首页 | 本学科首页   官方微博 | 高级检索  
相似文献
 共查询到20条相似文献,搜索用时 0 毫秒
1.
The current study explores the effect of negation frames on risky decision-making. Frames created with negation verbs, such as ‘not be saved’ rather than ‘die,’ are called negation frames. The results suggested that the effect of negation frames on decision-making is not significant. However, people tend to code negation frames differently. If negation frames are coded positively, people prefer a conservative option, whereas if negation frames are coded negatively, people prefer a risky option. Even in the same frame, this coding difference can result in decision-making differences. The findings of this study extend the meaning of the framing effect.  相似文献   

2.
前景理论与中国开放式基金的实证检验   总被引:4,自引:0,他引:4  
前景理论的价值函数呈现S型,反映出投资者在盈利状态下倾向于先卖出证券,不愿意承担确定性风险,而在亏损状态下倾向于持有证券,更加倾向于承担不确定风险。经过实证分析,中国开放式基金也存在这一现象,即,开放式基金持有人在获利的情况下会先赎回该基金,并且,基金净值增长越快,其被赎回的比例越高;而持有人在亏损的情况下则倾向于继续持有该基金,去承担更多的不确定性风险。  相似文献   

3.
Abstract:  The joint contributions of prospect theory and mental accounting imply that investors receive a higher utility when a given level of dividends is paid more frequently, suggesting that dividends should be paid as often as possible. We document a strong positive relationship between payment frequency and firm value, confirmed with an event study of dividend payment frequency changes. Upon examining the frequency with which dividends are paid around the world, we discover that considerable variation exists, and that dividends are not paid as often as behavioral aspects suggest they should. From our multivariate analysis, we determine that non-behavioral factors such as the legal regime as well as the level and standard deviation of operating income exert significant influences on the payment frequency of dividends, suggesting that a tradeoff exists between behavioral and non-behavioral factors. The relationship between payment frequency and firm value remains robust in the presence of these non-behavioral factors.  相似文献   

4.
投资者情绪对其决策有直接的影响,投资者的风险厌恶系数与其已有的投资业绩有关。本文在假设投资者风险厌恶且其风险厌恶系数受其损益情绪影响的条件下,以投资者损益情绪效用最大化为决策目标,建立基于投资者损益情绪的投资组合模型,有效地刻画出投资者的损益情绪对投资组合决策的影响。采用上证市场的行业指数进行实证分析,并与Markowitz模型进行对比,结果表明,情绪投资组合模型的组合效果更好。  相似文献   

5.
Tax Evasion and Equity Theory: An Investigative Approach   总被引:4,自引:0,他引:4  
Traditional economic theory assumes rational individuals with stable preferences who, given an array of options and probabilities, maximize their expected utility. However, experimental research finds that individuals make systematic mistakes when attempting to maximize their expected utility. The economic psychology approach includes aspects of the traditional economic approach and the psychological approach that emphasizes values, attitudes, norms, conformity and morals.This paper investigates equity theory and tax evasion using the framework of prospect theory pioneered by Tversky and Kahneman. We design an investigation to identify if individual behavior follows the usual results of prospect theory, given a scenario that frames a perception of inequity. The investigation frames a scenario to invoke a controlled tax regime. The frame varies according to which inequity is being measured, exchange or social. Once the scenario is established, a questionnaire is designed to determine how the individual responds when filing taxes. The responses to the control questions are consistent with prospect theory. However, in general the responses to the framed questions, depicting inequity, are more consistent with expected utility theory.  相似文献   

6.
    
Objectives: This research aims to carry out a first validation of the QAR-Precon screening questionnaire applied in Catalonia during the drivers’ initial training, analyse the differences in risky road user behaviour according to two main variables: whether they had any experience of an accident and sex and examine the different risky road user patterns of pre-drivers. Methods: In order to group the questionnaire variables together, an exploratory factorial analysis (principal component analysis (PCA)) was used. Subsequently, the reliability coefficients of the questionnaire and the subscales were calculated. Lastly, ANOVA models were used to compare differences in the whole sample and a cluster analysis was performed to identify different risky pre-driver groups. Results: The factorial analysis (PCA) reveals the existence of five risk factors (speed and risk, external circumstances, distraction, alcohol and driving and other elements of driving) that explain 44.6% of the variance. More males than females reported that they had a higher tendency to take risks in all the risky factors exposed and injured pre-drivers reported less awareness of road safety than pre-drivers who had not been injured. A two-cluster solution indicated that it was possible to distinguish a group of pre-drivers who engaged in high risky behaviour (high group) from the group who engaged in moderate and low levels of risky road user behaviour (low group). Conclusions: The implications of these findings for programme designs and training initiatives to improve efficiency in reducing the accident rate are discussed.  相似文献   

7.
风险决策偏好表征着个体在面对不确定条件或具有风险时的决策态度,不同的偏好特征以效用函数为载体,外在地表现为个体具体所运用的投资策略。风险决策机制的深入理解以及基于不同决策偏好的策略比较分析对投资者的投资决策具有重要意义。通过运用计算实验金融方法对传统决策偏好以及前景理论进行多角度的比较分析,研究发现基于前景理论构造的投资策略相比传统决策偏好具有较大的优势,对于投资者本身来说是一个最佳的策略选择。  相似文献   

8.
    
We examine the association between corporate violations and executives who formerly served in the military, using a sample of A-share listed firms in China from 2004 to 2018. We find that firms led by ex-military executives are less likely to incur corporate violations. Further tests indicate that where there is a negative relationship this association is more pronounced for non-financial corporate violations than for cases involving financial fraud. We also confirm that the association between corporate misconduct and firms with ex-military executives is more significant if the firm has insufficient external oversight. The results are robust to a series of robustness tests. Overall, our results suggest that executives’ exposure to military culture has a governance effect in regulating corporate behaviour and outcomes in emerging economies.  相似文献   

9.
    
This paper addresses the primary contribution of prospect theory against the landscape of an individual’s self‐attributed risk propensity. Risk propensity is captured using the IPI psychometric questionnaire for a sample of 521 participants. Participants are also presented with probability‐based decisions, that are framed as both negative and positive prospects. Results show that personality constructs, specifically risk‐taking, become a consistent and emerging factor in decision‐making within the positive domain. In the negative domain, personality constructs associated with risk become more muted and are less likely to be a factor in decision‐making.  相似文献   

10.
    
This paper presents a decomposition of inflation and its volatility. According to the traditional quantity theory of money, the rate of inflation is decomposed into three components: the rate of change in the money supply, plus the rate of change in the velocity of circulation, minus the rate of change in real output. We derive a generalization of this decomposition by postulating that the rate of change of money supply, velocity, and output follow diffusion equations. Using stochastic calculus techniques, two expressions are obtained decomposing inflation and its volatility as a sum of several economically important terms. We also use two sets of U.S. data to illustrate these decompositions with actual numbers.  相似文献   

11.
综合收益会计理论是收益会计理论的最新发展。本文论述了综合收益的概念和内涵,并且比较了综合收益和传统会计收益的区别,最后在对综合收益优缺点进行分析的基础上,指出了综合收益观在我国的应用前景。  相似文献   

12.
    
Violations of financial covenants shift control rights to lenders. When borrowers have lending relationships with these lenders in control, they experience not only smaller declines in investment, but also lesser deteriorations in both firm survival probabilities and in sales. These effects are largely driven by opaque borrowers without any credit ratings. They are present where lending relationships existed already before loan issuance (ex-ante), but also where a contractual relationship without pre-issuance interaction is more mature (ex-post). Surprisingly, there is no evidence of any “dark side” of lending relationships when creditors are in control, such as an increase in interest expenses or a lesser degree of financial discipline.  相似文献   

13.
《Accounting in Europe》2013,10(3):374-401
ABSTRACT

Despite more than forty years of exploration into constructing a conceptual framework (CF) for financial reporting the question ‘What is a CF?’ has not been adequately answered. The result is that those who construct CFs are not guided by a clear concept of a CF and communication about CFs is undermined by differences in understanding what it is. There has been a failure to undertake conceptual enquiry into the nature of a CF or into the expressions used in describing it. This paper addresses this failure by undertaking such a conceptual enquiry. Existing explanations of CFs are examined and found to be inadequate. What is wanted from a CF is identified and explained and this is used to prescribe what should be understood by the expression ‘conceptual framework’. A new characterisation of CFs is given that should assist any future construction of new CFs. Problems that may be faced by those who seek to construct a CF are identified.  相似文献   

14.
    
Why do portfolios often trade at discounts relative to the sum of their components? I provide a new explanation based on the diversification in lottery-like features. I argue that portfolios trade at discounts when their components exhibit a strong lottery-like feature but a low tendency of producing extreme payoffs together. This discount can be partially mitigated if lottery-like components tend to produce extreme payoffs at the same time. I use the closed-end fund setting to provide empirical supports for this explanation. My findings support prospect theory from an alternative perspective and provide a novel explanation for the closed-end fund puzzle.  相似文献   

15.
16.
    
Prospect theory (PT) is a widely accepted theory for decisions under uncertainty. However, so far a systematic application to climate policy (CP) does not exist. One important postulation of PT is that outcomes are perceived as gains or losses, relative to the reference point. When it comes to CP, different decision-makers may have different reference points. For example, one decision-maker perceives the current climate as the reference point whereas another decision-maker may have another one, say climate in 100 years. For the former, climate damages are losses and the benefits of CP are reductions of losses. For the latter, benefits of CP are gains. PT suggests that the former places a higher value in CP than the latter. After a critical review whether and how PT may be applied to CP, the paper systematically presents this and other cases where PT offers new insights into climate-related analyses, notwithstanding the importance of well-known aspects such as discounting, altruism, political and economic costs. It is shown that accounting for PT may contribute to a better understanding of some well-known puzzles in the climate debate, including different preferences for CP amongst individuals and nations, the role of technical vs. financial adaptation, and the apparent preference for hard protection measures in coastal adaptation. Finally, concrete possibilities for empirical research on these effects are proposed.  相似文献   

17.
本文采用Fama-MecBeth回归模型分析了获利(套牢)密集区筹码分与A股未来收益率之间的关系,实证检验了检验了获利(套牢)密集区筹码分布对股票未来收益率的预测能力。同时,本文也采用前景理论和处置效应,从行为金融学角度尝试解释了获利(套牢)密集区筹码分布之所以对股票未来收益率有预测能力的原因。研究表明,由于人们获利所获的快感远远小于亏损所获得的痛苦,所以往往在亏损的时候更倾向于继续持有股票,而获利的时候更倾向于卖出股票,因此在A股市场,一个股票未来不容易上涨到套牢筹码密集区。而股票未来也不容易下跌到套牢获利密集区。我们得到的结论是,股票下个月上涨突破套牢筹码密集区的概率与亏损筹码密集区筹码百分比负相关,股票下个月下跌突破获利筹码密集区的概率与亏损筹码密集区筹码百分比负相关。  相似文献   

18.
    
The roles played by independent directors (IDs) have been extensively documented, but the question of how they are appointed remains insufficiently explored. We found that the likelihood of IDs being appointed was higher when they were professionally affiliated with the departing IDs, and this effect was more pronounced when either the predecessor had a compliant voting record or held more directorships in other firms controlled by insiders in the focal firm. The appointment of affiliated IDs who colluded with insiders through predecessors is positively associated with fewer dissenting votes, more related-party transactions, and more severe violations. The effect was stronger for firms that had higher concentrated ownership and were located in areas with a weak institutional environment. Our research showed that predecessors with low independence helps establish a reciprocity norm between affiliated successors and insiders, leading to weak board monitoring.  相似文献   

19.
    
We ask whether the typical investor and the aggregate investor exhibit a bias known as the disposition effect, the tendency to sell investments that are held for a profit at a faster rate than investments held for a loss. We analyse all trading activity on the Taiwan Stock Exchange (TSE) for the five years ending in 1999. Using a dataset that contains all trades (over one billion) and the identity of every trader (nearly four million), we find that in aggregate, investors in Taiwan are about twice as likely to sell a stock if they are holding that stock for a gain rather than a loss. Eighty‐four percent of all Taiwanese investors sell winners at a faster rate than losers. Individuals, corporations, and dealers are reluctant to realise losses, while mutual funds and foreigners, who together account for less than 5% of all trades (by value), are not.  相似文献   

20.
    
This paper analyses the relation between corporate risk-taking and firm performance for a sample of international listed firms over the period 2001–2013. We consider the approaches on individual behavior (specifically prospect theory) to propose a U-shaped relation between corporate risk-taking and firm returns. We find that firms adopt an attitude of risk-seeking when the expected performance is below a target performance (to avoid an anticipated loss) and an attitude of risk averse when the performance exceeds that target. This relation is affected by the economic context and the nature of the major shareholder: Firms controlled by families or institutional investors react more conservatively (taking or avoiding risk) to changes in corporate results. We are aware that our results, are affected by both the theoretical model and the temporal and spatial framework used.  相似文献   

设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号