دانلود کتاب Behavioral Finance: A Novel Approach

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Contents
Preface
About the Editor
List of Contributors
Acknowledgments
Part I. Behavioral Aspects of Policy Making
Chapter 1. Prediction Markets: Do They Predict the Polls or the Election Results? The Case of the Israeli Elections in April 2019
1. Introduction
2. Methodology, Participants and Data
2.1. Subjects
2.2. The Market and Its Operation
3. Tests of Market Efficiency
4. The Accuracy of the Prediction Markets vs. the Polls
5. The Correlation between the Prediction Markets Prices and the Polls
6. Conclusions
References
Chapter 2. Influential CEO and Board Behavior in Reaction to a Regulatory Reform: A Quasi-Natural Experiment
1. Introduction
2. Background and Literature Review
3. Data and Methodology
4. Results
5. Concluding Remarks
Acknowledgments
References
Chapter 3. Aiming for the Real-Estate Market But Hitting the Stock Market — An Event Study Analysis of Israeli Mortgage Reforms
1. Introduction
2. Literature Review on Event Studies
3. The BoI Announcements
4. Data and Methodology
4.1. Event Study Methodology
4.2. Housing Price Index
4.3. Real-Estate Stock Index
5. Discussion
6. Conclusion
References
Chapter 4. What You See Is What You Get But Do Investors Reward Good Corporate Governance When They See It?
1. Introduction
2. The AGR Metric
3. Data and Descriptive Statistics
4. The AGR Metric and Operating Performance
4.1. Return on Assets (ROA)
5. Stock Returns and AGR Scores
5.1. Portfolio Performance Regressions
5.2. Fama and MacBeth Regressions
5.3. Time-Series Variation in AGR Premium
6. Conclusions
Appendix: Variables Construction
References
Chapter 5. Are Courts Biased? The Anchoring Heuristic and Judicial Decisions in Personal Bankruptcy Proceedings
1. Introduction
2. The Israeli Personal Insolvency System
3. Judicial Specialization
4. The Role of the Official Receiver as a Professional Player
5. Different Judicial Approaches — What Shapes and Impacts the Legal Proceedings?
6. Heuristics and Biases in Judicial Decisions
7. Heuristics and Biases in Bankruptcy Proceedings
8. Anchoring and Adjustment
9. Data
10. Methodology
11. Results
12. Conclusion
References
Part II. Investor Behavior and Methodological Novelties
Chapter 6. Psychological Aspects of Stock Price Drifts Following Analyst Recommendation Revisions
1. Introduction
2. Analyst Recommendations and Recommendation Revisions
3. Holiday Effect: Psychological Background and Financial Implications
4. Effect of Investor Inattention on Stock Price Reactions to Recommendation Revisions
4.1. Research Hypothesis and Data Description
4.2. Event-day Inattention Effect on Stock Price Drifts Following Analyst Recommendation Revisions
5. Holiday Effect on Stock Price Reactions to Analyst Recommendation Revisions
5.1. Research Hypothesis and Data Description
5.2. Holiday Effect on Stock Price Drifts Following Analyst Recommendation Revisions
6. Discussion and Potential Directions for Further Research
References
Chapter 7. The Critical Impact of Firms’ Market Value on Investor Behavior Following Pharmaceutical IPOs
1. Introduction
1.1. Focus of the Study
1.2. The JOBS Act and IPO Regulatory Periods in the United States
1.3. The Clinical Journey from the Lab to the Shelf
1.4. Common Causes of Mortality in the United States
1.5. Shares of Small Pharmaceutical Firms: Lottery Type Stocks?
1.6. Stocks Returns Post-IPO and Factors Affecting these Returns
2. Data and Analysis
2.1. Research Goals and Hypotheses
2.2. Data and Method
2.3. CAAR Analysis
2.4. CAAR Results and Discussion
2.5. Regressions Equations
2.6. Regression Results and Discussion
3. Summary and Conclusions
References
Chapter 8. Behavioral Characteristics of IPO Underpricing
1. Introduction
2. Related Literature
3. Hypothesis Development
4. Data and Methodology
4.1. IPO Characteristics
4.2. Control Variables and Underpricing
4.3. First-day Return and the PF
5. Regression Results
6. Conclusion
Acknowledgment
References
Chapter 9. Influence of Religion and Social Attitudes in Stock Market Participation
1. Introduction
2. Religion in China
3. Data and Variables
4. Empirical Analysis
4.1. Baseline Results
4.2. Religiosity
4.3. Social Attitudes
4.4. Causality
5. Conclusion
References
Chapter 10. Investment Beliefs and Portfolio Risk-Taking — A Comparison between Industry Professionals and Non-Professionals
1. Introduction
2. Expertise, Emotions and Portfolio Risk-Taking
3. Investment Beliefs
4. Research Questions
5. Method
5.1. Sample and Procedure
5.2. Questionnaire and Measures
6. Results
6.1. Investment Beliefs, in General
6.2. Do Professionals and Non-Professionals Share the Same Investment Beliefs?
6.3. The Portfolio Risk-Taking of Professionals and Non-Professionals
6.4. Do Investment Beliefs Affect Portfolio Risk-Taking?
6.5. Psychological Determinants of Portfolio Risk-Taking
6.6. Summarizing Regressions
7. Discussion
Acknowledgments
Appendix 1: The Main Items of the Survey
Appendix 2: The Portfolio Risk-Taking Scenarios
References
Chapter 11. Boys Don’t Cry? The Emotional Effects of Poor Financial Savings Decisions among Males and Females
1. Introduction
2. Pension Funds and Provident Funds
2.1. The Israeli Pension Plan
3. Gender Differences in Financial Decisions
3.1. Overview of the Current Studies
3.2. Study 1
3.3. Study 2
3.3.1. Method
3.3.2. Example for purchasing a pension fund scenario
3.3.3. Example for a pension fund alternative
3.3.4. Example for purchasing a provident fund scenario
3.3.5. Example for a provident fund alternative
4. Results and Discussion
5. General Discussion
6. Conclusion
References
Chapter 12. Separating Accuracy from Forecast Certainty: A Modified Miscalibration Measure
1. Introduction
2. Motivating Discussion
3. The Forecast Accuracy Assessment Task (FAAT)
4. Study 1
4.1. Method
4.2. Results
5. Study 2
6. Study 3
7. Discussion
Acknowledgments
References
Chapter 13. Optimal Contracts with Intra-Principal Conflicts and the Ubiquity of Earnings Management
1. Introduction
2. Model Framework
2.1. Model Time Line
2.2. Model Parameters
2.3. Shareholder Trading at t = 1
2.4. Compensation Maximization
2.5. Optimal Compensation Horizon
3. Sub-optimal Contracting
3.1. Extensions
4. Conclusion
Acknowledgments
References
Part III. New Directions for Pensions and Retirement Decisions
Chapter 14. Preferences for Annuities in Israel and Their Psychological Determinants
1. Introduction
2. Explanations of the Annuity Puzzle: Behavioral Psychological Factors
3. Survey
3.1. Method
3.1.1. Participants
3.1.2. Questionnaire
3.2. Results
3.2.1. Withdrawal references
4. Factors Influencing Withdrawal Preferences
5. Discussion
References
Chapter 15. Smokers’ Life Expectancy and Annuitization Decisions
1. Introduction
2. A Survey on Life Expectancy and Long-Term Savings Decisions
2.1. Survey Structure
2.2. Survey Results
2.2.1. Life expectancy
2.2.2. Smoking status and health condition
2.2.3. Smoking status and life expectancy
3. Survey Findings and Annuity Decisions
4. Conclusion
Acknowledgments
References