Mostrar código-fonte de Enviesamento conservador

'''Enviesamento conservador''' (em inglês, ''conservatism bias'') é a tendência das pessoas para mudarem muito lentamente de opinião em resposta a factos recentes.

Este efeito leva a uma subreacção das pessoas a surpresas, o que leva a que os activos tendam a continuar no sentido dessas surpresas (positivas ou negativas), uma vez que na reacção inicial não incorporam todo o significado da surpresa. Ou seja, este enviesamento produz momentum no mercado.

Relacionado (e reforçando) este efeito, existe a tendência das pessoas terem maior dificuldade em mudar de opinião após terem tornado a sua opinião pública.

==Referências==
* CHAN, L.K., N. JEGADEESH and J. LAKONISHOK, 1996. [http://www.fin.ntu.edu.tw/~kchan/Empirical_PhD/notes/Lec04.pdf Momentum strategy]. Journal of Finance.

* CHAN, W.S., R. FRANKEL and S.P. KOTHARI, 2001. [http://web.mit.edu/kothari/www/working/cfk%2520behavioral%2520finance%2520paper%2520September%25202003.pdf Testing Behavioral Finance Theories Using Trends and Sequences in Financial Performance]. Current.

* DOUKAS, J.A. and P.J. MCKNIGHT, 2005. [http://www.blackwell-synergy.com/doi/abs/10.1111/j.1354-7798.2005.00286.x European Momentum Strategies, Information Diffusion, and Investor Conservatism]. European Financial Management.

* DURHAM, G.R., M.G. HERTZEL and J.S. MARTIN, 2005. [http://www.mccombs.utexas.edu/dept/finance/seminars/2003/fb031005.pdf The Market Impact of Trends and Sequences in Performance: New Evidence]. Journal of Finance. 

* GREENWALD, A.G., 1980. [http://faculty.washington.edu/agg/pdf/Gwald_AmPsychologist_1980.OCR.pdf The totalitarian ego]. American Psychologist.

* HELBOK, G. and M. WALKER, 2004. On the nature and rationality of analysts' forecasts under earnings conservatism. The British Accounting Review.

* HONG, D., C. LEE and B. SWAMINATHAN, 2003. [http://forum.johnson.cornell.edu/faculty/swaminathan/Working%2520Papers/Earnings_Momen_Intern.pdf Earnings Momentum in International Markets].

* JEGADEESH, N., S. TITMAN and M.P. PAGE, 2001. [http://www.blackwell-synergy.com/links/doi/10.1111/0022-1082.00342 Profitability of Momentum Strategies: An Evaluation of Alternative Explanations]. The Journal of Finance. 

* MONTIER, J., 2004. [http://conservatism-bias.behaviouralfinance.net/Mont02.pdf Global Equity Strategy. If it makes you happy], Dresdner Kleinwort Wasserstein

* MONTIER, James, [http://www.wiley.com/WileyCDA/WileyTitle/productCd-0470844876.html Behavioural Finance: Insights into Irrational Minds and Markets].

* MONTIER, James, [http://conservatism-bias.behaviouralfinance.net/Mont02.pdf Global Equity Strategy: Part Man, Part Monkey]

* RAEDY, J.S. and P.B. SHANE, 2000. [http://papers.ssrn.com/sol3/Delivery.cfm/ssrn.com_idSSRN_ID251040_code001227510.pdf%3Fabstractid%3D251040%26mirid%3D1 Horizon-Dependent Conservatism Bias in Financial Analysts' Earnings Forecasts].  

* RAU, P.R., et al., 2001. [http://kent.kellogg.northwestern.edu/center/dotcom-dotbomb.pdf The game of the name: Value changes accompanying dot.com additions and deletions].  

* RITTER, J.R., 2003. [http://bear.cba.ufl.edu/ritter/work_papers/Behavioral_PACAP.pdf  Behavioral finance]. Pacific-Basin Finance Journal.

* SHEFRIN, Hersh, [http://www.oup-usa.org/isbn/0195161211.html Beyond Greed and Fear : Understanding Behavioral Finance and the Psychology of Investing]. 

* SHILLER, R.J., 2002. [http://cowles.econ.yale.edu/P/cd/d13a/d1303.pdf Bubbles, Human Judgment, and Expert Opinion]. Financial Analysts Journal.

* SHILLER, Robert J., [http://pup.princeton.edu/titles/6779.html Irrational Exuberance], 2000.

* TAYLOR, S., [http://accounting.web.unsw.edu.au/Docs/seminars2003_s2/paper04.pdf THE IMPACT OF AUDIT QUALITY ON EARNINGS CONSERVATISM: AUSTRALIAN EVIDENCE]. accounting.web.unsw.edu.au.

* TITMAN, S., 2002. [http://rfs.oupjournals.org/cgi/reprint/15/2/527.pdf Discussion of “Underreaction to Self-Selected News Events”]. Review of Financial Studies.

* TOMASINI, E. and M. FAVARETTO, [http://www.lombardreport.it/uploads/dispense/Corso_trading_portafoglio_canslim.PDF Trading meccanico di portafoglio CANSLIM]. lombardreport.it.




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