Evidence on Irish financial analysts' and fund managers' views about dividends

McCluskey, Thomas; Broderick, Aoife; Boyle, Amanda; Burton, Bruce; Power, David

doi:10.1108/17554171011053676

Cited by 2 publications

(3 citation statements)

References 38 publications

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“…All these questions were open-ended in nature and they were designed as such to allow the interviewees to express themselves about what the study intended to find out in a relaxed manner (McCluskey et al , 2010). Each of the interviewee was provided with the same set of questions with the interviewer remaining silent after each question had been posed to the interviewees.…”

Section: Methodsmentioning

confidence: 99%

“…It was also reiterated that the financial statement data were less important in emerging market because of the quality of information that might be provided by the poorly governed firms. Also, on the importance of the dividend in the investment decision-making process, McCluskey et al (2010) examined the views of Dublin-based financial analysts and key Irish fund managers on dividends using semi-structured interviews with 16 participants. They found that dividend is important to investors when making investment decisions.…”

Section: Qualitative Studies In Investment Decision Segmentationmentioning

confidence: 99%

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A qualitative inquiry into the investment decision behaviour of the Malaysian stock market investors

Jaiyeoba

Haron

2016

QRFM

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Purpose The main purpose of this study was to examine the investment decision behaviour of retail investors in Malaysia. Design/methodology/approach The study adopted semi-structured interviews to solicit an understanding of six retail investors on investment decision behaviour in Malaysia. Content analysis technique was used to analyse the data and verbatim texts were applied in discussing the emergent themes. Findings The findings indicate that retail investors in Malaysia are patriotic in nature, and their investment decisions are based on feeling of comfort or convention rather than quantitative analysis. They rely so much on their findings rather than third party’s views for making investment decisions. They were influenced by the psychological biases because they herd on the information. Challenges are solved through experience, and they believe that proper understanding of the financial and economic settings of the country can enhance better investment decision-making. Research limitations/implications A more detailed investigation on the investors’ behaviour with more samples may expand our understanding of this issue. Future studies need to examine the investment decision behaviour with more samples. Practical implications First, it will prepare hit and run investors to be more ready to remain in the market and improve their skills on how to make sound investment decisions. Second, it helps the investors to know that knowledge of traditional finance theory is not sufficient to excel in stock market, and, hence, they need to know more about behavioural finance. Third, investors are exposed to various reasons as to why investment decisions deviate from expected and different means of solving the challenges faced in making investment decision within the Malaysian context. Fourth, investors are reminded that understanding the financial settings before investing is essential. Finally, policy makers in stock market are able to understand the retail investors’ behaviour. Originality/value This study examines the experience and prospect to remain as stock market investors, their priorities in selecting the right company for investment purposes, the kind of information seeking from third parties, the challenges faced by them and other important considerations in investment decisions. These have never been examined together in this way in investigation of retail investors’ investment behaviour.

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Section: Methodsmentioning

confidence: 99%

Section: Qualitative Studies In Investment Decision Segmentationmentioning

confidence: 99%

A qualitative inquiry into the investment decision behaviour of the Malaysian stock market investors

Jaiyeoba

Haron

2016

QRFM

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“…These interviewees possessed expertise in this area, were highly educated, and were knowledgeable about both the investment environment and the share valuation techniques used in the KSE [9]. The questions asked were open-ended in nature to allow the interviewees to talk about the issues being examined in relaxed fashion (McCluskey et al, 2010). Each interviewee was provided with the same series of questions without any interruption from the interviewer but the sequence in which the questions were answered varied from one interviewee to another; it depended on priorities of the interviewee and the direction of the interview.…”

Section: Sample Details and Research Methodsmentioning

confidence: 99%

An investigation of the role of technical analysis in Kuwait

Almujamed

Fifield²,

Power³

2013

Qualitative Research in Financial Markets

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Purpose -The purpose of this paper is to investigate the technical methods that investors in the Kuwait Stock Exchange use to evaluate ordinary shares. The research examines the extent of investors' use of technical analysis, and the technical indicators and the sources of technical information employed by investors. Further, it compares the valuation methods and the sources of information employed by Kuwaiti investors with those used by investors in other developed and emerging stock markets. Design/methodology/approach -A semi-structured questionnaire guided the interviews with institutional investors, technical analysts and investment analysts in Kuwait. Findings -Technical analysis is commonly used among research participants, particularly when timing their entry and exit points. The participants use a mixture of trend and pattern seeking; the Moving Average Rule was heavily used in the market but the Filter Rule Approach was not. Interviewees believed that investors did not have complete information about Kuwaiti quoted companies. Investors in Kuwait behave like their counterparts in other developed and emerging stock markets; fundamental analysis is considered the main valuation method among research participants, while technical and risk analyses were ranked second and third, respectively. Practical implications -Interviewees in Kuwait paid more attention to technical analysis than did investors in developed countries; technical analysts looked at a company's fundamentals before they consulted graphs when deciding to purchase ordinary shares. Further, chartists followed trades of large investors to make profits. This topic needs to be investigated in emerging markets because these markets may be inefficient; trends and patterns may characterise the data from these markets and practitioners may use these techniques to exploit such patterns in returns. Further, the findings in this study may aid the regulators of these markets in their development of a framework that could improve efficiency by increasing the level of disclosure and transparency among listed firms. Originality/value -This is one of the first studies in Kuwait to report the views of technical analysts and institutional investors about technical approaches to equity investment that are used in the market. Most studies on this topic have been conducted in developed stock markets. The current study considers the case for an emerging stock market, which is important in the Gulf and Middle East region. Further, access to technical analysts has been limited in prior research but this was not an issue in the current investigation.

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Evidence on Irish financial analysts' and fund managers' views about dividends

Cited by 2 publications

References 38 publications

A qualitative inquiry into the investment decision behaviour of the Malaysian stock market investors

A qualitative inquiry into the investment decision behaviour of the Malaysian stock market investors

An investigation of the role of technical analysis in Kuwait

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