Psychological barriers in European stock markets: Where are they? |
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Authors: | Gregor Dorfleitner Christian Klein |
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Affiliation: | 1. University of Regensburg, Department of Finance, 93040 Regensburg, Germany;2. University of Hohenheim, Institute of Business Administration, Department Finance and Accounting (510c), 70593 Stuttgart, Germany |
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Abstract: | We examine four European stock indices and the prices of eight major German stocks for indications of psychological barriers. The frequency, (expected) returns, intraday volatility and trading volume of these assets are studied contingent on whether the prices lie within a certain range around round numbers. Our results indicate that psychological barriers do not exist on a consistent basis. It seems that some barriers have disappeared after these anomalies have been published. This discovery is consistent with current literature findings about disappearing stock market anomalies. |
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