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Confidence and the welfare of less-informed investors

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  • Bloomfield, Robert
  • Libby, Robert
  • Nelson, Mark W.
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    Bibliographic Info

    Article provided by Elsevier in its journal Accounting, Organizations and Society.

    Volume (Year): 24 (1999)
    Issue (Month): 8 (November)
    Pages: 623-647

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    Handle: RePEc:eee:aosoci:v:24:y:1999:i:8:p:623-647

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    Web page: http://www.elsevier.com/locate/aos

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    1. Ganguly, Ananda R. & Kagel, John H. & Moser, Donald V., 1994. "The effects of biases in probability judgments on market prices," Accounting, Organizations and Society, Elsevier, Elsevier, vol. 19(8), pages 675-700, November.
    2. Plott, Charles R. & Sunder, Shyam., . "Rational Expectations and the Aggregation of Diverse Information in Laboratory Security Markets," Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences 463, California Institute of Technology, Division of the Humanities and Social Sciences.
    3. Plott, Charles R. & Sunder, Shyam., . "Efficiency of Experimental Security Markets with Insider Information: An Application of Rational Expectations Models," Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences 331, California Institute of Technology, Division of the Humanities and Social Sciences.
    4. Friedman, Daniel & Ostroy, Joseph, 1995. "Competitivity in Auction Markets: An Experimental and Theoretical Investigation," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 105(428), pages 22-53, January.
    5. Bernard, Victor L. & Thomas, Jacob K., 1990. "Evidence that stock prices do not fully reflect the implications of current earnings for future earnings," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 13(4), pages 305-340, December.
    6. Forsythe, Robert & Lundholm, Russell, 1990. "Information Aggregation in an Experimental Market," Econometrica, Econometric Society, Econometric Society, vol. 58(2), pages 309-47, March.
    7. Trafimow, David & Sniezek, Janet A., 1994. "Perceived Expertise and Its Effect on Confidence," Organizational Behavior and Human Decision Processes, Elsevier, Elsevier, vol. 57(2), pages 290-302, February.
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    Cited by:
    1. Nelson, Mark W. & Bloomfield, Robert & Hales, Jeffrey W. & Libby, Robert, 2001. "The Effect of Information Strength and Weight on Behavior in Financial Markets," Organizational Behavior and Human Decision Processes, Elsevier, Elsevier, vol. 86(2), pages 168-196, November.
    2. Charness, Gary & Gneezy, Uri, 2003. "Portfolio Choice and Risk Attitudes: An Experiment," University of California at Santa Barbara, Economics Working Paper Series qt7vz7w609, Department of Economics, UC Santa Barbara.
    3. Berg, Nathan & Lein, Donald, 2005. "Does society benefit from investor overconfidence in the ability of financial market experts?," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 58(1), pages 95-116, September.
    4. Bonner, Sarah E. & Sprinkle, Geoffrey B., 2002. "The effects of monetary incentives on effort and task performance: theories, evidence, and a framework for research," Accounting, Organizations and Society, Elsevier, Elsevier, vol. 27(4-5), pages 303-345.
    5. Roscoe, Philip & Howorth, Carole, 2009. "Identification through technical analysis: A study of charting and UK non-professional investors," Accounting, Organizations and Society, Elsevier, Elsevier, vol. 34(2), pages 206-221, February.
    6. Dennis Dittrich & Werner Güth & Boris Maciejovsky, . "Overconfidence in Investment Decisions: An Experimental Approach," Papers on Strategic Interaction, Max Planck Institute of Economics, Strategic Interaction Group 2001-03, Max Planck Institute of Economics, Strategic Interaction Group.
    7. Allee, Kristian D. & Bhattacharya, Nilabhra & Black, Ervin L. & Christensen, Theodore E., 2007. "Pro forma disclosure and investor sophistication: External validation of experimental evidence using archival data," Accounting, Organizations and Society, Elsevier, Elsevier, vol. 32(3), pages 201-222, April.
    8. Hales, Jeffrey, 2009. "Are investors really willing to agree to disagree? An experimental investigation of how disagreement and attention to disagreement affect trading behavior," Organizational Behavior and Human Decision Processes, Elsevier, Elsevier, vol. 108(2), pages 230-241, March.
    9. Libby, Robert & Bloomfield, Robert & Nelson, Mark W., 2002. "Experimental research in financial accounting," Accounting, Organizations and Society, Elsevier, Elsevier, vol. 27(8), pages 775-810, November.
    10. Hsu, Yenshan & Shiu, Cheng-Yi, 2010. "The overconfidence of investors in the primary market," Pacific-Basin Finance Journal, Elsevier, Elsevier, vol. 18(2), pages 217-239, April.
    11. Daniel, Kent & Hirshleifer, David & Teoh, Siew Hong, 2002. "Investor psychology in capital markets: evidence and policy implications," Journal of Monetary Economics, Elsevier, Elsevier, vol. 49(1), pages 139-209, January.

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