Strobl holder stabsseminar

Mandag 2. februar holder Institutt for foretaksøkonomi stabsseminar. Seminaret er ved Günter Strobl fra The Wharton School, University of Pennsylvania, temaet er Information Asymmetry, Price Momentum, and the Disposition Effect.

02.02.2004 - Stig Nøra

Tid: Mandag 2.februar klokken 12.30-14.00

Sted: Karl Borchs auditorium

Abstract

Economists have long been puzzled by the tendency of investors
to sell winning investments too soon and hold losing investments too long. Several behavioral explanations for this phenomenon, known as the disposition effect, have been advanced. This paper demonstrates that disposition effects are not intrinsically at odds with rational behavior. Specifically, we show (i) that disposition effects arise quite
naturally in a world with changing information asymmetry, (ii) that
existing empirical tests rejecting an information-based explanation are
inconclusive, and (iii) that disposition effects are consistent with
price momentum. Further, we derive new empirical implications relating
disposition behavior to trading volume, return variability, and price
dynamics.

Paper er tilgjengelig på http://www.nhh.no/for/seminars/2004-spring/Strobl.pdf

Seminaret er det første av en rekke jobbseminarer. Informasjon om
jobbseminarholderne er samlet på http://www-intern.nhh.no/for/postdoc/300104.htm

Tommy Stamland (59308) Kristian R. Miltersen (59979) Jarle Møen (59612)