Behavioral biases

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  • Các nhà đầu tư không phải lúc nào cũng đưa ra các quyết định và hành động dựa vào lý trí, mà họ còn bị chi phối bởi các yếu tố tâm lý (cảm xúc cũng như nhận thức) được gọi là các thiên lệch hành vi (behavioral biases). Khi trạng thái tâm lý tốt họ trở nên lạc quan hơn trong cách nhìn nhận đánh giá, nhưng khi trạng thái tâm lý không tốt họ hay phê bình, chỉ trích, đi vào chi tiết của vấn đề hơn và trở nên bi quan hơn. Tài chính luôn được xem là...

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  • Leveraging refers to the process by which private sector capital is mobilised as a consequence of the use of public sector finance and financial instruments. Public finance can „crowd in‟ private capital by compensating private investors for what would otherwise be lower than their required risk-adjusted rates of return (AGF, 2010). There is no uniform methodology to calculate leverage ratios of public to private finance, and different financial institutions report this ratio in different ways.

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  • To estimate equation (5) we have to take into account the potential endogeneity of financial performance and board appointment decisions. Furthermore, including the lagged dependent variable as an independent variable makes the fixed effects estimator not only biased, but also inconsistent. To overcome this problem an instrumental variables (IV) estimator could be used. However, appropriate governance instruments are not easy to find.

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  • Our study is part of a recent literature that investigates the asset pricing impact of behavioral biases documented in psychology research. This literature, which has expanded significantly over the last decade, is comprehensively reviewed by Hirshleifer (2001) and Shiller (2000). The strand of the literature closest to this paper investigates the effect of investor mood on asset prices. The two principal approaches in this work link returns either to a single event or to a continuous variable that impacts mood. ...

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  • Professor de Meza draws attention to recent literature which indicates that, in the context of widespread behavioural biases, two modes of financial capability work appear to be the most promising. These are the use of 'norms', which means directing people to a particular action such as higher saving, and the use of active intervention by a councillor and/or individualised advice, rather than passive information or education.

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  • Between 1981 and 1983, one of us (Max) served on the faculty of Boston Univer-sity. At the time, he was conducting laboratory studies on decision biases in negotiation. Behavioral decision research did not exist as a topic of study in most management schools. The faculty at Boston University included a number of excellent colleagues, and yet they knew very little about the emerging research on judgment. This lack of awareness among management colleagues motivated Max to write this book. The goal was to make the area of judgment a more central part of the management literature.

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  • Behavioral economics has been the economics profession’s runaway growth area of recent decades. Scholars in this area work largely at the intersection of economics and psychology. Much of their attention has focused on systematic biases in people’s judgments and decisions. As the late Amos Tversky, a Stanford University psychologist and a founding father of behavioral economics, liked to say, “My colleagues, they study artifi cial intelligence. Me? I study natural stupid

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  • Contents Introduction This book The context 1 Good or bad by nature? Empathy and sympathy 2 What is my price? Integrity as supply and demand 3 Bagels at work: honesty and dishonesty 4 Egoism versus altruism: the theory of the warm glow and the helping hand 5 What you expect is what you get: the Pygmalion and Golem effects 6 Self-image and behavior: the Galatea effect 7 Self-knowledge and mirages: self-serving biases and the dodo effect 8 Apples, barrels and orchards: dispositional, situational and systemic causes Factor 1: clarity 9 Flyers and norms: cognitive stimuli 10 The Ten Commandment...

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  • Although research on limits to arbitrage is far from played out, it is fair to say that a broad consensus is emerging with respect to the key ideas and modeling ingredients. This should not be too surprising, given that the relevant tools all come from neoclassical microeconomics: arbitrageurs can be modeled as fully rational, with no need to appeal to any behavioral or psychological biases.

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