Diferenças entre edições de "Enviesamento conservador"
Da Thinkfn
Linha 7: | Linha 7: | ||
==Referências== | ==Referências== | ||
− | * [http://www.fin.ntu.edu.tw/~kchan/Empirical_PhD/notes/Lec04.pdf | + | * CHAN, L.K., N. JEGADEESH and J. LAKONISHOK, 1996. [http://www.fin.ntu.edu.tw/~kchan/Empirical_PhD/notes/Lec04.pdf Momentum strategy]. Journal of Finance. |
− | * [http://web.mit.edu/kothari/www/working/cfk%2520behavioral%2520finance%2520paper%2520September%25202003.pdf | + | * CHAN, W.S., R. FRANKEL and S.P. KOTHARI, 2001. [http://web.mit.edu/kothari/www/working/cfk%2520behavioral%2520finance%2520paper%2520September%25202003.pdf Testing Behavioral Finance Theories Using Trends and Sequences in Financial Performance]. Current. |
− | * [http://www.blackwell-synergy.com/doi/abs/10.1111/j.1354-7798.2005.00286.x | + | * DOUKAS, J.A. and P.J. MCKNIGHT, 2005. [http://www.blackwell-synergy.com/doi/abs/10.1111/j.1354-7798.2005.00286.x European Momentum Strategies, Information Diffusion, and Investor Conservatism]. European Financial Management. |
− | * [http://www.mccombs.utexas.edu/dept/finance/seminars/2003/fb031005.pdf | + | * DURHAM, G.R., M.G. HERTZEL and J.S. MARTIN, 2005. [http://www.mccombs.utexas.edu/dept/finance/seminars/2003/fb031005.pdf The Market Impact of Trends and Sequences in Performance: New Evidence]. Journal of Finance. |
− | * [http://faculty.washington.edu/agg/pdf/Gwald_AmPsychologist_1980.OCR.pdf | + | * GREENWALD, A.G., 1980. [http://faculty.washington.edu/agg/pdf/Gwald_AmPsychologist_1980.OCR.pdf The totalitarian ego]. American Psychologist. |
* HELBOK, G. and M. WALKER, 2004. On the nature and rationality of analysts' forecasts under earnings conservatism. The British Accounting Review. | * HELBOK, G. and M. WALKER, 2004. On the nature and rationality of analysts' forecasts under earnings conservatism. The British Accounting Review. | ||
− | * [http://forum.johnson.cornell.edu/faculty/swaminathan/Working%2520Papers/Earnings_Momen_Intern.pdf | + | * HONG, D., C. LEE and B. SWAMINATHAN, 2003. [http://forum.johnson.cornell.edu/faculty/swaminathan/Working%2520Papers/Earnings_Momen_Intern.pdf Earnings Momentum in International Markets]. |
− | * [http://www.blackwell-synergy.com/links/doi/10.1111/0022-1082.00342 | + | * JEGADEESH, N., S. TITMAN and M.P. PAGE, 2001. [http://www.blackwell-synergy.com/links/doi/10.1111/0022-1082.00342 Profitability of Momentum Strategies: An Evaluation of Alternative Explanations]. The Journal of Finance. |
− | * [http://conservatism-bias.behaviouralfinance.net/Mont02.pdf | + | * MONTIER, J., 2004. [http://conservatism-bias.behaviouralfinance.net/Mont02.pdf Global Equity Strategy. If it makes you happy], Dresdner Kleinwort Wasserstein |
− | * [http://www.wiley.com/WileyCDA/WileyTitle/productCd-0470844876.html | + | * MONTIER, James, [http://www.wiley.com/WileyCDA/WileyTitle/productCd-0470844876.html Behavioural Finance: Insights into Irrational Minds and Markets]. |
− | * [http://conservatism-bias.behaviouralfinance.net/Mont02.pdf | + | * MONTIER, James, [http://conservatism-bias.behaviouralfinance.net/Mont02.pdf Global Equity Strategy: Part Man, Part Monkey] |
− | * [http://papers.ssrn.com/sol3/Delivery.cfm/ssrn.com_idSSRN_ID251040_code001227510.pdf%3Fabstractid%3D251040%26mirid%3D1 | + | * RAEDY, J.S. and P.B. SHANE, 2000. [http://papers.ssrn.com/sol3/Delivery.cfm/ssrn.com_idSSRN_ID251040_code001227510.pdf%3Fabstractid%3D251040%26mirid%3D1 Horizon-Dependent Conservatism Bias in Financial Analysts' Earnings Forecasts]. |
− | * [http://kent.kellogg.northwestern.edu/center/dotcom-dotbomb.pdf | + | * RAU, P.R., et al., 2001. [http://kent.kellogg.northwestern.edu/center/dotcom-dotbomb.pdf The game of the name: Value changes accompanying dot.com additions and deletions]. |
− | * [http://bear.cba.ufl.edu/ritter/work_papers/Behavioral_PACAP.pdf | + | * RITTER, J.R., 2003. [http://bear.cba.ufl.edu/ritter/work_papers/Behavioral_PACAP.pdf Behavioral finance]. Pacific-Basin Finance Journal. |
− | * [http://www.oup-usa.org/isbn/0195161211.html | + | * SHEFRIN, Hersh, [http://www.oup-usa.org/isbn/0195161211.html Beyond Greed and Fear : Understanding Behavioral Finance and the Psychology of Investing]. |
− | * [http://cowles.econ.yale.edu/P/cd/d13a/d1303.pdf | + | * SHILLER, R.J., 2002. [http://cowles.econ.yale.edu/P/cd/d13a/d1303.pdf Bubbles, Human Judgment, and Expert Opinion]. Financial Analysts Journal. |
− | * [http://pup.princeton.edu/titles/6779.html | + | * SHILLER, Robert J., [http://pup.princeton.edu/titles/6779.html Irrational Exuberance], 2000. |
− | * [http://accounting.web.unsw.edu.au/Docs/seminars2003_s2/paper04.pdf | + | * TAYLOR, S., [http://accounting.web.unsw.edu.au/Docs/seminars2003_s2/paper04.pdf THE IMPACT OF AUDIT QUALITY ON EARNINGS CONSERVATISM: AUSTRALIAN EVIDENCE]. accounting.web.unsw.edu.au. |
− | * [http://rfs.oupjournals.org/cgi/reprint/15/2/527.pdf | + | * TITMAN, S., 2002. [http://rfs.oupjournals.org/cgi/reprint/15/2/527.pdf Discussion of “Underreaction to Self-Selected News Events”]. Review of Financial Studies. |
− | * [http://www.lombardreport.it/uploads/dispense/Corso_trading_portafoglio_canslim.PDF | + | * TOMASINI, E. and M. FAVARETTO, [http://www.lombardreport.it/uploads/dispense/Corso_trading_portafoglio_canslim.PDF Trading meccanico di portafoglio CANSLIM]. lombardreport.it. |
[[Categoria:Teorias]][[Categoria:Behavioural finance]] | [[Categoria:Teorias]][[Categoria:Behavioural finance]] |
Revisão das 05h30min de 13 de outubro de 2007
Conservatism bias (enviezamento conservador) é a tendência das pessoas para mudarem muito lentamente de opinião em resposta a factos recentes.
Este efeito leva a uma subreacção das pessoas a surpresas, o que leva a que os activos tendam a continuar no sentido dessas surpresas (positivas ou negativas), uma vez que na reacção inicial não incorporam todo o significado da surpresa. Ou seja, este enviezamento produz momentum no mercado.
Relacionado (e reforçando) este efeito, existe a tendência das pessoas terem maior dificuldade em mudar de opinião após terem tornado a sua opinião pública.
Referências
- CHAN, L.K., N. JEGADEESH and J. LAKONISHOK, 1996. Momentum strategy. Journal of Finance.
- CHAN, W.S., R. FRANKEL and S.P. KOTHARI, 2001. Testing Behavioral Finance Theories Using Trends and Sequences in Financial Performance. Current.
- DOUKAS, J.A. and P.J. MCKNIGHT, 2005. European Momentum Strategies, Information Diffusion, and Investor Conservatism. European Financial Management.
- DURHAM, G.R., M.G. HERTZEL and J.S. MARTIN, 2005. The Market Impact of Trends and Sequences in Performance: New Evidence. Journal of Finance.
- GREENWALD, A.G., 1980. The totalitarian ego. American Psychologist.
- HELBOK, G. and M. WALKER, 2004. On the nature and rationality of analysts' forecasts under earnings conservatism. The British Accounting Review.
- HONG, D., C. LEE and B. SWAMINATHAN, 2003. Earnings Momentum in International Markets.
- JEGADEESH, N., S. TITMAN and M.P. PAGE, 2001. Profitability of Momentum Strategies: An Evaluation of Alternative Explanations. The Journal of Finance.
- MONTIER, J., 2004. Global Equity Strategy. If it makes you happy, Dresdner Kleinwort Wasserstein
- MONTIER, James, Behavioural Finance: Insights into Irrational Minds and Markets.
- MONTIER, James, Global Equity Strategy: Part Man, Part Monkey
- RAEDY, J.S. and P.B. SHANE, 2000. Horizon-Dependent Conservatism Bias in Financial Analysts' Earnings Forecasts.
- RAU, P.R., et al., 2001. The game of the name: Value changes accompanying dot.com additions and deletions.
- RITTER, J.R., 2003. Behavioral finance. Pacific-Basin Finance Journal.
- SHEFRIN, Hersh, Beyond Greed and Fear : Understanding Behavioral Finance and the Psychology of Investing.
- SHILLER, R.J., 2002. Bubbles, Human Judgment, and Expert Opinion. Financial Analysts Journal.
- SHILLER, Robert J., Irrational Exuberance, 2000.
- TAYLOR, S., THE IMPACT OF AUDIT QUALITY ON EARNINGS CONSERVATISM: AUSTRALIAN EVIDENCE. accounting.web.unsw.edu.au.
- TITMAN, S., 2002. Discussion of “Underreaction to Self-Selected News Events”. Review of Financial Studies.
- TOMASINI, E. and M. FAVARETTO, Trading meccanico di portafoglio CANSLIM. lombardreport.it.