Momentum in Emerging Markets: Investigation of Overconfidence and Cognitive Bias Factors
AbstractThe purpose of this paper is to check if investors in emerging markets, especially in the Tunisian stock market, have the same psychological biases as those documented in developed markets. To achieve this purpose we adopt a survey approach that uses the investigation technique through the development and distribution of a questionnaire describing some scenarios related to behavioral biases - either suggested by theory or extracted from reality- that are suspected to generate the momentum phenomenon. Our major findings are: the Tunisian investor seems to be prudent, non confident, over opportunistic, sensitive to rumors and conservative. These psychological biases were confirmed either by examining the correlation between variables or by the aggregation of all these variables in factorial axes.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Economic Research Forum in its series Working Papers with number 0717.
Length: 32 pages
Date of creation: Dec 2007
Date of revision: Dec 2007
Publication status: Published by The Economic Research Forum (ERF)
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statistics
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Namees Nabeel).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.