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David Hirshleifer
David Hirshleifer is an American economist. He is a professor of finance and currently holds the Merage chair in Business Growth at the University of California at Irvine. As of 2018 he became President-Elect of the American Finance Association. In 2017, he was elected as Vice President of the American Finance Association (AFA) and assigned as Research Associate to National Bureau of Economic Research. He was previously a professor at the University of Michigan, Ohio State University, and UCLA. His research is mostly related to behavioral finance and informational cascades. In 2007, he was on the Top 100 list of most cited economist by Web of Science's Most-Cited Scientists in Economics & Business. Background David is the son of Jack Hirshleifer, a deceased UCLA economics professor. He is married to Siew Hong Teoh, Dean's Professor of accounting at the University of California at Irvine. He served in editorial position for the Journal of Finance from 2003 to 2011. In additi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
California
California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the most populated subnational entity in North America and the 34th most populous in the world. The Greater Los Angeles area and the San Francisco Bay Area are the nation's second and fifth most populous urban regions respectively, with the former having more than 18.7million residents and the latter having over 9.6million. Sacramento is the state's capital, while Los Angeles is the most populous city in the state and the second most populous city in the country. San Francisco is the second most densely populated major city in the country. Los Angeles County is the country's most populous, while San Bernardino County is the largest county by area in the country. California borders Oregon to the north, Nevada and Arizona to the east, the M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Informational Cascades
An Information cascade or informational cascade is a phenomenon described in behavioral economics and network theory in which a number of people make the same decision in a sequential fashion. It is similar to, but distinct from herd behavior. An information cascade is generally accepted as a two-step process. For a cascade to begin an individual must encounter a scenario with a decision, typically a binary one. Second, outside factors can influence this decision (typically, through the observation of actions and their outcomes of other individuals in similar scenarios). The two-step process of an informational cascade can be broken down into five basic components: # There is a decision to be made – for example; whether to adopt a new technology, wear a new style of clothing, eat in a new restaurant, or support a particular political position # A limited action space exists (e.g. an adopt/reject decision) # People make the decision sequentially, and each person can observe th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Post Earnings Announcement Drift
Post or POST commonly refers to: * Mail, the postal system, especially in Commonwealth of Nations countries **An Post, the Irish national postal service **Canada Post, Canadian postal service ** Deutsche Post, German postal service **Iraqi Post, Iraqi postal service **Russian Post, Russian postal service **Hotel post, a service formerly offered by remote Swiss hotels for the carriage of mail to the nearest official post office ** United States Postal Service or USPS ** Parcel post, a postal service for mail that is heavier than ordinary letters *Post, a job or occupation Post, POST, or posting may also refer to: Architecture and structures *Lamppost, a raised source of light on the edge of a road * Post (structural), timber framing *Post and lintel, a building system * Steel fence post *Trading post *Utility pole or utility post Military *Military base, an assigned station or a guard post **Outpost (military), a military outpost **Guardpost, or guardhouse Geography * Post, Iran ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Momentum (finance)
In finance, momentum is the empirically observed tendency for rising asset prices or securities return to rise further, and falling prices to keep falling. For instance, it was shown that stocks with strong past performance continue to outperform stocks with poor past performance in the next period with an average excess return of about 1% per month. Momentum signals (e.g., 52-week high) have been shown to be used by financial analysts in their buy and sell recommendations. The existence of momentum is a market anomaly, which finance theory struggles to explain. The difficulty is that an increase in asset prices, in and of itself, should not warrant further increase. Such increase, according to the efficient-market hypothesis, is warranted only by changes in demand and supply or new information (cf. fundamental analysis). Students of financial economics have largely attributed the appearance of momentum to cognitive biases, which belong in the realm of behavioral economics ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Behavioral Economics
Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals or institutions, such as how those decisions vary from those implied by classical economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public opinion. The concepts used in behavioral economics today can be traced back to 18th-century economists, such as Adam Smith, who deliberated how the economic behavior of individuals could be influenced by their desires. The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century. Beha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Skapinker
Michael Skapinker (born 1955 in South Africa) is a South African journalist. He is presently an Associate Editor of the Financial Times and a columnist. Life and career Education Skapinker graduated with a BA in Law from the University of the Witwatersrand, Johannesburg and a Master's degree from Queens’ College, Cambridge. He speaks French, modern Greek and Afrikaans. Print journalism Skapinker began his career as a Foreign Correspondent in Athens for CBS Radio News and Independent radio News, moving to the London Bureau of McGraw-Hill World News, then on the International Management Magazine as senior editor before joining the Financial Times in 1986 as a management writer. He held several positions at the Financial Times, including aerospace correspondent, leisure industry correspondent and electronics writer. In July 2005 Skapinker was appointed editor of the FT’s weekend edition. He is also editor of Special Reports for the Financial Times. Awards and recognition In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Investor Psychology
Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals or institutions, such as how those decisions vary from those implied by classical economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public opinion. The concepts used in behavioral economics today can be traced back to 18th-century economists, such as Adam Smith, who deliberated how the economic behavior of individuals could be influenced by their desires. The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century. Behavio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Information Cascades
An Information cascade or informational cascade is a phenomenon described in behavioral economics and network theory in which a number of people make the same decision in a sequential fashion. It is similar to, but distinct from herd behavior. An information cascade is generally accepted as a two-step process. For a cascade to begin an individual must encounter a scenario with a decision, typically a binary one. Second, outside factors can influence this decision (typically, through the observation of actions and their outcomes of other individuals in similar scenarios). The two-step process of an informational cascade can be broken down into five basic components: # There is a decision to be made – for example; whether to adopt a new technology, wear a new style of clothing, eat in a new restaurant, or support a particular political position # A limited action space exists (e.g. an adopt/reject decision) # People make the decision sequentially, and each person can observe the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporate Finance
Corporate finance is the area of finance that deals with the sources of funding, the capital structure of corporations, the actions that managers take to increase the value of the firm to the shareholders, and the tools and analysis used to allocate financial resources. The primary goal of corporate finance is to maximize or increase shareholder value. Correspondingly, corporate finance comprises two main sub-disciplines. Capital budgeting is concerned with the setting of criteria about which value-adding projects should receive investment funding, and whether to finance that investment with equity or debt capital. Working capital management is the management of the company's monetary funds that deal with the short-term operating balance of current assets and current liabilities; the focus here is on managing cash, inventories, and short-term borrowing and lending (such as the terms on credit extended to customers). The terms corporate finance and corporate financier ar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asset Pricing
In financial economics, asset pricing refers to a formal treatment and development of two main pricing principles, outlined below, together with the resultant models. There have been many models developed for different situations, but correspondingly, these stem from either general equilibrium asset pricing or rational asset pricing, the latter corresponding to risk neutral pricing. Investment theory, which is near synonymous, encompasses the body of knowledge used to support the decision-making process of choosing investments, and the asset pricing models are then applied in determining the asset-specific required rate of return on the investment in question, or in pricing derivatives on these, for trading or hedging. (See also .) General Equilibrium Asset Pricing Under General equilibrium theory prices are determined through market pricing by supply and demand. Here asset prices jointly satisfy the requirement that the quantities of each asset supplied and the qu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Influence
Social influence comprises the ways in which individuals adjust their behavior to meet the demands of a social environment. It takes many forms and can be seen in conformity, socialization, peer pressure, obedience, leadership, persuasion, sales, and marketing. Typically social influence results from a specific action, command, or request, but people also alter their attitudes and behaviors in response to what they perceive others might do or think. In 1958, Harvard psychologist Herbert Kelman identified three broad varieties of social influence. #Compliance is when people appear to agree with others but actually keep their dissenting opinions private. # Identification is when people are influenced by someone who is liked and respected, such as a famous celebrity. # Internalization is when people accept a belief or behavior and agree both publicly and privately. Morton Deutsch and Harold Gerard described two psychological needs that lead humans to conform to the expectat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Review Of Financial Studies
''The Review of Financial Studies'' is a peer-reviewed academic journal covering the field of finance. It is published by Oxford University Press on behalf of the Society for Financial Studies. It was established following discussions at the 1986 Western Finance Association meetings, and the first issue was published in 1988. The current editor-in-chief is Itay Goldstein. It is considered to be one of the premier finance journals. According to the '' Journal Citation Reports'', the journal has a 2020 impact factor of 5.814, ranking it 5/110 in the category "BUSINESS, FINANCE". Editors The following persons are or have been editors-in-chief: * Itay Goldstein (University of Pennsylvania, 2018–present) *Andrew Karolyi (Cornell University, 2014–2018) * David Hirshleifer (UC Irvine, 2011–2014) * Matthew Spiegel (Yale University, 2005–2011) * Maureen O'Hara (Cornell University, 2000–2005) * Ravi Jagannathan (Northwestern University, 1997–2000) * Franklin Allen (Univers ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
