메뉴 건너뛰기




Volumn 38, Issue 1-3 SPEC. ISS., 2004, Pages 3-50

Testing behavioral finance theories using trends and consistency in financial performance

Author keywords

Behavioral finance; Conservatism; Financial performance; Representativeness

Indexed keywords


EID: 12344320370     PISSN: 01654101     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jacceco.2004.07.003     Document Type: Article
Times cited : (61)

References (51)
  • 1
    • 0001284735 scopus 로고
    • Anomalies in relationships between securities' yields and yield surrogates
    • R. Ball Anomalies in relationships between securities' yields and yield surrogates Journal of Financial Economics 6 1978 103-126
    • (1978) Journal of Financial Economics , vol.6 , pp. 103-126
    • Ball, R.1
  • 2
    • 0002742759 scopus 로고
    • An empirical evaluation of accounting income numbers
    • R. Ball P. Brown An empirical evaluation of accounting income numbers Journal of Accounting Research 6 1968 159-178
    • (1968) Journal of Accounting Research , vol.6 , pp. 159-178
    • Ball, R.1    Brown, P.2
  • 3
    • 0002443243 scopus 로고
    • Problems in measuring portfolio performance: An application to contrarian investment strategies
    • R. Ball S. Kothari J. Shanken Problems in measuring portfolio performance: An application to contrarian investment strategies Journal of Financial Economics 38 1995 79-107
    • (1995) Journal of Financial Economics , vol.38 , pp. 79-107
    • Ball, R.1    Kothari, S.2    Shanken, J.3
  • 4
    • 0344973042 scopus 로고    scopus 로고
    • A survey of behavioral finance
    • Working paper, University of Chicago and the NBER
    • Barberis, N., Thaler, R., 2002. A survey of behavioral finance. Working paper, University of Chicago and the NBER.
    • (2002)
    • Barberis, N.1    Thaler, R.2
  • 6
    • 0033235090 scopus 로고    scopus 로고
    • Market rewards associated with patterns of increasing earnings
    • M. Barth J. Elliott M. Finn Market rewards associated with patterns of increasing earnings Journal of Accounting Research 37 1999 387-413
    • (1999) Journal of Accounting Research , vol.37 , pp. 387-413
    • Barth, M.1    Elliott, J.2    Finn, M.3
  • 7
    • 0031498138 scopus 로고    scopus 로고
    • The conservatism principle and the asymmetric timeliness of earnings
    • S. Basu The conservatism principle and the asymmetric timeliness of earnings Journal of Accounting and Economics 24 1997 3-37
    • (1997) Journal of Accounting and Economics , vol.24 , pp. 3-37
    • Basu, S.1
  • 9
    • 0001819765 scopus 로고
    • Post-earnings-announcement drift: Delayed price response or risk premium?
    • V. Bernard J. Thomas Post-earnings-announcement drift: Delayed price response or risk premium? Journal of Accounting Research 27 1989 1-36
    • (1989) Journal of Accounting Research , vol.27 , pp. 1-36
    • Bernard, V.1    Thomas, J.2
  • 10
    • 0000909526 scopus 로고
    • Evidence that stock prices do not fully reflect the implications of current earnings for future earnings
    • V. Bernard J. Thomas Evidence that stock prices do not fully reflect the implications of current earnings for future earnings Journal of Accounting and Economics 13 1990 305-340
    • (1990) Journal of Accounting and Economics , vol.13 , pp. 305-340
    • Bernard, V.1    Thomas, J.2
  • 11
    • 43949158099 scopus 로고
    • An informational efficiency perspective on the post-earnings announcement drift
    • R. Bhushan An informational efficiency perspective on the post-earnings announcement drift Journal of Accounting & Economics 18 1994 45-65
    • (1994) Journal of Accounting & Economics , vol.18 , pp. 45-65
    • Bhushan, R.1
  • 12
    • 0036100914 scopus 로고    scopus 로고
    • Competing theories of financial anomalies
    • A. Brav J. Heaton Competing theories of financial anomalies Review of Financial Studies 15 2002 575-606
    • (2002) Review of Financial Studies , vol.15 , pp. 575-606
    • Brav, A.1    Heaton, J.2
  • 13
    • 0002624840 scopus 로고    scopus 로고
    • On persistence in mutual fund performance
    • M. Carhart On persistence in mutual fund performance Journal of Finance 52 1997 57-82
    • (1997) Journal of Finance , vol.52 , pp. 57-82
    • Carhart, M.1
  • 15
    • 74949097020 scopus 로고    scopus 로고
    • Who underreacts to cash-flow news? Evidence from trading between individuals and institutions
    • Cohen, R., Gompers, P., Vuolteenaho, T., 2002. Who underreacts to cash-flow news? Evidence from trading between individuals and institutions. Journal of Financial Economics 66, 409-462.
    • (2002) Journal of Financial Economics , vol.66 , pp. 409-462
    • Cohen, R.1    Gompers, P.2    Vuolteenaho, T.3
  • 16
    • 0007885272 scopus 로고    scopus 로고
    • Market reactions to tangible and intangible information
    • Working paper, Northwestern University
    • Daniel, K., Titman, S., 2003. Market reactions to tangible and intangible information. Working paper, Northwestern University.
    • (2003)
    • Daniel, K.1    Titman, S.2
  • 17
    • 8744258405 scopus 로고    scopus 로고
    • Investor psychology and security market under- and overreactions
    • K. Daniel D. Hirshleifer A. Subrahmanyam Investor psychology and security market under- and overreactions Journal of Finance 53 1998 1839-1885
    • (1998) Journal of Finance , vol.53 , pp. 1839-1885
    • Daniel, K.1    Hirshleifer, D.2    Subrahmanyam, A.3
  • 18
    • 0036145215 scopus 로고    scopus 로고
    • Investor psychology in capital markets: Evidence and policy implications
    • K. Daniel D. Hirshleifer S. Teoh Investor psychology in capital markets: evidence and policy implications Journal of Monetary Economics 49 2002 139-209
    • (2002) Journal of Monetary Economics , vol.49 , pp. 139-209
    • Daniel, K.1    Hirshleifer, D.2    Teoh, S.3
  • 20
    • 84977712440 scopus 로고
    • Positive feedback investment strategies and destabilizing rational speculation
    • J. De Long A. Shleifer R. Vishny R. Waldman Positive feedback investment strategies and destabilizing rational speculation Journal of Finance 45 1990 375-395
    • (1990) Journal of Finance , vol.45 , pp. 375-395
    • De Long, J.1    Shleifer, A.2    Vishny, R.3    Waldman, R.4
  • 21
    • 84900013243 scopus 로고
    • Does the stock market overreact?
    • W. DeBondt R. Thaler Does the stock market overreact? Journal of Finance 40 1985 793-805
    • (1985) Journal of Finance , vol.40 , pp. 793-805
    • DeBondt, W.1    Thaler, R.2
  • 22
    • 84977703147 scopus 로고
    • Further evidence of investor overreaction and stock market seasonality
    • W. DeBondt R. Thaler Further evidence of investor overreaction and stock market seasonality Journal of Finance 42 1987 557-581
    • (1987) Journal of Finance , vol.42 , pp. 557-581
    • DeBondt, W.1    Thaler, R.2
  • 23
    • 0030637317 scopus 로고    scopus 로고
    • Returns to contrarian investment strategies: Tests of naïve expectations hypotheses
    • P. Dechow R. Sloan Returns to contrarian investment strategies: Tests of naïve expectations hypotheses Journal of Financial Economics 43 1997 3-27
    • (1997) Journal of Financial Economics , vol.43 , pp. 3-27
    • Dechow, P.1    Sloan, R.2
  • 24
    • 0002168065 scopus 로고
    • Conservatism in human information processing
    • B. Kleinmutz (Ed.) Wiley New York
    • Edwards Conservatism in human information processing In: B. Kleinmutz (Ed.) Formal Representation of Human Judgment 1968 Wiley New York
    • (1968) Formal Representation of Human Judgment
    • Edwards, A.1
  • 25
    • 84977707061 scopus 로고
    • Stock returns, expected returns, and real activity
    • E. Fama Stock returns, expected returns, and real activity Journal of Finance 45 1990 1089-1108
    • (1990) Journal of Finance , vol.45 , pp. 1089-1108
    • Fama, E.1
  • 26
    • 0000029776 scopus 로고
    • Efficient capital markets: II
    • E. Fama Efficient capital markets: II Journal of Finance 46 1991 1575-1617
    • (1991) Journal of Finance , vol.46 , pp. 1575-1617
    • Fama, E.1
  • 27
    • 0346207692 scopus 로고    scopus 로고
    • Market efficiency, long run returns, and behavioral finance
    • E. Fama Market efficiency, long run returns, and behavioral finance Journal of Financial Economics 49 1998 283-306
    • (1998) Journal of Financial Economics , vol.49 , pp. 283-306
    • Fama, E.1
  • 28
    • 38549147867 scopus 로고
    • Common risk factors in the returns of stocks and bonds
    • E. Fama K. French Common risk factors in the returns of stocks and bonds Journal of Financial Economics 33 1993 3-56
    • (1993) Journal of Financial Economics , vol.33 , pp. 3-56
    • Fama, E.1    French, K.2
  • 30
    • 0001085867 scopus 로고
    • Earnings releases, anomalies, and the behavior of security returns
    • G. Foster C. Olsen T. Shevlin Earnings releases, anomalies, and the behavior of security returns Accounting Review 59 1984 574-603
    • (1984) Accounting Review , vol.59 , pp. 574-603
    • Foster, G.1    Olsen, C.2    Shevlin, T.3
  • 31
    • 0000398111 scopus 로고    scopus 로고
    • Investor psychology and asset pricing
    • D. Hirshleifer Investor psychology and asset pricing Journal of Finance 56 2001 1533-1598
    • (2001) Journal of Finance , vol.56 , pp. 1533-1598
    • Hirshleifer, D.1
  • 32
    • 0742321678 scopus 로고    scopus 로고
    • Limited attention, information disclosure, and financial reporting
    • D. Hirshleifer S. Teoh Limited attention, information disclosure, and financial reporting Journal of Accounting and Economics 36 2003 337-386
    • (2003) Journal of Accounting and Economics , vol.36 , pp. 337-386
    • Hirshleifer, D.1    Teoh, S.2
  • 33
    • 0012166025 scopus 로고    scopus 로고
    • A unified theory of underrreaction, momentum trading, and overreaction in asset markets
    • H. Hong J. Stein A unified theory of underrreaction, momentum trading, and overreaction in asset markets Journal of Finance 54 1999 2143-2184
    • (1999) Journal of Finance , vol.54 , pp. 2143-2184
    • Hong, H.1    Stein, J.2
  • 34
    • 84993907227 scopus 로고
    • Returns to buying winners and selling losers: Implications for stock market efficiency
    • N. Jegadeesh S. Titman Returns to buying winners and selling losers: implications for stock market efficiency Journal of Finance 48 1993 65-91
    • (1993) Journal of Finance , vol.48 , pp. 65-91
    • Jegadeesh, N.1    Titman, S.2
  • 35
    • 0041075295 scopus 로고    scopus 로고
    • Profitability of momentum strategies: An evaluation of alternative explanations
    • N. Jegadeesh S. Titman Profitability of momentum strategies: An evaluation of alternative explanations Journal of Finance 56 2001 699-720
    • (2001) Journal of Finance , vol.56 , pp. 699-720
    • Jegadeesh, N.1    Titman, S.2
  • 36
    • 0035681734 scopus 로고    scopus 로고
    • Resurrecting the (C)CAPM: A cross-sectional test when risk premia are time-varying
    • M. Lettau S. Ludvigson Resurrecting the (C)CAPM: A cross-sectional test when risk premia are time-varying Journal of Political Economy 109 2001 1238-1287
    • (2001) Journal of Political Economy , vol.109 , pp. 1238-1287
    • Lettau, M.1    Ludvigson, S.2
  • 37
    • 0000473546 scopus 로고    scopus 로고
    • Can book-to-market, size and momentum be risk factors that predict economic growth
    • J. Liew M. Vassalou Can book-to-market, size and momentum be risk factors that predict economic growth Journal of Financial Economics 57 2000 221-245
    • (2000) Journal of Financial Economics , vol.57 , pp. 221-245
    • Liew, J.1    Vassalou, M.2
  • 40
    • 3042771207 scopus 로고    scopus 로고
    • The efficient market hypothesis and its critics
    • B. Malkiel The efficient market hypothesis and its critics Journal of Economic Perspectives 17 2003 59-82
    • (2003) Journal of Economic Perspectives , vol.17 , pp. 59-82
    • Malkiel, B.1
  • 41
    • 0003852296 scopus 로고    scopus 로고
    • Thinking through categories
    • NBER Working Paper
    • Mullainathan, S., 2001. Thinking through categories. NBER Working Paper.
    • (2001)
    • Mullainathan, S.1
  • 42
    • 0036704218 scopus 로고    scopus 로고
    • Inference by believers in the law of small numbers
    • M. Rabin Inference by believers in the law of small numbers Quarterly Journal of Economics 117 2002 775-816
    • (2002) Quarterly Journal of Economics , vol.117 , pp. 775-816
    • Rabin, M.1
  • 43
    • 0002970929 scopus 로고    scopus 로고
    • Rational markets: Yes or no? The affirmative case
    • M. Rubinstein Rational markets: Yes or no? The affirmative case Financial Analysts Journal 57 2001 15-29
    • (2001) Financial Analysts Journal , vol.57 , pp. 15-29
    • Rubinstein, M.1
  • 44
    • 12344329124 scopus 로고    scopus 로고
    • Small trader reactions to consecutive earnings surprises
    • Working paper, Stanford Graduate School of Business
    • Shanthikumar, D., 2003. Small trader reactions to consecutive earnings surprises. Working paper, Stanford Graduate School of Business.
    • (2003)
    • Shanthikumar, D.1
  • 45
    • 77956734433 scopus 로고    scopus 로고
    • Human behavior and the efficiency of the financial system
    • R. Shiller Human behavior and the efficiency of the financial system Handbook of Macroeconomics 1 1999 1305-1340
    • (1999) Handbook of Macroeconomics , vol.1 , pp. 1305-1340
    • Shiller, R.1
  • 46
    • 1942495094 scopus 로고    scopus 로고
    • From efficient markets theory to behavioral finance
    • R. Shiller From efficient markets theory to behavioral finance Journal of Economic Perspectives 17 2003 83-104
    • (2003) Journal of Economic Perspectives , vol.17 , pp. 83-104
    • Shiller, R.1
  • 49
    • 0005163859 scopus 로고    scopus 로고
    • Costly search and mutual fund flows
    • E. Sirri P. Tufano Costly search and mutual fund flows Journal of Finance 53 1998 1589-1622
    • (1998) Journal of Finance , vol.53 , pp. 1589-1622
    • Sirri, E.1    Tufano, P.2
  • 50
    • 12344303891 scopus 로고    scopus 로고
    • Valuation of smooth earnings
    • Working paper, University of Illinois at Chicago
    • Thomas, J., Zhang, H., 2002. Valuation of smooth earnings. Working paper, University of Illinois at Chicago.
    • (2002)
    • Thomas, J.1    Zhang, H.2
  • 51
    • 0016264378 scopus 로고
    • Judgement under uncertainty: Heuristics and biases
    • A. Tversky D. Kahneman Judgement under uncertainty: Heuristics and biases Science 185 1974 1124-1131
    • (1974) Science , vol.185 , pp. 1124-1131
    • Tversky, A.1    Kahneman, D.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.