Behavioural heterogeneity in the New Zealand stock market
In: New Zealand economic papers, Band 52, Heft 1, S. 53-71
ISSN: 1943-4863
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In: New Zealand economic papers, Band 52, Heft 1, S. 53-71
ISSN: 1943-4863
In: Journal of economic dynamics & control, Band 91, S. 485-502
ISSN: 0165-1889
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In: Journal of Futures Markets 38 (7/2018), 758–774
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Working paper
In: European Financial Management, Band 21, Heft 4, S. 706-741
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In: Frijns, B., Indriawan, I., & Tourani‐Rad, A. (2019). Quote dynamics of cross‐listed stocks. International Review of Finance.
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In: Review of Pacific Basin Financial Markets and Policies, Band 17, Heft 1, S. 1450003
ISSN: 1793-6705
Using a unique dataset containing daily institutional ownership information, we examine the relation between daily institutional trading and past, contemporaneous, and future stock returns on the Shanghai Stock Exchange (SSE). We find strong evidence of the price pressure effect induced by institutional trading, causing price impacts of up to 2.12% per day for the most intensively bought stocks. We further find that institutions are informed and momentum traders when buying but not when selling, which may be due to short-selling restrictions in China. Finally, our findings suggest that institutions engage in order splitting and/or herding behavior, as the price pressure effect is observed up to five days before and after the intense trading date.
In: Journal of public policy, Band 34, Heft 1
ISSN: 1469-7815
In this paper, we examine the impact of financial experience on financial literacy. Exploiting a unique feature of New Zealand, whereby domestic students can obtain interest-free student loans and can fully participate in the national retirement scheme while international students cannot, we employ an instrumental variables approach to identify the causal effect of financial experience on financial literacy. We conduct surveys on a sample of 338 business students and find that there is a positive and causal effect of financial experience on financial literacy. Our results have important implications for financial education programmes and may explain why many of these programmes to date have had limited success. Adapted from the source document.
In: Journal of public policy, Band 34, Heft 1, S. 123-154
ISSN: 1469-7815
AbstractIn this paper, we examine the impact of financial experience on financial literacy. Exploiting a unique feature of New Zealand, whereby domestic students can obtain interest-free student loans and can fully participate in the national retirement scheme while international students cannot, we employ an instrumental variables approach to identify the causal effect of financial experience on financial literacy. We conduct surveys on a sample of 338 business students and find that there is a positive and causal effect of financial experience on financial literacy. Our results have important implications for financial education programmes and may explain why many of these programmes to date have had limited success.
In: Journal of economic dynamics & control, Band 34, Heft 11, S. 2273-2287
ISSN: 0165-1889
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Working paper
In: The journal of financial research: the journal of the Southern Finance Association and the Southwestern Finance Association, Band 31, Heft 3, S. 225-246
ISSN: 1475-6803
AbstractIn this article we investigate the relation between insider trading regulations and the bid–ask spread. We decompose the spread into its components before and after the enactment of strict new insider trading rules in New Zealand. We find that the enactment led to a significant decrease in the information asymmetry component of the spread, which is observed mainly in illiquid and high prechange information asymmetry companies. These findings are robust to model specification. In addition, we find a decrease in the contribution of information asymmetry to price volatility.
In: New Zealand economic papers, Band 42, Heft 1, S. 103-125
ISSN: 1943-4863
In: Journal of Empirical Finance, Forthcoming
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