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1 – 10 of 31
Article
Publication date: 1 April 2004

Orie E. Barron, Donal Byard and Charles R. Enis

This study uses experimental data to compare the information generated by professional and nonprofessional investors when both groups receive access to the same financial…

Abstract

This study uses experimental data to compare the information generated by professional and nonprofessional investors when both groups receive access to the same financial disclosures. We also manipulate the disclosure level for both subject groups. Using the method developed by Barron, Kim, Lim and Stevens (1998), we then analyze the information contained in stock price forecasts that were made by the experimental subjects. Professionals on average inferred more information than nonprofessionals. The higher level of disclosure did not affect the information possessed by the professional investors. However, we find that a higher level of disclosure is associated with more private information being produced (or inferred) by nonprofessional investors. As a result, these subjects realized a significant improvement in the accuracy of their mean forecasts relative to their individual forecasts. This finding suggests that the enhanced capacity of firms to widely disclose information to all market participants via the Internet, together with the SEC's new “Fair Disclosure (FD)” regulation, has the potential to produce a significant increase in privately inferred information for on‐line nonprofessionals, potentially resulting in the aggregation of more diverse information into share prices.

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Review of Accounting and Finance, vol. 3 no. 4
Type: Research Article
ISSN: 1475-7702

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Article
Publication date: 15 November 2019

Rachel Martin

This paper synthesizes existing experimental research in the area of investor perceptions and offers directions for future research. Investor-related experimental research has…

Abstract

This paper synthesizes existing experimental research in the area of investor perceptions and offers directions for future research. Investor-related experimental research has grown substantially, especially in the last decade, as it has made valuable contributions in establishing causal links, examining underlying process measures, and examining areas with little available data. Within this review, I examine 121 papers and identify three broad categories that affect investor perceptions: information format, investor features, and disclosure credibility. Information format describes how investors are influenced by information salience, information labeling, reporting and accounting complexity, financial statement recognition, explanatory disclosures, and proposed disclosure changes. Investor features describes investors’ use of heuristics, investor preferences, and the effect of investor experience. Disclosure credibility is influenced by external and internal assurance, management credibility, disclosure characteristics, and management incentives. Using this framework, I summarize the existing research and identify areas that would benefit from additional research.

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Journal of Accounting Literature, vol. 43 no. 1
Type: Research Article
ISSN: 0737-4607

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Book part
Publication date: 1 May 2023

Hsiang-Hsi Liu, Pi-Hsia Hung and Tzu-Hu Huang

This research examines stock traders' disposition effects and contrarian/momentum behavior in the Taiwan Stock Exchange (TWSE). Specifically, we first investigate disposition…

Abstract

This research examines stock traders' disposition effects and contrarian/momentum behavior in the Taiwan Stock Exchange (TWSE). Specifically, we first investigate disposition effects across all trader types and then examine the relationships between disposition effects, trader types, and order characteristics. Next, we explore contrarian and/or momentum behavior and analyze the relationships among the contrarian/momentum behavior, investor type, and order characteristics. Finally, the links among trader types, order characteristics, and investment performance are detected. This chapter yields the following findings. (1) Individual investors exhibit the strongest disposition effects compared to other investors. (2) Foreign investors, investment trusts, and individual investors tend to use large orders to sell loser stocks. (3) Investment trusts are inclined to be momentum traders, while individual investors tend to perform contrarian strategies. (4) Institutional aggressive and large orders perform better than individuals' orders. (5) The performance of foreign investors' selling decisions is better than that of retail investors.

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Advances in Pacific Basin Business, Economics and Finance
Type: Book
ISBN: 978-1-80382-401-7

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Abstract

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The Savvy Investor’s Guide to Pooled Investments
Type: Book
ISBN: 978-1-78973-213-9

Book part
Publication date: 15 October 2020

Elizabeth Klainot-Hess

Over the past several decades, there has been a growth in nonstandard professional work. One area where this can be seen is the academy, where tenure-track positions are being…

Abstract

Over the past several decades, there has been a growth in nonstandard professional work. One area where this can be seen is the academy, where tenure-track positions are being replaced by non-tenure-track (NTT) positions such as adjuncts and lecturers. Studies of nonstandard professional workers have found significant variation in job satisfaction, and this is also true for NTT faculty. Why is job satisfaction among NTT faculty so variable, and how can we understand it? Drawing on in-depth interviews with one hundred NTT faculty at two large public research universities, the author argues that NTT faculty vary in two important ways: the role of the income from their NTT job in their family and their pathway to the NTT position. The author develops a typology of NTT faculty based on these two dimensions and argues that these two dimensions intersect in important ways that affect the job satisfaction and job experiences of NTT faculty. The only group of NTT faculty that experiences high job satisfaction are those who prefer a NTT position over a tenure-track one, and who do not rely on the income from this job as the primary source of income for their family. This research has implications for understanding the job satisfaction of other nonstandard professional workers, who may vary in similar ways.

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Professional Work: Knowledge, Power and Social Inequalities
Type: Book
ISBN: 978-1-80043-210-9

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Article
Publication date: 6 May 2014

Fabio L. Mattos and Stefanie A. Fryza

The purpose of this paper is to explore the existence of disposition effect among Canadian wheat farmers when marketing their grain. This study examines the question of whether…

Abstract

Purpose

The purpose of this paper is to explore the existence of disposition effect among Canadian wheat farmers when marketing their grain. This study examines the question of whether farmers wait too long to price their grain or whether they price it too soon.

Design/methodology/approach

The disposition effect is a common behavior documented in financial markets, and reflects the notion that investors tend to hold losing positions too long and close winning positions too fast. This idea can also be applied to grain marketing, exploring whether farmers sell their grain more readily when prices are “high” and wait longer when prices are “low.” Based on the approach by Odean (1998), marketing strategies of 15,564 farmers between 2003/2004 and 2008/2009 are examined.

Findings

Results support the existence of disposition effect in marketing decisions. Farmers seem to be eager to sell when prices offered by contracts are above their reference price and wait longer to sell when prices offered by contracts are below their reference price. There is no clear evidence that farmers might consistently benefit from this behavior. On the other hand, it is not clear whether this behavior can be costly to farmers.

Originality/value

Exploring the existence of disposition effect is relevant because this behavior can affect performance. If grain is sold too early, farmers can miss opportunities to sell at higher prices later. If grain is held too long, prices can go down and farmers will end up selling at lower prices. This study uses unique data to perform the first analysis of the disposition effect in the agricultural industry, and its findings can provide new insights and move us toward a more complete understanding of decision making in this industry.

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Managerial Finance, vol. 40 no. 5
Type: Research Article
ISSN: 0307-4358

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Book part
Publication date: 27 March 2007

David M. Brock, Michael J. Powell and C.R. (Bob) Hinings

This chapter explores archetypal change in the context of professional service firms. To understand recent and ongoing changes in professional service firms, we briefly show how…

Abstract

This chapter explores archetypal change in the context of professional service firms. To understand recent and ongoing changes in professional service firms, we briefly show how the professional archetype has evolved since the 1960s. We then present four theoretical models to describe processes by which institutionalized archetypes can change, and possibly coexist in the same field. Three professional archetypes are described, each in the context of historical development and the change model described earlier. At the one extreme is the traditional professional partnership; at the other the larger, multidisciplinary, corporate, global professional network, or GPN; in between is the “Star” form – relatively specialized, flatter structure, resisting significant growth, with fixations on excellence, and being the leader in a professional niche.

Details

Research in Organizational Change and Development
Type: Book
ISBN: 978-1-84950-425-6

Article
Publication date: 11 March 2014

Gaurav Bhalla

The article explains how innovating with customers and other stakeholders to achieve co-creation of value requires companies to marry their collaborators' interests with corporate

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Abstract

Purpose

The article explains how innovating with customers and other stakeholders to achieve co-creation of value requires companies to marry their collaborators' interests with corporate knowledge and resources. The process starts with setting objectives and proceeds through four additional steps: selection of arenas, engagement with collaborators, choice of project tools and processes and defining contracts with stakeholders.

Design/methodology/approach

The authors describe how leading firms have developed best-practice processes, tools and technologies to better enable and expedite value co-creation.

Findings

The article offers managers guidelines for deciding which customers to select for participation in specific co-creation programs. The choices are: Customers who have extraordinary passion for their brands; customers in attractive or untapped market segments; customers that exhibit a high co-creation potential; innovators and early adopters; lead users looking to develop solutions to solve their own needs.

Practical implications

Collaborative innovation projects need to define “What's in it for the collaborators?” Customer collaboration rarely operates independent of incentives.

Originality/value

The article offers practical guidance for companies that engage in co-creation projects because they want to them to foster the discovery of customer interest and value, which they can turn into innovation and competitive advantage.

Details

Strategy & Leadership, vol. 42 no. 2
Type: Research Article
ISSN: 1087-8572

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Article
Publication date: 1 December 2001

Martha Zarate

Looks at the first 100 years of Italian cinema examining its role in Italy’s recent history. Provides a bibliography of major film directors, Italian cinema sources, reference…

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Abstract

Looks at the first 100 years of Italian cinema examining its role in Italy’s recent history. Provides a bibliography of major film directors, Italian cinema sources, reference works, histories, themes, theory and criticism and articles in journals.

Details

Collection Building, vol. 20 no. 4
Type: Research Article
ISSN: 0160-4953

Keywords

1 – 10 of 31