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Overconfidence behavior,one form of positive illusion,has drawn considerable attention throughout history because it is viewed as the main reason for many crises.Investors’overconfidence,which can be observed as over...
Adaptive online platforms,powered by artificial intelligence,commonly referred to as robo-advice,steadily increase their market share.Yet these comparably new financial services are critically understudied.Little is k...
In recent years, western scholars have been studying behavioral corporate finance deeply. They combine the research methods of behavioral finance with the decision-making of corporate managers to explain some unusual ...
Due to the relatively short history of the development of the Chinese stock market,the investment philosophy and psychology of most individual investors are not particularly mature.Especially under the influence of pu...
Project supported by the Youth Program of the National Social Science Foundation of China(Grant No.18CJY057)。
It is generally accepted that herding behavior and overconfidence behavior are unrelated or even mutually exclusive.However,these behaviors can both lead to some similar market anomalies,such as excessive trading volu...
Supported by National Natural Science Foundation of China(Grant No.11301563);the Program for innovation Research in Central University of Finance and Economics;Beijing Municipal Education Commission Scientific Research Plan;Social Science Plan General Project(Grant No.KM201710017004)
We build a strategic trading model where the overconfident trader earns more than the rational trader and the mechanism for this result differs from that of Kyle and Wang(1997). In this paper, discretionary and nondis...
supported by the National Natural Science Foundation of China under Grant Nos.71303265and 71573289;the Innovative Research Group Project of National Natural Science Foundation of China under Grant No.71721001
The aim of this paper is to develop a multi-period economic model to interpret how the people become overconfident by a biased learning that people tend to attribute the success to their abilities and failures to othe...
This paper takes the Chinese listed company with the equity refinancing qualification from 2012 to 2013 as the research object, and uses the residual revenue model to calculate the equity financing cost. This paper di...
The application of behavioural theory to corporate finance is now attracting the attention of theoretical work. However, very little rigorous empirical work has been carried out to analyse the desirability of behaviou...
Apparent biases in decision making by animals, including humans, seem to present an evolutionary puzzle, since one would expect decisions based on biased (unrealistic) information to be suboptimal. Although cognitiv...