The book is currently out of stock
Black monday, globalization and trading behavior of stock investors
Authors
Parameters
More about the book
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.
Book purchase
Black monday, globalization and trading behavior of stock investors, Jeong Ryeol Kurz Kim
- Language
- Released
- 2016
We’ll notify you via email once we track it down.
Payment methods
- Title
- Black monday, globalization and trading behavior of stock investors
- Language
- English
- Authors
- Jeong Ryeol Kurz Kim
- Publisher
- Deutsche Bundesbank, Press and Public Relations Division
- Released
- 2016
- ISBN10
- 3957292611
- ISBN13
- 9783957292612
- Series
- Discussion paper / Deutsche Bundesbank; Eurosystem
- Category
- Business and Economics
- Description
- 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.