Three Essays on Behavioral Finance

Three Essays on Behavioral Finance

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This dissertation consists of three empirical essays that explore whether and how financial decision-making is influenced by some psychological factors that do not have a direct economic relevance. The hypotheses proposed here and the results obtained bring a challenge to the accuracy of the paradigm that has been dominating the theory of asset pricing, according to which investors' decisions are exclusively shaped by economic variables. Second, they represent a puzzle when interpreted in light of the Efficient Market Hypothesis.LIST OF TABLES Table 1 . 1 Summary Statistics - Air Pollution and Environmental Variables ..61 Table 1.2 Summary Statistics - Stock Returns 62 Table 1 .3 Air Pollution and Stock Return - A Natural Experiment (Basic Model) 63 Table 1 .4 Airanbsp;...

Title:Three Essays on Behavioral Finance
Publisher:ProQuest - 2008


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