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A behavioural finance perspective on trade imbalance and stock pricesHenker, Julia, Banking & Finance, Australian School of Business, UNSW January 2006 (has links)
In this thesis I examine, within a behavioural finance framework, the impact on stock prices of order and trade imbalance in three separate but related studies. The first study, chapter two, begins with a question that plagues behavioural finance theories???do the investors most likely to be influenced by the behavioural biases described in the literature, i.e., individual investors, affect stock prices? My data enable me to consider the impact of net individual investor trading for the entire market over several years. I find that net individual investor purchasing Grangercauses stock price changes. The correlation is negative, however, contradicting common sense by demonstrating that individuals investor buying pressure makes prices go down and selling pressure forces them up. More investigation is required. Chapter three references order imbalance results from experimental finance. I use field data to test a robust laboratory model and my modified versions. My findings suggest that, with appropriate modifications, laboratory results can be applied to real financial markets. Chapter four combines the data from the chapters two and three to revisit the question of individual investor impact on stock prices. Other studies have argued that individual investor influence is strongest in smaller capitalization stocks. Moreover, various theories propose that individual investors are the driving force behind the irrational stock prices of a bubble. I focus on the stocks from chapter three, bubble stocks, and ask whether, in the context of the trading of the entire market, individual investor trades are influential. Once again I find Grangercausality, but in the wrong direction. Moreover, the activity and volume of the individual investor category of the holdings data is completely overshadowed by that of the two large investor categories, domestic and foreign institutions. I conclude that individual investor trades are not influential in determining stock prices. This conclusion has important implications for some behavioural finance models of asset pricing. I suggest that emphasis might be better placed on educating individual investors about the errors to which they are prone, rather than on trying to explain market anomalies with those errors.
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The shadow pricing of labour in cost benefit analysis of infrastructure projects : theory and application to Sydney's second airport project /Saleh, Iraj. January 1997 (has links)
Thesis (Ph.D.)--University of Western Sydney, Macarthur, Dept. of Economics and Finance, 1997.
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Three essays in health economicsBarnes, Stephen Ransom. January 1900 (has links)
Thesis (Ph. D.)--University of Texas at Austin, 2008. / Vita. Includes bibliographical references.
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An inquiry into the economic understandings of S3 students in Hong Kong : a phenomenographic study /Chan, Kim-hung. January 1997 (has links)
Thesis (M. Ed.)--University of Hong Kong, 1997. / Includes bibliographical references (leaves 69-73).
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Land reform in South Africa : effects on land prices and productivity /Van Rooyen, Jonathan. January 2008 (has links)
Thesis (M.Com. (Economics & Economic History)) - Rhodes University, 2009. / A thesis submitted in partial fulfilment of the requirements for the degree of Masters of Commerce in Financial Markets.
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Wettbewerbsverhalten der deutschen Mineralölindustrie im Kraftstoffeinzelhandel, insbesondere Preisverhalten : zur Bestimmung von Kollusion und kollektiver Marktbeherrschung im Kartellrecht /Reiber, Oliver. January 2009 (has links)
Zugl.: München, Universiẗat der Bundeswehr, Diss., 2008. / Includes bibliographical references (p. 289-308).
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An inquiry into the economic understandings of S3 students in Hong Kong a phenomenographic study /Chan, Kim-hung. January 1997 (has links)
Thesis (M.Ed.)--University of Hong Kong, 1997. / Includes bibliographical references (leaves 69-73). Also available in print.
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Stabilization and growth in developing economiesVan der Mensbrugge, Dominique Yves. January 1990 (has links)
Thesis (Ph. D.)--University of California at Berkeley, 1990. / Typescript. Includes bibliographical references.
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Seasonal fluctuations in food price, foreign trade, and their interaction with technophysio evolution /Kanjanapipatkul, Tayatat. January 2002 (has links)
Thesis (Ph. D.)--University of Chicago, Department of Economics, December 2002. / Includes bibliographical references. Also available on the Internet.
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Three essays on economics and risk perceptionHwang, Yun Jae, January 2006 (has links)
Thesis (Ph. D.)--Ohio State University, 2006. / Title from first page of PDF file. Includes bibliographical references (p. 115-119).
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