The Dynamics of Overconfidence: Evidence from Stock Market Forecasters


Deaves, Richard ; Lüders, Erik ; Schröder, Michael


[img]
Preview
PDF
dp0583.pdf - Published

Download (364kB)

URL: http://ub-madoc.bib.uni-mannheim.de/1200
URN: urn:nbn:de:bsz:180-madoc-12009
Document Type: Working paper
Year of publication: 2005
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Subject headings (SWD): Deutschland , Kreditmarkt
Abstract: As a group, market forecasters are egregiously overconfident. In conformity to the dynamic model of overconfidence of Gervais and Odean (2001), successful forecasters become more overconfident. What's more, more experienced forecasters have "learned to be overconfident", and hence are more susceptible to this behavioral flaw than their less experienced peers. It is not just individuals who are affected. Markets also become more overconfident when market returns have been high.
Additional information:

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




+ Citation Example and Export

Deaves, Richard ; Lüders, Erik ; Schröder, Michael (2005) The Dynamics of Overconfidence: Evidence from Stock Market Forecasters. Open Access [Working paper]
[img]
Preview


+ Search Authors in

+ Download Statistics

Downloads per month over past year

View more statistics



You have found an error? Please let us know about your desired correction here: E-Mail


Actions (login required)

Show item Show item