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The purpose of this paper is to identify common inclusive concepts that might help define the boundaries of a general theory of behavioral finance.
Abstract
Purpose
The purpose of this paper is to identify common inclusive concepts that might help define the boundaries of a general theory of behavioral finance.
Design/methodology/approach
A cross disciplinary review of relevant natural and social sciences is conducted to identify common foundational concepts.
Findings
The overall findings are that a general theory must include assumptions of subjective perception, indeterminacy, and a financial decision process that is both logical and affective.
Practical implications
Optimal financial decisions are not possible and significant market unpredictability will continue because of the dynamic complexity associated with disequilibrium.
Social implications
The current financial paradigm is based upon radically incorrect assumptions and a general theory of behavioral finance cannot arise from minor corrections to the current financial paradigm.
Originality/value
This paper is the first to attempt identifying foundational attributes of a behavioral financial paradigm.
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Keywords
The purpose of this paper is to present a behavioral explanation of excess stock price volatility relative to present value theory.
Abstract
Purpose
The purpose of this paper is to present a behavioral explanation of excess stock price volatility relative to present value theory.
Design/methodology/approach
The conceptual basis is the impact of affect on investor decisions. The empirical tests involve survey data collected from a sample of semi‐professional investors (AAII members) and investment advisors (CFPs).
Findings
It is suggested that affect causes investors to perceive an inverse ex ante relationship between risk perceptions and expected returns. Thus, new good or bad information has an amplified effect on stock valuations. In addition, investors tend to extrapolate recent short‐term market movements into the future.
Practical implications
The primary implications are that ex ante perceptions of risk and return vary inversely and that affect has a strong influence on valuation. This means that simple statistical measures of risk are unlikely to fully capture risk perceptions and that market volatility can be expected to be greater than a simple present value model would imply.
Originality/value
This paper is unique as to the conclusion that risk and return perceptions vary inversely ex ante and that affect can amplify stock price volatility.
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Keywords
– The purpose of this paper is to investigate the implications of human consciousness relative to financial risk perceptions.
Abstract
Purpose
The purpose of this paper is to investigate the implications of human consciousness relative to financial risk perceptions.
Design/methodology/approach
After conceptually identifying that risk perceptions qualify as a Qualia, survey data are gathered from investment experts to clarify the implications.
Findings
Financial risk perceptions are Qualia and as such should have a strong affective influence on risk perceptions. This suggests that aggregate market measures of financial risk may be difficult to obtain and utilize.
Research limitations/implications
Sample size could be larger and more complete implications need to be investigated. Sample unlikely to exhibit significant bias.
Practical implications
Going to be difficult to devise aggregate measures of financial risk across market participants.
Social implications
Risk is going to be heavily affective in orientation and interpersonal Trust is a financial risk attribute.
Originality/value
Is quite original as the author has never seen another paper look to the implications of consciousness for financial risk perceptions or even Trust. Breaks new ground!
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Keywords
The purpose of this paper is to discuss the origin of variance and beta as risk measures and to identify their shortcomings as perceived risk metrics.
Abstract
Purpose
The purpose of this paper is to discuss the origin of variance and beta as risk measures and to identify their shortcomings as perceived risk metrics.
Design/methodology/approach
The paper analyses seminal literature from economics, psychology, and neuroscience that have relevance to financial risk.
Findings
There is empirical evidence that investors are loss‐averse and affectively influenced. Variance and beta as conventionally calculated are flawed because they do not take into account the inherent indeterminacy of the investor's world.
Practical implications
The paper demonstrates that perceived risk will be systematically mis‐measured and that risk premium/return anomalies will prevail until a more affective and multidimensional risk metric is utilized.
Originality/value
The value of the paper lies in its concise and clear identification of financial risk measurement issues and a suggested direction for remediation.
Details
Keywords
Abstract
Details
Keywords
Develops an original 12‐step management of technology protocol and applies it to 51 applications which range from Du Pont’s failure in Nylon to the Single Online Trade Exchange…
Abstract
Develops an original 12‐step management of technology protocol and applies it to 51 applications which range from Du Pont’s failure in Nylon to the Single Online Trade Exchange for Auto Parts procurement by GM, Ford, Daimler‐Chrysler and Renault‐Nissan. Provides many case studies with regards to the adoption of technology and describes seven chief technology officer characteristics. Discusses common errors when companies invest in technology and considers the probabilities of success. Provides 175 questions and answers to reinforce the concepts introduced. States that this substantial journal is aimed primarily at the present and potential chief technology officer to assist their survival and success in national and international markets.
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Robert J. Harrington, Prakash K. Chathoth, Michael Ottenbacher and Levent Altinay
The purpose of this study is to review the hospitality and tourism strategy literature to identify trends related to key topical areas of research. The study objectives include…
Abstract
Purpose
The purpose of this study is to review the hospitality and tourism strategy literature to identify trends related to key topical areas of research. The study objectives include identifying hospitality and tourism strategy challenges; presenting a synthesis of frequent strategy topics; and identifying opportunities for future research.
Design/methodology/approach
Earlier studies in the hospitality strategy literature were reviewed and synthesized to identify trends, gaps and opportunities.
Findings
Hospitality strategy research continues to improve and extend the boundaries of strategic thought in the hospitality literature. In assessing the literature from 1980 to 2013, it was apparent that the literature was following the mainstream trend of combining theoretical perspectives to some degree as well as applying more process-based concepts to hospitality strategy research. There were several challenges for propelling hospitality strategy research forward; these included the educational infrastructure, theory development and the quantity and quality of researchers in the field.
Research limitations/implications
Given the depth and breadth of the strategy topics and research, it was difficult to ensure sufficient coverage was provided in the limited space of one journal article.
Originality/value
The study provides a good foundational understanding of where the hospitality strategy research had been and the trajectory of where it was headed. Further, it serves as a valuable resource for current researchers and those entering this area of research.
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