Confidence,opinions of market efficiency,and investment behavior of finance professors |
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Authors: | James S Doran David R Peterson Colby Wright |
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Institution: | 1. Bank of America Professor, Florida State University, USA;2. Wachovia Professor of Finance, Florida State University, USA;3. 339 Sloan Hall, Central Michigan University, Mt. Pleasant, MI 48859, USA |
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Abstract: | We identify finance professors’ opinions on the efficiency of the stock markets in the United States and assess whether their views on efficiency influence their investing behavior. Employing a survey distributed to over 4,000 professors, we obtain four main results. First, most professors believe the market is weak to semi-strong efficient. Second, twice as many professors passively invest than actively invest. Third, our respondents’ perceptions regarding market efficiency are almost entirely unrelated to their trading behavior. Fourth, the investment objectives of professors are, instead, largely driven by the same behavioral factor as for amateur investors–one's confidence in his own abilities to beat the market, independent of his opinion of market efficiency. |
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