Buch(gedruckt)2016
Black monday, globalization and trading behavior of stock investors
In: Discussion paper 2016,18
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Abstract
Using a simple sign test, we report new empirical evidence, taken from both the US and the German stock markets, showing that trading behavior substantially changed around Black Monday in 1987. It turned out that before Black Monday investors behaved more as in the momentum strategy; and after Black Monday more as in the contrarian strategy. We argue that crashes, in general, themselves are merely a manifestation of uncertainty on stock markets and the high uncertainty due to globalization is mainly responsible for this change.
Verfügbarkeit
Sprachen
Englisch, Deutsch
Verlag
Deutsche Bundesbank
ISBN
9783957292612, 3957292611, 9783957292629
Seiten
14 Seiten
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