Diferenças entre edições de "Enviesamento conservador"
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(Nova página: '''Conservatism bias''' (enviezamento conservador) é a tendência das pessoas para mudarem muito lentamente de opinião em resposta a factos recentes. Este efeito leva a uma subreac...) |
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==Referências== | ==Referências== | ||
| − | [http://www.fin.ntu.edu.tw/~kchan/Empirical_PhD/notes/Lec04.pdf CHAN, L.K., N. JEGADEESH and J. LAKONISHOK, 1996. Momentum strategy. Journal of Finance.] | + | * [http://www.fin.ntu.edu.tw/~kchan/Empirical_PhD/notes/Lec04.pdf CHAN, L.K., N. JEGADEESH and J. LAKONISHOK, 1996. Momentum strategy. Journal of Finance.] |
| − | [http://web.mit.edu/kothari/www/working/cfk%2520behavioral%2520finance%2520paper%2520September%25202003.pdf CHAN, W.S., R. FRANKEL and S.P. KOTHARI, 2001. Testing Behavioral Finance Theories Using Trends and Sequences in Financial Performance. Current.] | + | * [http://web.mit.edu/kothari/www/working/cfk%2520behavioral%2520finance%2520paper%2520September%25202003.pdf CHAN, W.S., R. FRANKEL and S.P. KOTHARI, 2001. Testing Behavioral Finance Theories Using Trends and Sequences in Financial Performance. Current.] |
| − | [http://www.blackwell-synergy.com/doi/abs/10.1111/j.1354-7798.2005.00286.x DOUKAS, J.A. and P.J. MCKNIGHT, 2005. European Momentum Strategies, Information Diffusion, and Investor Conservatism. European Financial Management.] | + | * [http://www.blackwell-synergy.com/doi/abs/10.1111/j.1354-7798.2005.00286.x DOUKAS, J.A. and P.J. MCKNIGHT, 2005. European Momentum Strategies, Information Diffusion, and Investor Conservatism. European Financial Management.] |
| − | [http://www.mccombs.utexas.edu/dept/finance/seminars/2003/fb031005.pdf DURHAM, G.R., M.G. HERTZEL and J.S. MARTIN, 2005. The Market Impact of Trends and Sequences in Performance: New Evidence. Journal of Finance, forthcoming in October.] | + | * [http://www.mccombs.utexas.edu/dept/finance/seminars/2003/fb031005.pdf DURHAM, G.R., M.G. HERTZEL and J.S. MARTIN, 2005. The Market Impact of Trends and Sequences in Performance: New Evidence. Journal of Finance, forthcoming in October.] |
| − | [GREENWALD, A.G., 1980. The totalitarian ego. American Psychologist. | + | * [http://faculty.washington.edu/agg/pdf/Gwald_AmPsychologist_1980.OCR.pdf GREENWALD, A.G., 1980. 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. Earnings Momentum in International Markets. | + | * [http://forum.johnson.cornell.edu/faculty/swaminathan/Working%2520Papers/Earnings_Momen_Intern.pdf HONG, D., C. LEE and B. SWAMINATHAN, 2003. Earnings Momentum in International Markets. |
| − | [JEGADEESH, N., S. TITMAN and M.P. PAGE, 2001. Profitability of Momentum Strategies: An Evaluation of Alternative Explanations. The Journal of Finance. | + | * [http://www.blackwell-synergy.com/links/doi/10.1111/0022-1082.00342 JEGADEESH, N., S. TITMAN and M.P. PAGE, 2001. Profitability of Momentum Strategies: An Evaluation of Alternative Explanations. The Journal of Finance.] |
| − | [http://conservatism-bias.behaviouralfinance.net/Mont02.pdf MONTIER, J., 2004. Global Equity Strategy. If it makes you happy, Dresdner Kleinwort Wasserstein] | + | * [http://conservatism-bias.behaviouralfinance.net/Mont02.pdf MONTIER, J., 2004. Global Equity Strategy. If it makes you happy, Dresdner Kleinwort Wasserstein] |
| − | [MONTIER, James, Behavioural Finance: Insights into Irrational Minds and Markets. | + | * [http://www.wiley.com/WileyCDA/WileyTitle/productCd-0470844876.html MONTIER, James, Behavioural Finance: Insights into Irrational Minds and Markets.] |
| − | [MONTIER, James, Global Equity Strategy: Part Man, Part Monkey | + | * [http://conservatism-bias.behaviouralfinance.net/Mont02.pdf MONTIER, James, Global Equity Strategy: Part Man, Part Monkey] |
| − | [RAEDY, J.S. and P.B. SHANE, 2000. Horizon-Dependent Conservatism Bias in Financial Analysts' Earnings Forecasts. | + | * [http://papers.ssrn.com/sol3/Delivery.cfm/ssrn.com_idSSRN_ID251040_code001227510.pdf%3Fabstractid%3D251040%26mirid%3D1 RAEDY, J.S. and P.B. SHANE, 2000. Horizon-Dependent Conservatism Bias in Financial Analysts' Earnings Forecasts.] |
| − | [RAU, P.R., et al., 2001. The game of the name: Value changes accompanying dot. com additions and deletions. | + | * [http://kent.kellogg.northwestern.edu/center/dotcom-dotbomb.pdf RAU, P.R., et al., 2001. The game of the name: Value changes accompanying dot. com additions and deletions.] |
| − | [RITTER, J.R., 2003. Behavioral finance. Pacific-Basin Finance Journal. | + | * [http://bear.cba.ufl.edu/ritter/work_papers/Behavioral_PACAP.pdf RITTER, J.R., 2003. Behavioral finance. Pacific-Basin Finance Journal.] |
| − | [SHEFRIN, Hersh, Beyond Greed and Fear : Understanding Behavioral Finance and the Psychology of Investing. | + | * [http://bear.cba.ufl.edu/ritter/work_papers/Behavioral_PACAP.pdf SHEFRIN, Hersh, Beyond Greed and Fear : Understanding Behavioral Finance and the Psychology of Investing.] |
| − | [SHILLER, R.J., 2002. Bubbles, Human Judgment, and Expert Opinion. Financial Analysts Journal. | + | * [http://bear.cba.ufl.edu/ritter/work_papers/Behavioral_PACAP.pdf SHILLER, R.J., 2002. Bubbles, Human Judgment, and Expert Opinion. Financial Analysts Journal.] |
| − | [SHILLER, Robert J., Irrational Exuberance, 2000. | + | * [SHILLER, Robert J., Irrational Exuberance, 2000.] |
| − | [TAYLOR, S., THE IMPACT OF AUDIT QUALITY ON EARNINGS CONSERVATISM: AUSTRALIAN EVIDENCE. accounting.web.unsw.edu.au. | + | * [TAYLOR, S., THE IMPACT OF AUDIT QUALITY ON EARNINGS CONSERVATISM: AUSTRALIAN EVIDENCE. accounting.web.unsw.edu.au.] |
| − | [TITMAN, S., 2002. Discussion of “Underreaction to Self-Selected News Events”. Review of Financial Studies. | + | * [TITMAN, S., 2002. Discussion of “Underreaction to Self-Selected News Events”. Review of Financial Studies.] |
| − | [TOMASINI, E. and M. FAVARETTO, Trading meccanico di portafoglio CANSLIM. lombardreport.it. | + | * [TOMASINI, E. and M. FAVARETTO, Trading meccanico di portafoglio CANSLIM. lombardreport.it.] |
Revisão das 09h36min de 9 de outubro de 2007
Conservatism bias (enviezamento conservador) 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 enviezamento 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
- HELBOK, G. and M. WALKER, 2004. On the nature and rationality of analysts' forecasts under earnings conservatism. The British Accounting Review.
- [http://forum.johnson.cornell.edu/faculty/swaminathan/Working%2520Papers/Earnings_Momen_Intern.pdf HONG, D., C. LEE and B. SWAMINATHAN, 2003. Earnings Momentum in International Markets.
- [SHILLER, Robert J., Irrational Exuberance, 2000.]
- [TAYLOR, S., THE IMPACT OF AUDIT QUALITY ON EARNINGS CONSERVATISM: AUSTRALIAN EVIDENCE. accounting.web.unsw.edu.au.]
- [TITMAN, S., 2002. Discussion of “Underreaction to Self-Selected News Events”. Review of Financial Studies.]
- [TOMASINI, E. and M. FAVARETTO, Trading meccanico di portafoglio CANSLIM. lombardreport.it.]
