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Erschienen in:
Introduction Kapitel lesen Erstes Kapitel lesen

2016 | OriginalPaper | Buchkapitel

2. Literature Review

verfasst von : Navin Kumar

Erschienen in: Chronic Regulatory Focus and Financial Decision-Making

Verlag: Springer Singapore

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Abstract

This chapter provides the background for the book. The chapter begins with a brief overview of behavioural finance, covering the aspects of portfolio construction, investor segmentation and securities markets. A section on prospect theory and its relevance to financial theory ends the section on behavioural finance. Further, the key concepts of regulatory focus theory were explored. The chapter concludes with a summary and critical evaluation of studies coupling both regulatory focus theory and financial concepts.

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Vorheriges Kapitel Introduction
Nächstes Kapitel Theoretical Framework
Fußnoten
1
On 19 October 1987, the Dow Jones Industrial Average dropped by 508 points to 1738.74, a 22.61 % change.
 
2
Behavioural finance is the use of psychological methods to explain the behaviour of investors and subsequent market effects (Sewell 2010).
 
3
Home bias refers to the tendency of investors to invest in a large and disproportionate amount of domestic equities, relative to their overall portfolio.
 
4
The Gramm-Leach-Biley Act repealed part of the Glass-Steagall Act of 1933, removing market barriers among banks, securities and insurance companies that prohibited any one institution from acting as both an investment bank, commercial bank or insurance company. With the Gramm-Leach-Biley Act, consolidation was allowed. Thus, people were then able to invest and save at the same financial institution.
 
5
The disposition effect is the tendency of investors to sell shares whose price has increased, while keeping those that have dropped in value.
 
6
The post-announcement price drift is the tendency for a stock’s cumulative abnormal returns to move in a direction that will yield results that are higher or lower than analysts’ predictions.
 
7
The Super Bowl Stock Market Predictor indicates that, if the Super Bowl is won by a team from the old National Football League, the stock market will finish the year higher than it began (Stovall, 1989). However, if the game is won by a team from the old American Football League, the market will finish lower than it began.
 
8
Sophisticated investors are those who possess stock market investment experience, and knowledge acquired through this experience and other practices, such as, completion of finance and accounting courses and certifications.
 
9
Herding can be defined as behaviour patterns that are correlated across individuals.
 
10
Since closed-end funds are exchange traded, their prices are different from the net asset value, defined as the closed-end fund puzzle.
 
11
The equity premium puzzle stems from the fact that the demand for government bonds is high, despite the fact that they return less than stocks, and why there is even a demand at all.
 
12
When a product is described as ‘hedonic’ it means that its purpose is to bring pleasure, fun and excitement to the user, in comparison to a ‘utilitarian’ product, which is primarily instrumental, and its purchase would be motivated by functional product aspects (Khan et al. 2005).
 
Metadaten
Titel
Literature Review
verfasst von
Navin Kumar
Copyright-Jahr
2016
Verlag
Springer Singapore
Buch
Chronic Regulatory Focus and Financial Decision-Making

Print ISBN: 978-981-287-693-5

Electronic ISBN: 978-981-287-694-2

Copyright-Jahr: 2016

DOI
https://doi.org/10.1007/978-981-287-694-2_2