Arbeitspapier
Black Monday, globalization and trading behavior of stock investors
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.
- ISBN
-
978-3-95729-262-9
- Sprache
-
Englisch
- Erschienen in
-
Series: Bundesbank Discussion Paper ; No. 18/2016
- Klassifikation
-
Wirtschaft
Hypothesis Testing: General
Portfolio Choice; Investment Decisions
- Thema
-
Trading behavior
Momentum
Contrarian
Black Monday
Globalization
Uncertainty
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kurz-Kim, Jeong-Ryeol
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsche Bundesbank
- (wo)
-
Frankfurt a. M.
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Kurz-Kim, Jeong-Ryeol
- Deutsche Bundesbank
Entstanden
- 2016
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