http://www.kentdaniel.net/papers/published/jf98.pdf WebD.DHS模型：P16 是Daniel ；Hirshleifer和Subrahmanyam等1998年对于短期动量和长期反转问题提出的一种基于行为金融学的解释。 在分析投资者对信息的反应程度时更强调过度自信和有偏差的自我归因。
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WebDec 1, 2008 · The theory also offers several untested implications and implications for corporate financial policy. Suggested Citation: Daniel, Kent D. and Hirshleifer, David A. and Subrahmanyam, Avanidhar, Investor Psychology and Security Market Under- and Over-Reactions. WebFrom the book Advances in Behavioral Finance, Volume II. Chapter 13 INVESTOR PSYCHOLOGY AND SECURITY MARKET UNDER- AND OVERREACTION Kent Daniel, David Hirshleifer,and Avanidhar Subrahmanyam In recent years a body of evidence on security returns has presented asharp challenge to the traditional view that securities are …
http://www.kentdaniel.net/papers/published/JF01.pdf WebThe remaining part of the price momentum e ect, according to the Daniel, Hirshleifer, and Subrahmanyam (1998) model, derives from dynamic patterns of shifts in overcon …
WebMay 1, 1997 · Daniel, Kent D. and Hirshleifer, David A. and Subrahmanyam, Avanidhar, A Theory of Overconfidence, Self-Attribution, and Security Market Under- and Over … Web(Daniel, Hirshleifer, and Subrahmanyam (1998). 5. Of course, an investor’s ability to process information is limited. As a result, in-vestors will probably use ad-hoc rules to combine their different sources of information, and will therefore undoubtedly make “mistakes” in this process. However, these ad-hoc
WebShleifer, and Vishny (1998), Daniel, Hirshleifer, and Subrahmanyam (1998), and Hong and Stein (1999).4 The relation of our paper to these dynamic models is discussed further in Section I. In addition to offering new empirical implications, the model explains a variety of known cross-sectional empirical findings (see Appendix A), includ-
Web在国际市场研究中，Rouwenhorst(1998)对1978—1995年12个欧洲国家的市场数据进行了考察，其策略中投资观察期为6个月，持有期分别为3,6,9,12个月。他发现所有样本国家都存在动量效应。赢家投资组合的收益表现每个月比输家投资组合收益高1%。 on off rote mütze raphiWebthe debate on its underlying mechanism remains unsettled. For instance,Daniel, Hirshleifer, and Subrahmanyam(1998) propose a model in which investor overcon dence about the precision of private information generates the momentum e ect. On the other hand, in Hong and Stein’s (1999) model, the interaction of boundedly rational agents and the slow in which year saarc approved saptaWebfirm's existing shareholders, and will predict future returns (Stein 1996; Daniel, Hirshleifer, and Subrahmanyam 1998). Evidence from equity or debt financing and long-run returns … in which years did mansa musa rule maliWebShleifer, and Vishny (1998), Daniel, Hirshleifer, and Subrahmanyam (1998), and Hong and Stein (1999).4 The relation of our paper to these dynamic models is discussed … in which year sati was bannedWebK. D. Daniel, D. Hirshleifer and A. Subrahmanyam, “Investor Psychology and Security Market Under- and Overreactions,” Journal of Finance, Vol. 53, No. 6, 1998, pp ... in which year sachin tendulkar retiredWebDaniel, Hirshleifer, and Subrahmanyam ~1998!, and Hong and Stein ~1999!.4 The relation of our paper to these dynamic models is discussed further in Section I. In … in which year sati abolishedWeb1See, for example, Barberis, Shleifer, and Vishny (1998), Daniel, Hirshleifer, and Subrahmanyam (1998) and Hong and Stein (1999). 1. PMP months (months when PMP is in the top 20% of all months in our sample) generate strong negative returns and alphas 2-5 years after formation. Strikingly, momentum portfo- in which year shanghai launched the refo