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The investor in warrants

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Author Info

  • Victor Mendes Santos

    (CMVM-Portuguese Securities Commission)

Abstract

This paper investigates the profile of the individual investor in warrants. It is concluded that the average investor in warrants has a greater level of financial literacy and a greater appetite for risk. It is also concluded that higher experience in stock trading and the investment in foreign stocks facilitate the investment in warrants, which may be a result of learning by trading and of greater competence of investors. However, lower returns from the investment in stocks also favor the investment in warrants, which may mean that (at least some) warrant investors look to this market as an alternative to recover from their minor success with investments in stocks. Finally, overconfidence encourages the investment in warrants and this may lead to unsound decision-making.

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File URL: http://www.cefage.uevora.pt/en/content/download/3087/41142/version/1/file/2012_19.pdf
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Bibliographic Info

Paper provided by University of Evora, CEFAGE-UE (Portugal) in its series CEFAGE-UE Working Papers with number 2012_19.

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Length: 20 pages
Date of creation: 2012
Date of revision:
Handle: RePEc:cfe:wpcefa:2012_19

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Related research

Keywords: Warrants; Individual investor; Behavioral finance.;

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  6. Farhad Noorbakhsh, 2005. "Spatial Inequality, Polarization and its Dimensions in Iran: New Empirical Evidence," Oxford Development Studies, Taylor & Francis Journals, vol. 33(3-4), pages 473-491.
  7. Mark McGillivray & Howard White, 1993. "Measuring development? The UNDP's human development index," Journal of International Development, John Wiley & Sons, Ltd., vol. 5(2), pages 183-192, 03.
  8. Ricardo Fuentes-Nieva & Isabel Pereira, 2010. "The disconnect between indicators of sustainability and human development," Human Development Research Papers (2009 to present) HDRP-2010-34, Human Development Report Office (HDRO), United Nations Development Programme (UNDP).
  9. Farhad Noorbakhsh, 1998. "The human development index: some technical issues and alternative indices," Journal of International Development, John Wiley & Sons, Ltd., vol. 10(5), pages 589-605.
  10. Ravallion, Martin, 1997. "Good and bad growth: The human development reports," World Development, Elsevier, vol. 25(5), pages 631-638, May.
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