메뉴 건너뛰기




Volumn 37, Issue 3, 2008, Pages 391-412

How much does expertise reduce behavioral biases? The case of anchoring effects in stock return estimates

Author keywords

[No Author keywords available]

Indexed keywords


EID: 67949113798     PISSN: 00463892     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1755-053X.2008.00018.x     Document Type: Article
Times cited : (138)

References (34)
  • 1
    • 33846254501 scopus 로고    scopus 로고
    • Information cascades: Evidence from a field experiment with financial market professionals
    • Alevy, J.E., M.S. Haigh, and J.A. List, 2007, "Information Cascades: Evidence from a Field Experiment with Financial Market Professionals", Journal of Finance 62, 151-180.
    • (2007) Journal of Finance , vol.62 , pp. 151-180
    • Alevy, J.E.1    Haigh, M.S.2    List, J.A.3
  • 3
    • 0034391441 scopus 로고    scopus 로고
    • Do the portfolios of small investors reflect positive feedback trading?
    • Bange, M.M., 2000, "Do the Portfolios of Small Investors Reflect Positive Feedback Trading?" Journal of Financial and Quantitative Analysis 35, 239-255.
    • (2000) Journal of Financial and Quantitative Analysis , vol.35 , pp. 239-255
    • Bange, M.M.1
  • 5
    • 6344237492 scopus 로고    scopus 로고
    • Risk or mispricing? From the mouths of professionals
    • Bloomfield, R. and R. Michaely, 2004, "Risk or Mispricing? From the Mouths of Professionals", Financial Management 33, 61-81.
    • (2004) Financial Management , vol.33 , pp. 61-81
    • Bloomfield, R.1    Michaely, R.2
  • 7
    • 11244313074 scopus 로고    scopus 로고
    • Corporate finance in Europe: Confronting theory with practice
    • Brounen, D., A. de Jong, and K.G. Koedjik, 2004, "Corporate Finance in Europe: Confronting Theory with Practice", Financial Management 33,71-101.
    • (2004) Financial Management , vol.33 , pp. 71-101
    • Brounen, D.1    De Jong, A.2    Koedjik, K.G.3
  • 8
    • 0033270827 scopus 로고    scopus 로고
    • The effects of financial incentives in experiments: A review and capital-labor production framework
    • Camerer, C.F. and R.M. Hogarth, 1999, "The Effects of Financial Incentives in Experiments: A Review and Capital-Labor Production Framework", Journal of Risk and Uncertainty 19, 7-42.
    • (1999) Journal of Risk and Uncertainty , vol.19 , pp. 7-42
    • Camerer, C.F.1    Hogarth, R.M.2
  • 9
    • 0031320587 scopus 로고    scopus 로고
    • Belief persistence after evidential discrediting: The impact of generated versus provided explanations on the likelihood of discredited outcomes
    • Davies, M.F., 1997, "Belief Persistence after Evidential Discrediting: The Impact of Generated versus Provided Explanations on the Likelihood of Discredited Outcomes", Journal of Experimental Social Psychology 33, 561-578.
    • (1997) Journal of Experimental Social Psychology , vol.33 , pp. 561-578
    • Davies, M.F.1
  • 11
    • 31644448701 scopus 로고    scopus 로고
    • Playing dice with criminal sentences: The influence of irrelevant anchors on experts' judicial decision making
    • Englich, B., T. Mussweiler, and F. Strack, 2006, "Playing Dice with Criminal Sentences: The Influence of Irrelevant Anchors on Experts' Judicial Decision Making", Personality and Social Psychology Bulletin 32, 188-200.
    • (2006) Personality and Social Psychology Bulletin , vol.32 , pp. 188-200
    • Englich, B.1    Mussweiler, T.2    Strack, F.3
  • 12
    • 21644483223 scopus 로고    scopus 로고
    • How do US and Japanese investors process information, and how do they form their expectations of the future? Evidence from quantitative survey based data
    • Fraser, P., 2004, "How Do US and Japanese Investors Process Information, and How Do They Form Their Expectations of the Future? Evidence from Quantitative Survey Based Data", Journal of Asset Management 5, 77-90.
    • (2004) Journal of Asset Management , vol.5 , pp. 77-90
    • Fraser, P.1
  • 13
    • 34547518440 scopus 로고    scopus 로고
    • Framing effects in stock market forecasts: The difference between asking for prices and asking for returns
    • Glaser, M., T. Langer, J. Reynders, and M. Weber, 2007, "Framing Effects in Stock Market Forecasts: The Difference between Asking for Prices and Asking for Returns", Review of Finance 11, 325-357.
    • (2007) Review of Finance , vol.11 , pp. 325-357
    • Glaser, M.1    Langer, T.2    Reynders, J.3    Weber, M.4
  • 14
    • 21644486503 scopus 로고    scopus 로고
    • September 11 and stock return expectations of individual investors
    • Glaser, M. and M. Weber, 2005, "September 11 and Stock Return Expectations of Individual Investors", Review of Finance 9, 243-279.
    • (2005) Review of Finance , vol.9 , pp. 243-279
    • Glaser, M.1    Weber, M.2
  • 15
    • 85040398057 scopus 로고    scopus 로고
    • Cognitive dissonance and mutual fund investors
    • Goetzmann, W.N. and N. Peles, 1997, "Cognitive Dissonance and Mutual Fund Investors", Journal of Financial Research 20, 145-158.
    • (1997) Journal of Financial Research , vol.20 , pp. 145-158
    • Goetzmann, W.N.1    Peles, N.2
  • 16
    • 0000318873 scopus 로고    scopus 로고
    • The theory and practice of corporate finance: Evidence from the field
    • Graham, J.R. and C.R. Harvey, 2001, "The Theory and Practice of Corporate Finance: Evidence from the Field", Journal of Financial Economics 61,187-243.
    • (2001) Journal of Financial Economics , vol.61 , pp. 187-243
    • Graham, J.R.1    Harvey, C.R.2
  • 18
    • 12344333862 scopus 로고    scopus 로고
    • Do professional traders exhibit myopic loss aversion? An experimental analysis
    • Haigh, M.S. and J.A. List, 2005, "Do Professional Traders Exhibit Myopic Loss Aversion? An Experimental Analysis", Journal of Finance 60, 523-534.
    • (2005) Journal of Finance , vol.60 , pp. 523-534
    • Haigh, M.S.1    List, J.A.2
  • 20
    • 21244464190 scopus 로고    scopus 로고
    • Advertising in the mutual fund business: The role of judgmental heuristics in private investors' evaluation of risk and return
    • Jordan, J. and K.P. Kaas, 2002, "Advertising in the Mutual Fund Business: The Role of Judgmental Heuristics in Private Investors' Evaluation of Risk and Return", Journal of Financial Services Marketing 2,129-140.
    • (2002) Journal of Financial Services Marketing , vol.2 , pp. 129-140
    • Jordan, J.1    Kaas, K.P.2
  • 21
    • 0037332222 scopus 로고    scopus 로고
    • Does market experience eliminate market anomalies?
    • List, J.A., 2003, "Does Market Experience Eliminate Market Anomalies?" Quarterly Journal of Economics 118,41-71.
    • (2003) Quarterly Journal of Economics , vol.118 , pp. 41-71
    • List, J.A.1
  • 22
    • 1642346858 scopus 로고    scopus 로고
    • Neoclassical theory versus prospect theory: Evidence from the market place
    • List, J.A., 2004a, "Neoclassical Theory versus Prospect Theory: Evidence from the Marketplace", Econo-metrica 72, 615-625.
    • (2004) Econo-metrica , vol.72 , pp. 615-625
    • List, J.A.1
  • 23
    • 2342595874 scopus 로고    scopus 로고
    • Substitutability, experience, and the value disparity: Evidence from the market place
    • List, J.A., 2004b, "Substitutability, Experience, and the Value Disparity: Evidence from the Marketplace", Journal of Environmental Economics and Management 47, 486-509.
    • (2004) Journal of Environmental Economics and Management , vol.47 , pp. 486-509
    • List, J.A.1
  • 24
    • 33646388708 scopus 로고    scopus 로고
    • Using hicksian surplus measures to examine consistency of individual preferences: Evidence from a field experiment
    • List, J.A., 2006, "Using Hicksian Surplus Measures to Examine Consistency of Individual Preferences: Evidence from a Field Experiment", Scandinavian Journal of Economics 108, 115-134.
    • (2006) Scandinavian Journal of Economics , vol.108 , pp. 115-134
    • List, J.A.1
  • 25
    • 0033479334 scopus 로고    scopus 로고
    • Hypothesis-consistent testing and semantic priming in the anchoring paradigm: A selective accessibility model
    • Mussweiler, T. andF. Strack, 1999, "Hypothesis-Consistent Testing and Semantic Priming in the Anchoring Paradigm: A Selective Accessibility Model", Journal of Experimental Social Psychology 35, 136-164.
    • (1999) Journal of Experimental Social Psychology , vol.35 , pp. 136-164
    • Mussweiler, T.1    Strack, F.2
  • 26
    • 32344440683 scopus 로고
    • Experts, amateurs, and real estate: An anchoring-and-adjustment perspective on property pricing decisions
    • Northcraft, G.B. and M. A. Neale, 1987, "Experts, Amateurs, and Real Estate: An Anchoring-and-Adjustment Perspective on Property Pricing Decisions", Organizational Behavior and Human Decision Processes 39, 228-241.
    • (1987) Organizational Behavior and Human Decision Processes , vol.39 , pp. 228-241
    • Northcraft, G.B.1    Neale, M.A.2
  • 27
    • 0033273816 scopus 로고    scopus 로고
    • New evidence on serial correlation in analyst forecast errors
    • Nutt, S.R., J.C. Easterwood, and C.M. Easterwood, 1999, "New Evidence on Serial Correlation in Analyst Forecast Errors", Financial Management 28, 106-117.
    • (1999) Financial Management , vol.28 , pp. 106-117
    • Nutt, S.R.1    Easterwood, J.C.2    Easterwood, C.M.3
  • 28
    • 77956734433 scopus 로고    scopus 로고
    • Human behavior and the efficiency of the financial system
    • in J.B. Taylor and M. Woodford, Eds., Amsterdam, Elsevier
    • Shiller, R.J., 1999, "Human Behavior and the Efficiency of the Financial System", in J.B. Taylor and M. Woodford, Eds., Handbook of Macroeconomics, Vol.1C, Amsterdam, Elsevier.
    • (1999) Handbook of Macroeconomics , vol.1 C
    • Shiller, R.J.1
  • 29
    • 0001459661 scopus 로고
    • Judgment processes in motivation: Anchoring and adjustment effects on judgment and behavior
    • Switzer,F.S. andJ.A. Sniezek, 1991, "Judgment Processes in Motivation: Anchoring and Adjustment Effects on Judgment and Behavior", Organizational Behavior and Human Decision Processes 49, 208-229.
    • (1991) Organizational Behavior and Human Decision Processes , vol.49 , pp. 208-229
    • Switzer, F.S.1    Sniezek, J.A.2
  • 30
    • 0016264378 scopus 로고
    • Judgment under uncertainty: Heuristics and biases
    • Tversky, A. and D. Kahneman, 1974, "Judgment under Uncertainty: Heuristics and Biases", Science 185, 1124-1130.
    • (1974) Science , vol.185 , pp. 1124-1130
    • Tversky, A.1    Kahneman, D.2
  • 31
    • 0001371984 scopus 로고
    • Rational choice and the framing of decisions
    • Tversky, A. and D. Kahneman, 1986, "Rational Choice and the Framing of Decisions", Journal of Business 59,251-278.
    • (1986) Journal of Business , vol.59 , pp. 251-278
    • Tversky, A.1    Kahneman, D.2
  • 32
    • 0032330671 scopus 로고    scopus 로고
    • An anchoring and adjustment model of purchase quantity decisions
    • Wansink, B., R.J. Kent, and S.J. Hoch, 1998, "An Anchoring and Adjustment Model of Purchase Quantity Decisions", Journal of Marketing Research 35, 71-81.
    • (1998) Journal of Marketing Research , vol.35 , pp. 71-81
    • Wansink, B.1    Kent, R.J.2    Hoch, S.J.3
  • 33
    • 0039621123 scopus 로고    scopus 로고
    • Views of financial economists on the equity premium and on professional controversies
    • Welch, I., 2000, "Views of Financial Economists on the Equity Premium and on Professional Controversies", Journal of Business 73, 501-537.
    • (2000) Journal of Business , vol.73 , pp. 501-537
    • Welch, I.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.