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نتیجه جستجو - Underreaction

تعداد مقالات یافته شده: 2
ردیف عنوان نوع
1 Allergy onset and local investor distraction
تهاجم آلگری و حواس پرتی سرمایه گذار بومی-2018
We posit that investor distraction can be exogenously triggered by allergy onsets degrading effects on local investors’ health and cognitive functioning. We document that allergy onset is related to lower trading activity. We use daily pollen counts to measure the severity of allergy onset at different locations and show that stocks of firms located in areas with severe allergy problems exhibit declines in trading volume and lower stock returns. Moreover, allergy onset is associated with both a decline in investor demand for firm information, as proxied by Google search volume, and stock underreaction to earnings news. Collectively our evidence supports the notion that the association of allergy onset and stock market outcomes may be emerging through a local investor distraction channel.
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مقاله انگلیسی
2 How does the stock market absorb shocks?
چگونه بازار سهام سرمایه ها را جذب می کند؟-2018
Using a comprehensive set of news stories, we find a stark difference in market responses to positive and negative price shocks accompanied by new information. When there is a news story about a firm, positive price shocks are followed by reversal, while negative ones result in drift. This is interpreted as the stock market overreaction to good news and underreaction to bad news. These seemingly contradictory results can be explained in a single framework, considering the interaction of retail investors with attention bias, and arbitrageurs with short-run capital constraints. Consistent with this hypothesis, we find that both patterns are stronger when the attention bias is stronger, and when the arbitrage capital is scarce.
keywords: Stock return predictability |News|Limits to arbitrage |Limited attention |Overreaction |Underreaction |Text analysis
مقاله انگلیسی
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