Online from: 2009
Subject Area: Accounting and Finance
|Title:||The influence of affect on stock price volatility: new theory and evidence|
|Author(s):||Robert A. Olsen, (Financial Risk Analysis, Adjunct, Decision Research, LLC, Eugene, Oregon, USA)|
|Citation:||Robert A. Olsen, (2012) "The influence of affect on stock price volatility: new theory and evidence", Qualitative Research in Financial Markets, Vol. 4 Iss: 1, pp.26 - 35|
|Keywords:||Affect, Financial management, Net present value, Risk, Stock prices, Stock returns, Volatility|
|Article type:||Research paper|
|DOI:||10.1108/17554171211213531 (Permanent URL)|
|Publisher:||Emerald Group Publishing Limited|
Purpose – The purpose of this paper is to present a behavioral explanation of excess stock price volatility relative to present value theory.
Design/methodology/approach – The conceptual basis is the impact of affect on investor decisions. The empirical tests involve survey data collected from a sample of semi-professional investors (AAII members) and investment advisors (CFPs).
Findings – It is suggested that affect causes investors to perceive an inverse
Practical implications – The primary implications are that
Originality/value – This paper is unique as to the conclusion that risk and return perceptions vary inversely
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