کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
961096 929782 2010 22 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Confidence, opinions of market efficiency, and investment behavior of finance professors
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Confidence, opinions of market efficiency, and investment behavior of finance professors
چکیده انگلیسی
We identify finance professors' opinions on the efficiency of the stock markets in the United States and assess whether their views on efficiency influence their investing behavior. Employing a survey distributed to over 4,000 professors, we obtain four main results. First, most professors believe the market is weak to semi-strong efficient. Second, twice as many professors passively invest than actively invest. Third, our respondents' perceptions regarding market efficiency are almost entirely unrelated to their trading behavior. Fourth, the investment objectives of professors are, instead, largely driven by the same behavioral factor as for amateur investors-one's confidence in his own abilities to beat the market, independent of his opinion of market efficiency.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Markets - Volume 13, Issue 1, February 2010, Pages 174-195
نویسندگان
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