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| Tekijä: | Chan, W. S. Frankel, R. Kothari, S. P. |
| Otsikko: | Testing behavioral finance theories using trends and consistency in financial performance |
| Lehti: | Journal of Accounting & Economics
2004 : DEC, VOL. 38:1-3, p. 3-50 |
| Asiasana: | behavioural science bias financial performance |
| Kieli: | eng |
| Tiivistelmä: | According to this paper assessing the predictive ability of behavioral finance theories using out-of-sample data is important. Otherwise, the potentially boundless set of psychological biases underlying the behavioral explanations for security price bahaviour can lead to overfitting of theories to data. The authors test pricing effects attributed to two psychological biases, representativeness and conservatism, which underlie many behavioral finance theories. Using trends and consistency of accounting performance, the pricing consequences of representativeness and conservatism are explored. |
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