Conteúdo:Palavras-chave: Microestrutura; Probabilidade de Operação com Informação; Governança.Códigos JEL: G14; C22.Listagens de ações baseadas em práticas de Governança são utilizadas pelas bolsas de valores para sinalizar ao investidor uma maior proteção contra expropriações praticadas pelos grupos controladores.
This study investigates the disposition effect with regard to Brazilian investors, with focus on the year 2020. The database is composed by more than 12,000 trades by 274 investors. We follow the method of Odean (1998) to estimate the proportions of gains and losses realized and test the null hypothesis of equality of these proportions in each portfolio. The results suggest that Brazilian investors behave in line with the disposition effect. They sell winning stocks too early and hold losing stocks too long. A stock that is gaining value is more likely to be sold from day to day compared to a stock that is losing value. The disposition effect was not found in March, which suggests that investors employed a loss-limit during periods of market stress, no matter if the stock went up or down.
This study aims to explain how social media (SM) users, whilst searching for information, can be trapped into a quagmire of misinformation, even when they have no denialist inclinations or sympathy for hate groups. We analyze the interactions between cognitive biases and deep preference learning algorithms (DPL), as SM companies use DPL to curate the content conveyed to its users. The study proposes a model for users’ behavior and explain how SM business model allows new information to be introduced in the quagmire in order to change user’s opinions in a way desired by a customer willing to pay for, and, eventually, accomplished it. The model explains why some popular tactics against misinformation, as censorship and fact-checking, achieve very poor results. We suggest that policies promoting face-to-face encounters in friendly environments can be more effective in that struggle. We believe the model can help decision makers in developing more efficient anti-disinformation policies.
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