ISBN-10:
0470031964
ISBN-13:
9780470031964
Pub. Date:
03/30/2007
Publisher:
Wiley
Rumors in Financial Markets: Insights into Behavioral Finance / Edition 1

Rumors in Financial Markets: Insights into Behavioral Finance / Edition 1

by Mark Schindler

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Product Details

ISBN-13: 9780470031964
Publisher: Wiley
Publication date: 03/30/2007
Series: Wiley Finance Series , #391
Pages: 210
Product dimensions: 6.60(w) x 9.70(h) x 0.80(d)

About the Author

Mark Schindler has written his PhD on "Rumors in Financial Markets" at the Institute for Empirical Research in Economics at the University of Zurich under the supervision of Prof. Thorsten Hens and Prof. Ernst Fehr. Formerly he was working for Arthur Andersen in the area of Financial and Commodities Risk Consulting. He is currently a Funds of Hedge Funds manager for Bank Leu in Zurich.

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Table of Contents

List of Symbols.

Preface.

1 Introduction.

1.1 Objectives of this book.

1.2 Structure of this book.

1.3 Research methodology.

2 Definitions and Characteristics of Rumors.

2.1 Definitions.

2.2 Historical background to studies on rumors.

3 Rumors and the Theory of Finance.

3.1 Rumors and Behavioral Finance.

3.2 Rumors and rational behavior.

3.3 Empirical studies of rumors in the stock market.

3.4 Review of models on rumors.

3.5 Ethnographical studies.

4 Legal Aspects of Rumors in Financial Markets.

4.1 Rumors in financial markets and insider trading.

4.2 Review of models on insider trading.

4.3 Rumors in financial markets and price manipulation.

4.4 Review of models on market manipulation.

5 Survey of Rumors in Financial Markets.

5.1 The survey and its intention.

5.2 Participant profile.

5.3 Development of rumors.

5.4 Spreading of rumors.

5.5 Belief in rumors.

5.6 Network formation.

5.7 Trading on rumors.

5.8 Rumors versus information.

5.9 Conclusions from the survey.

6 Rumor Experiments.

6.1 Why use experiments as a research methodology?

6.2 Methodological pre-considerations.

6.3 Review of previous rumor experiments.

6.4 First stage experiments: Ambiguity aversion in a financialmarket.

6.5 Second stage experiments: Varying rumor messages.

6.6 Third stage experiments: Testing herd behavior.

6.7 Fourth stage experiments: Communication.

7 Conclusions and Outlook.

Appendices.

Appendix I.

Appendix I.1: Formal presentation of preference relations andchoice rules.

Appendix I.2: Formal presentation of preference relations withutility functions.

Appendix II.

Appendix II.1: Experimental instructions for the rumor settingwith an auctioneer (experiments 1 and 2).

Appendix II.2: Experimental instructions for the rumor settingwith a batch auction (experiments 3 and 4).

Appendix II.3: Experimental instructions for the rumor settingin a continuous double auction (experiments 5 to 12).

Appendix III.

Appendix III.1: Second stage experimental instructions.

Appendix IV.

Appendix IV.1: Third stage experimental instructions.

Appendix V.

Appendix V.1: Fourth stage experimental instructions.

Appendix V.2: First two message levels.

Notes.

References.

Index.

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