234
Views
0
CrossRef citations to date
0
Altmetric
Articles

Implications from Biased Probability Judgments for International Disparities in Momentum Returns

&

References

  • Asparouhova, E., M. Hertzel, and M. Lemmon. “Inference from Streaks in Random Outcomes: Experimental Evidence on Beliefs in Regime Shifting and the Law of Small Numbers.” Management Science, 55, (2009), pp. 1766–1782.
  • Barberis, N., A. Shleifer, and R. Vishny. “A Model of Investor Sentiment.” Journal of Financial Economics, 49, (1998), pp. 307–343.
  • Bloomfield, R. and J. Hales. “Predicting the Next Step of a Random Walk: Experimental Evidence of Regime-shifting Beliefs.” Journal of Financial Economics, 65, (2002), pp. 397–414. doi:10.1016/S0304-405X(02)00147-2
  • Buchtel, E. E. and A. Norenzayan. “Thinking Across Cultures: Implications for Dual Processes.” In J. Evans and K. Frankish (eds.), In Two Minds: Dual Processes and Beyond (pp. 217–238). Oxford: Oxford University Press, 2009.
  • Choi, I., R. Dalal, C. Kim-Prieto, and H. Park. “Culture and Judgement of Causal Relevance.” Journal of Personality and Social Psychology, 84, (2003), pp. 46–59. doi:10.1037/0022-3514.84.1.46
  • Chui, A. C., S. Titman, and K. C. Wei. “Momentum, Legal Systems and Ownership Structure: An Analysis of Asian Stock Markets.” Working Paper (2003).
  • Chui, A. C., S. Titman, and K. C. Wei. “Individualism and Momentum Around the World.” The Journal of Finance, 65, (2010), pp. 361–392.
  • Daniel, K., D. Hirshleifer, and A. Subrahmanyam. “Investor Psychology and Security Market Under- and Overreactions.” The Journal of Finance, 53, (1998), pp. 1839–1885.
  • Dohmen, T., A. Falk, D. Huffman, F. Marklein, and U. Sunde. “Biased Probability Judgment: Evidence of Incidence and Relationship to Economic Outcomes from a Representative Sample.” Journal of Economic Behavior and Organization, 72, (2009), pp. 903–915. doi:10.1016/j.jebo.2009.07.014
  • Fama, E. F. and K. R. French. “Size, Value, and Momentum in International Stock Returns.” Journal of Financial Economics, 105, (2011), pp. 457–472.
  • Fischbacher, U. “z-Tree: Zurich Toolbox for Ready-made Economic Experiments.” Experimental Economics, 10, (2007), pp. 171–178.
  • Frederick, S. “Cognitive Reflection and Decision Making.” The Journal of Economic Perspectives, 19, (2005), pp. 25–42.
  • Greiner, B. “An Online Recruitment System for Economic Experiments.” Forschung Und Wissenschaftliches Rechnen 2003. GWDG Bericht, 63, (2004), pp. 79–93.
  • Hofstede, G. H. Culture's Consequences: International Differences in Work-related Values (Vol. 5). Thousand Oaks: Sage Publications, Inc., 1984.
  • Jegadeesh, N. and S. Titman. “Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency.” The Journal of Finance, 48, (1993), pp. 65–91.
  • Jegadeesh, N. and S. Titman. “Momentum.” Annual Review of Financial Economics, 3, (2011), pp. 493–509.
  • Ji, L.-J., R. E. Nisbett, and Y. Su. “Culture, Change, and Prediction.” Psychological Science, 12, (2001), pp. 450–456. doi:10.1111/1467-9280.00384
  • Ji, L.-J., Z. Zhang, and T. Guo. (2008). “To Buy or To Sell: Cultural Differences in Stock Market Decisions Based on Price Trends.” Journal of Behavioral Decision Making, 21, (2008), pp. 399–413. doi:10.1002/bdm.595
  • Kang, J., M.-H. Liu, and S. X. Ni. “Contrarian and Momentum Strategies in the China Stock Market: 1993–2000.” Pacific-Basin Finance Journal, 10, (2002), pp. 243–265. doi:10.1016/S0927-538X(02)00046-X
  • Liu, C. and Y. Lee. “Does the Momentum Strategy Work Universally? Evidence from the Japanese Stock Market.” Asia-Pacific Financial Markets, 8, (2001), pp. 321–339.
  • Mussweiler, T. and K. Schneller. “‘What Goes Up Must Come Down’: How Charts Influence Decisions to Buy and Sell Stocks.” The Journal of Behavioral Finance, 4, (2003), pp. 121–130.
  • Offerman, T. and J. Sonnemans. “What's Causing Overreaction? An Experimental Investigation of Recency and the Hot-hand Effect.” Scandinavian Journal of Economics, 106, (2004), pp. 533–554. doi:10.1111/j.0347-0520.2004.t01-1-00376.x
  • Schachter, S., R. Ouellette, B. Whittle, and W. Gerin. “Effects of Trend and of Profit or Loss on the Tendency to Sell Stock.” Basic and Applied Social Psychology, 8, (1987), pp. 259–271.
  • Spina, R. R., L.-J. Ji, T. Guo, Z. Zhang, Y. Li, and L. Fabrigar. “Cultural Differences in the Representativeness Heuristic: Expecting a Correspondence in Magnitude Between Cause and Effect.” Personality and Social Psychology Bulletin, 36, (2010), pp. 583–597.
  • Spina, R. R., L.-J. Ji, M. Ross, Y. Li, and Z. Zhang. “Why Best Cannot Last: Cultural Differences in Predicting Regression Toward the Mean.” Asian Journal of Social Psychology, 13, (2010), pp. 153–162. doi:10.1111/j.1467-839X.2010.01310.x
  • Suetens, S. and J.-R. Tyran. “The Gambler's Fallacy and Gender.” Journal of Economic Behavior and Organization, 83, (2012), pp. 118–124. doi:10.1016/j.jebo.2011.06.017
  • Xue, G., Q. He, X. Lei, C. Chen, Y. Liu, C. Chen, … A. Bechara. “The Gambler's Fallacy Is Associated with Weak Affective Decision Making but Strong Cognitive Ability.” PLoS ONE, 7, (2012), e47019. doi:10.1371/journal.pone.0047019

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.