投资者是否对房地产和金融服务业反应过度？

IF 1.2 Q3 BUSINESS, FINANCE

Journal of Emerging Market Finance Pub Date : 2020-12-14 DOI:10.1177/0972652720923544

Zhi Dong, T. Sing

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引用次数: 1

摘要

对于投资者对不太透明的工业部门波动的过度反应，人们的理解存在局限性。投资于透明度较低行业的投资者，可能会过度解读现有的市场信息。本文通过分析新加坡个别公司的金融衍生品隐含波动率的信息含量，比较了不同行业投资者对市场冲击的反应。在透明度较低的房地产和金融服务领域，投资者对市场冲击反应过度，进一步破坏了市场的稳定。研究结果表明，提高透明度的监管措施可能有助于稳定市场。JEL分类:G13、G14、G18

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Do Investors Overreact for Property and Financial Service Sectors?

There are limitations in the understandings of investors’ overreaction to the volatility in less transparent industrial sectors. Investors investing in a less transparent sector are likely to over-interpret available market information. This article compares investors’ reaction to market shocks across different industrial sectors, through analyzing the information content in implied volatility using financial derivatives of individual companies in Singapore. Investors in the less transparent property and financial service sector are found to overreact on market shocks, further destabilizing the market. The findings imply that regulatory measures that increase the level of transparency could aid the stabilization of markets. JEL Classification: G13, G14, G18

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来源期刊

Journal of Emerging Market Finance BUSINESS, FINANCE-

CiteScore

1.80

自引率

33.30%

发文量

期刊介绍： The Journal of Emerging Market Finance is a forum for debate and discussion on the theory and practice of finance in emerging markets. While the emphasis is on articles that are of practical significance, the journal also covers theoretical and conceptual aspects relating to emerging financial markets. Peer-reviewed, the journal is equally useful to practitioners and to banking and investment companies as to scholars.