their decisions based on methodologically confident, systematically calculable procedures. The application of ‘rational’, ‘scientific’ models means that actors use algebraic models and procedures based on models of rational choice, which have emerged from neoclassical economic science. We discuss rationality and routines with a specific focus on evolutionary approaches and concentrate on routines, including the concept of dynamic capabilities.
Stock portfolio structure of individual investors infers future trading behavior  [PDF]
Ludvig Bohlin,Martin Rosvall
Quantitative Finance , 2014, DOI: 10.1371/journal.pone.0103006
Abstract: Although the understanding of and motivation behind individual trading behavior is an important puzzle in finance, little is known about the connection between an investor's portfolio structure and her trading behavior in practice. In this paper, we investigate the relation between what stocks investors hold, and what stocks they buy, and show that investors with similar portfolio structures to a great extent trade in a similar way. With data from the central register of shareholdings in Sweden, we model the market in a similarity network, by considering investors as nodes, connected with links representing portfolio similarity. From the network, we find groups of investors that not only identify different investment strategies, but also represent groups of individual investors trading in a similar way. These findings suggest that the stock portfolios of investors hold meaningful information, which could be used to earn a better understanding of stock market dynamics.
Other Corporate Information Sources Usage: Evidence from Jordanian Individual Investors  [cached]
Fawzi Al Sawalqa
International Business Research , 2012, DOI: 10.5539/ibr.v5n4p81
Abstract: This study aims to provide insight into of the extent of usage of other corporate financial information sources by Jordanian individual investors in taking their investment decisions in Amman Stock Exchange (ASE) in comparison with annual corporate reports. The study also aims to identify the main reasons for using sources of information other than corporate annual reports. The result of study revealed that corporate annual report was the most used sources of information. This followed by published daily share price, newspapers and magazines, corporate web sites, advice of friend, tips and rumours, stockbrokers’ advice and discussion with company staff respectively. These results indicated that Jordanian individual investors put more emphasis on the usage of the written sources than verbal sources. The results also indicated that Jordanian individual investors start to give more attention to the usage of electronic sources as the corporate web sites ranked forth. In respect to reasons that encouraged investors to use sources of information other than corporate annual reports, the results indicated that the first three reasons include; easier to get information, containing new information and giving up-to-date information. These reasons form the features of the written sources which were indicated as the most used sources of information.
谁更愿意动员社会资本?——基于心理人格特质的实证分析
Who is more willing to mobilize social capital?——Empirical analysis based on psychological personality traits
 [PDF]

李黎明 龙晓 李晓光
- , 2018,
Abstract: 本文主要探讨行动者人格特质如何影响社会资本动员。我们基于大五人格理论(OCEAN),从外向度、敏感度、合作度、求新度、理性度五个角度提出理论假设。JSNET2014数据分析表明,就个体的社会资本动员能力和社会支持获取能力而言:外向度、合作度、求新度具有显著正向影响,敏感度具有显著负向影响,理性度则无显著影响。以上发现表明,社会资本动员不仅受到个体资源限制和社会结构制约,同时也受到行动者内在心理特征的影响。
:This paper mainly discusses how the personality traits of actors affect social capital mobilization. Based on the theory of Big-Five personality (OCEAN), we propose theoretical hypotheses from five perspectives Extroversion, sensitivity, cooperation, creativity and rationality. In terms of the ability of social capital mobilization and social support acquisition, the analysis of JSNET2014 data shows that extroversion, cooperation and creativity have significant positive influence, sensitivity has significant negative influence, and rationality doesn’t work. The above findings reveal that social capital mobilization is not only restricted by individual resources and social structure, but also by the internal psychological characteristics of the actors
Individual Investors’ Stock Trading Behavior at Amman Stock Exchange  [cached]
Abdel-Raheem F. Fares,Faisal G. Khamis
International Journal of Economics and Finance , 2011, DOI: 10.5539/ijef.v3n6p128
Abstract: Many studies investigated the factors that affect investments in stock trading in developed and developing countries, but the investors' characteristics are still not well documented. The Amman Stock Exchange being a small exchange does not use stock trading programs that require advanced mathematical models. Most stock trading is executed the traditional face-to-face way. Therefore, stock trading depends on individual traders’ judgments. Investors’ trading behavior is influenced by several behavioral factors. The present paper seeks to identify these factors and their influence on investors' financial exposure. Towards this end the multiple regression technique was utilized. Four explanatory variables were identified. The investor’s age, his/her use of the internet and his/her formal level of education were statistically significant (at 1% or 5% level) with positive signs. The broker variable was highly significant (less than 1% level) and had a negative sign implying the need for professionally trained and experienced analysts to win clients’ trust.
Individual and psychological features of persons at invalidiziruyushchy diseases
Nailya Ismailova
Koncept : Scientific and Methodological e-magazine , 2013,
Abstract: In article individual and psychological features of men and the women having invalidiziruyushchy diseases are considered. The author suggests to consider parameters of intelligence of life, pseudo-compensation, personal properties under individual and psychological features.
Loss Aversion: A Comparison of Investment Decision Making Between Individual Investors and Pension Funds in Brazil
Luiz Augusto Martits,William Eid Junior
Revista Brasileira de Finan?as , 2009,
Abstract: This article compares the application of a loss aversion utility function with a traditional Von Neumann-Morgenstern utility function aiming to test whether the first form of utility could better replicate the actual behavior of Brazilian investors concerning the choice of optimum investment portfolio. The results generated by both functions, in terms of stock market participation in the optimum investment portfolio, are compared with real aggregate data from two types of Brazilian investors (pension funds and individual investors). The analysis indicates that: i) the traditional utility function should be rejected as an adequate model to replicate Brazilian individual investors behavior in the stock market; and ii) Brazilian individual investors behavior are better replicated by a loss aversion utility function.
Psychological resources of students’ safety as an indicator of psychological security of an individual  [PDF]
I. A. Baeva,N.N. Baev
Psihologi?eskaa Nauka i Obrazovanie , 2013,
Abstract: We analyze the problem of students’ personal resources actualization to enhance their psychological safety from adverse social impacts. We provide the content of students’ psychological safety resources from the adverse effects of the social environment. Psychological safety can be seen as a result of successfully overcoming adverse effects of human social environment and an important indicator of psychological security of individual, which means the person’s ability to maintain stability in specific environments, including those with traumatic effects, and as an indicator of resistance to destructive internal and external influences, which is reflected in the experience of personal security / insecurity in a particular situation.
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