English  |  正體中文  |  简体中文  |  Post-Print筆數 : 11 |  Items with full text/Total items : 88613/118155 (75%)
Visitors : 23481681      Online Users : 700
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 企業管理學系 > 期刊論文 >  Item 140.119/75097
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/75097


    Title: Belief changes and expectation heterogeneity in buy- and sell-side professionals in the Japanese stock market
    Authors: Yamamoto, Ryuichi;Hirata, H.
    山本竜市
    Contributors: 企管系
    Date: 2012-11
    Issue Date: 2015-05-12 16:19:29 (UTC+8)
    Abstract: We document the determinants of the expectation heterogeneity of stock price forecasters on TOPIX. Monthly panel data collected by QUICK Corporation in the Nikkei Group via surveys is utilized in the process. We examine the determinants of expectation heterogeneity by categorizing our sample into buy-side and sell-side professionals and demonstrate that the co-existence of different types of professionals contributes to the expectation heterogeneity. We show that buy-side and the sell-side professionals, who possess different business goals, differentiate the information contents as well as their interpretations of the same information in their forecasts, contributing to the expectation heterogeneity. In addition, we investigate the interactive expectation formulation of buy-side and sell-side professionals and find that buy-side professionals incorporate the sell side's ideas regarding future stock prices into their own forecasts, but refer exclusively to their own ideas when relating foreign exchange rates to future stock prices. Meanwhile, sell-side professionals tend to utilize buy-side professionals' ideas about future prices in order to improve their research and ingratiate themselves to their clients, that is, to the buy-side professionals. We demonstrate that this interactive expectation formulation also contributes to the generation of the expectation heterogeneity. © 2012 Elsevier B.V.
    Relation: Pacific Basin Finance Journal, Volume 20, Issue 5, 2012, Pages 723-744
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1016/j.pacfin.2012.03.001
    DOI: 10.1016/j.pacfin.2012.03.001
    Appears in Collections:[企業管理學系] 期刊論文

    Files in This Item:

    File Description SizeFormat
    1-s2.0-S0927538X12000194-main.pdf572KbAdobe PDF555View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback