Hard-to-Value Stocks, Behavioral Biases, and Informed Trading

By Alok Kumar. 2009

346 citations recorded by the source corpus.

Subfields: Accounting, Finance, General Decision Sciences

View Paper: https://www.semanticscholar.org/paper/d958fbe6fb9915939132d90f9679b3bc3e93815a

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Citations in the corpus

Gambling and Comovement (2013, neutral): “…etc.) that influence investment decisions and are also correlated with local religious composition. niversity Press 88 Journal of Financial and Quantitative Analysis of the average investor holding the stock are similar to the characteristics of lottery investors identified in Kumar (2009b).”
Are Investors Really Reluctant to Realize their Losses? Trading Responses to Past Returns and the Disposition Effect (2012, neutral): “Lakonishok and Smidt (1986) find stronger trading activity of losing stocks in December; however, they argue that other factors are more important than tax loss selling in determining trading.”
Home Away From Home: Geography of Information and Local Investors (2015, background): “Overall, the evidence in Table 7 is strongly consistent with our conjecture that a firm’s local exposure has a stronger effect on its local ownership levels when the firm is harder to value because potential access (17)Several earlier studies use similar proxies for the difficulty of valuing a firm ”
Science and the Stock Market: Investors’ Recognition of Unburnable Carbon (2014, neutral): “, 2006; Hirshleifer, 2001; Welch, 2000), hard-toprocess information (Kumar, 2009), proprietary cost (Healy and Palepu, 2001; Verrecchia, 2001), and poor communication by scientists (Revell, 2013).”
Media Makes Momentum (2014, methodology): “Moreover, these stocks are often argued to be a natural habitat of less sophisticated investors (e.g. Barber and Odean (2008), Kumar (2009)).”