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- Andersson, Maria, 1977, et al.
(författare)
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Effects of stock investments of information about short versus long price series
- 2012
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Ingår i: Review of behavioral finance. - : Emerald. - 1940-5979. ; 4:2, s. 81-97
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Tidskriftsartikel (refereegranskat)abstract
- Purpose – The purpose of this paper is to investigate whether stock price predictions and investment decisions improve by exposure to increasing price series. Design/methodology/approach – The authors conducted three laboratory experiments in which undergraduates were asked to role-play being investors buying and selling stock shares. Their task was to predict an unknown closing price from an opening price and to choose the number of stocks to purchase to the opening price (risk aversion) or the closing price (risk taking). In Experiment 1 stock prices differed in volatility for increasing, decreasing or no price trend. Prices were in different conditions provided numerically for 15 trading days, for the last 10 trading days, or for the last five trading days. In Experiment 2 the price series were also visually displayed as scatter plots. In Experiment 3 the stock prices were presented for the preceding 15 days, only for each third day (five days) of the preceding 15 days, or as five prices, each aggregated for three consecutive days of the preceding 15 days. Only numerical price information was provided. Findings – The results of Experiments 1 and 2 showed that predictions were not markedly worse for shorter than longer price series. Possibly because longer price series increase information processing load, visual information had some influence to reduce prediction errors for the longer price series. The results of Experiment 3 showed that accuracy of predictions increased for less price volatility due to aggregation, whereas again there was no difference between five and 15 trading days. Purchase decisions resulted in better outcomes for the aggregated prices. Research limitations/implications – Investors´ performance in stock markets may not improve by increasing the length of evaluation intervals unless the quality of the information is also increased. The results need to be verified in actual stock markets. Practical implications – The results have bearings on the design of bonus systems. Originality/value – The paper shows how stock price predictions and buying and selling decisions depend on amount and quality of information about historical prices.
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| 2. |
- Andersson, Maria, 1977, et al.
(författare)
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Hållbara bonussystem : Sustainable bonus systems
- 2011
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Ingår i: Hållbar utveckling - från risk till värde / L. G. Hassel, L.-O. Larsson & E. Nore (red.). - Malmö : Studentlitteratur. - 9789144075327 ; , s. 41-49
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Bokkapitel (övrigt vetenskapligt/konstnärligt)
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| 3. |
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| 4. |
- Biel, Anders, 1948
(författare)
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Attityder och beteende
- 2012
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Ingår i: Samhällspsykologi / Anders Biel & Tommy Gärling (red.). - Malmö : Liber. - 9789147097937 ; , s. 22-38
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Bokkapitel (övrigt vetenskapligt/konstnärligt)abstract
- Kapitlet betonar vikten av attityder för värderingar och beteenden. En distinktion görs mellan starka och svaga attityder och hur dessa är möjliga att påverka. En distinktion görs också mellan attitydstyrda och vanestyrda beteenden och förutsättningen för att med information påverka respektive typ av beteende.
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| 5. |
- Biel, Anders, 1948, et al.
(författare)
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The willingness to pay–willingness to accept gap revisited: The role of emotions and moral satisfaction
- 2011
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Ingår i: Journal of Economic Psychology. ; 32:6, s. 908-917
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Tidskriftsartikel (refereegranskat)abstract
- While many earlier studies have found that people’s maximum willingness to pay for having a good is often substantially lower than their minimum willingness to accept not having it, more recent experimental evidence suggests that this discrepancy vanishes for standard consumption goods when an incentive-compatible design without misconceptions is used. This paper hypothesises that there is nevertheless a discrepancy for goods with a perceived moral character, such as contributions to a good cause, and moreover that the reason for this discrepancy can largely be explained by differences in emotions and moral perceptions. The results from a real-money dichotomous-choice experiment, combined with measurements of emotions and morality, are consistent with these hypotheses
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| 6. |
- Hansla, André, 1981, et al.
(författare)
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Attitude toward environmental policy measures related to value orientation
- 2013
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Ingår i: Journal of Applied Social Psychology. - : Wiley. - 0021-9029. ; 43:3, s. 582-590
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Tidskriftsartikel (refereegranskat)abstract
- Moderated mediation effects on attitude toward environmental policy measures of a self-enhancement vs. self-transcendence value orientation were examined in two studies. Study 1 (n=91) showed that for policy measures incurring nontransparent personal costs, influence of value orientation on attitude is fully mediated by environmental concern, whereas for measures incurring transparent personal costs, influence is partially mediated by environmental concern. Study 2 (n=71) showed that while influence of value orientation on attitude toward eco-labeled electricity is not mediated by environmental concern, it is fully mediated by reluctance to pay surcharges for eco-labeled electricity. Value orientation was also shown to moderate influence of reluctance to pay on attitude in that reluctance had an effect only for a self-enhancement value orientation.
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| 7. |
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| 8. |
- Hedesström, Martin, 1969, et al.
(författare)
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Investigating consistency of judgement across sustainability analysts
- 2011
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Ingår i: Sustainable Development. - : Wiley. - 1099-1719 .- 0968-0802. ; 19:2, s. 119-134
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Tidskriftsartikel (refereegranskat)abstract
- We compare seven major European and North American sustainability analyst organizations on how they rank-order the same set of companies with regards to environmental performance. We also compare the analyst organizations’ environmental rating schemes with regards to which evaluation criteria they include. Two industries are investigated: automobile and paper/forestry. Although there is fairly broad consensus on which automobile companies have the worst environmental performance, there is considerable disagreement about best-performers. The pattern is less clear for paper/forestry companies. With some notable exceptions, and for both industries, all rating schemes contain evaluation criteria targeting those aspects of company performance associated, according to life-cycle assessments, with the largest potential environmental impact. There are, however, significant divergences as to how many, and which, criteria of medium to low relevance are applied. Sustainability analyst organizations should make explicit to investors and evaluated companies on which theoretical and empirical grounds environmental evaluation criteria are selected.
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| 9. |
- Hedesström, Martin, 1969, et al.
(författare)
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Stock investors' preference for short-term vs. long-term bonuses
- 2012
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Ingår i: Journal of Socio-Economics. - : Elsevier BV. - 1053-5357. ; 41:2, s. 137-142
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Tidskriftsartikel (refereegranskat)abstract
- Bonuses in the finance sector may be based on too short time intervals for environmental and social factors to be taken into account in investment decisions. We report two experiments to investigate whether investors prefer short-term to long-term bonuses. In Experiment 1 employing 27 undergraduates, preferences were measured for four short-term certain bonuses, evenly distributed across a time interval, and one certain long-term bonus at the end of the time interval. A majority chose the short-term bonuses, and in order for the long-term bonus to be equally preferred it had to be about 40% higher than the four added short-term bonuses. Experiment 2 employing another 36 undergraduates introduced outcome uncertainty that more accurately reflects the choices stock investors face. The participants again choose between a long-term bonus and four distributed short-term bonuses. It was shown that uncertainty made more participants prefer the long-term bonus to the added short-term bonuses than when the outcome was certain. A smaller increase of the long-term bonus of about 20% was now required to make it equally attractive as the four added short-term bonuses. © 2011 Elsevier Inc.
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| 10. |
- Hedesström, Martin, 1969, et al.
(författare)
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Stock investors' preferences for short-term versus long-term bonuses
- 2011
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Ingår i: Journal of Socio-Economics. ; 41, s. 137-142
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Tidskriftsartikel (refereegranskat)abstract
- Bonuses in the finance sector may be based on too short time intervals for environmental and social factors to be taken into account in investment decisions. We report two experiments to investigate whether investors prefer short-term to long-term bonuses. In Experiment 1 employing 27 undergraduates, preferences were measured for four short-term certain bonuses, evenly distributed across a time interval, and one certain long-term bonus at the end of the time interval. A majority chose the short-term bonuses, and in order for the long-term bonus to be equally preferred it had to be about 40% higher than the four added short-term bonuses. Experiment 2 employing another 36 undergraduates introduced outcome uncertainty that more accurately reflects the choices stock investors face. The participants again choose between a long-term bonus and four distributed short-term bonuses. It was shown that uncertainty made more participants prefer the long-term bonus to the added short-term bonuses than when the outcome was certain. A smaller increase of the long-term bonus of about 20% was now required to make it equally attractive as the four added short-term bonuses.
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