Confidence, opinions of market efficiency, and investment behavior of finance professors

Doran, James; Peterson, David R.; Wright, Colby

doi:10.1016/j.finmar.2009.09.002

Cited by 44 publications

(28 citation statements)

References 16 publications

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“…Thus, market efficiency is affected by sudden market changes. Results for different holding levels (4, 8, and 16) come to similar conclusions, although they are not displayed for space issues .13 On the whole, the stock markets studied do not present great inefficiency problems (close to one VR), and market tends move towards efficiency, at least, in a weak-form (Doran, Peterson, & Colby, 2010).…”

Section: Stock Market Efficiencymentioning

confidence: 72%

The relationship between pension funds and the stock market: Does the aging population of Europe affect it?

Alda

2017

International Review of Financial Analysis

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In recent decades, pension fund investment has increased rapidly because of population aging and growing doubts about the viability of western public pension systems. As a result, pension funds have become dominant in stock markets. This paper examines the influence of the pension fund assets invested in equities on stock market development and the market efficiency of 13 European countries, from 1999 to 2014. Our results vary by country, by pension model and among the one-model countries. Nevertheless, revealing a concern about saving for retirement. Finally, our efficiency analysis reveals that the influence of pension funds varies over time and across markets, due to arbitrage opportunities that provoke adaptive managerial strategies.

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Section: Stock Market Efficiencymentioning

confidence: 72%

The relationship between pension funds and the stock market: Does the aging population of Europe affect it?

Alda

2017

International Review of Financial Analysis

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“…Capital market should be efficient if we want capital allocation to be optimised (Doran et al, 2010). Efficient market theory was first introduced in the 1970s by Fama.…”

Section: Information Efficiencymentioning

confidence: 99%

“…companies and industries by evaluating each of them (Doran, Peterson, & Wright, 2010). If there is no optimum efficiency in part of a market, planners should adopt plans to improve the status quo.…”

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confidence: 99%

Performance appraisals of ICT companies in the Tehran stock market: contradiction with the global trend

Ghazinoory

Khorasani

Rostamy

et al. 2016

Economic Research-Ekonomska Istraživanja

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The impact of information & communication technology (ICT) in increasing financial transactions in different fields, shows the positive developments of this industry in Iran. But could the ICT industry also be effective in the economic capital of the country? This could occur when the ICT industry has a good performance in the capital markets. In this research, the ICT industry in the Tehran Stock Exchange was used to assess its performance in the economy's capital. The data and documents related to the profitability of corporates in ICT industry for six years over the range studied. A total of eight corporate companies with the nature of ICT, and 68 other corporate companies from a total of 17 industries were selected. To discover the informational efficiency, runs test, for analysing trend, linear regression and for comparative assessment, a TOPSIS model has been used. The results showed that the ICT industry in the Tehran Stock Exchange does not have even a weak level of efficiency of information. In addition, it has had a declining trend and finally, in comparison to other industries, it has delivered a poor performance; the results are completely inconsistent with results from other countries and show that Iran's ICT status needs fundamental reflection.

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“…Whether a stock market is efficient in the weak-form has been a highly contentious issue in finance. While most finance academics believe in weak-form efficiency (Doran et al, 2010), predictable patterns of stock returns have been widely observed. For example, Jegadeesh and Titman (1993) document strong momentum effects; and behavioral finance researchers recognize that investor behavior such as overreaction and overconfidence can cause systematic departure from efficiency (e.g., De Bondt and Thaler, 1985;and Barber and Ordean, 2001).…”

Section: Brief Review Of Stock Market Efficiencymentioning

confidence: 99%

Market Efficiency in Asian and Australasian Stock Markets: A Fresh Look at the Evidence

Kim¹,

Doucouliagos

Stanley

2014

SSRN Journal

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Confidence, opinions of market efficiency, and investment behavior of finance professors

Cited by 44 publications

References 16 publications

The relationship between pension funds and the stock market: Does the aging population of Europe affect it?

The relationship between pension funds and the stock market: Does the aging population of Europe affect it?

Performance appraisals of ICT companies in the Tehran stock market: contradiction with the global trend

Market Efficiency in Asian and Australasian Stock Markets: A Fresh Look at the Evidence

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