سامانه پشتیبانی خدمات اطلاعات

  اخبار و اعلانات

 آمار

تعداد نشریات158
تعداد شماره‌ها6,245
تعداد مقالات67,896
تعداد مشاهده مقاله115,542,008
تعداد دریافت فایل اصل مقاله90,314,372
Noorbakhsh, Asgar. (1402). Adaptation Level of the Reference Point and Investigating the Symmetrical Effect of Influential Variables. , 57(1), 97-110. doi: 10.22059/aie.2023.353161.1855
Asgar Noorbakhsh. "Adaptation Level of the Reference Point and Investigating the Symmetrical Effect of Influential Variables". , 57, 1, 1402, 97-110. doi: 10.22059/aie.2023.353161.1855
Noorbakhsh, Asgar. (1402). 'Adaptation Level of the Reference Point and Investigating the Symmetrical Effect of Influential Variables', , 57(1), pp. 97-110. doi: 10.22059/aie.2023.353161.1855
Noorbakhsh, Asgar. Adaptation Level of the Reference Point and Investigating the Symmetrical Effect of Influential Variables. , 1402; 57(1): 97-110. doi: 10.22059/aie.2023.353161.1855

Adaptation Level of the Reference Point and Investigating the Symmetrical Effect of Influential Variables

Advances in Industrial Engineering
دوره 57، شماره 1، شهریور 2023، صفحه 97-110    اصل مقاله (417.04 K)
نوع مقاله: Research Paper
شناسه دیجیتال (DOI): 10.22059/aie.2023.353161.1855
نویسنده
Asgar Noorbakhsh*
Assistant Professor at Department of Management and Accounting, University of Tehran (College of Farabi), Iran
چکیده
This study aims to examine the adaptation level of the reference point, the dynamic level of this point, and the intensity of investors' reaction to gains and losses based on prospect theory. The basis of the study is the adaptation of the reference point based on the received stimuli and considering the disposition effect. In this regard, a sample of 103,937 firm-year observations of the firms listed on the Tehran Stock Exchange (TSE) during the years 2008 to 2020 and an integrated panel data approach was used to examine the research hypotheses. The results show that, because investors act on the stimuli they receive to correct their reference point, the reference point cannot be fixed. Five variables (stimuli) – gain (loss) amount, gain (loss) duration, simultaneous effect of amount and duration of gain (loss), positive (negative) EPS adjustment, and positive (negative) coverage percentage of EPS – have a significant effect on trading volume and reference point adaptation level, and they can be mentioned as adaptation determinant factors of the reference point. The results show that the intensity of investors' reaction to gains and losses is not the same. In most studies, the reference point is assumed to be fixed and static. The reference point does not appear to be static and varies according to the conditions and stimuli received. In this research, the researchers intend to identify the factors affecting the reference point, to provide a dynamic model that can explain how investors' reference point is adapted.
کلیدواژه‌ها
Prospect Theory؛ Reference Point؛ Disposition Effect؛ Adaptation Level؛ Value Function
مراجع
  • [1] Kahneman, D. and Tversky, A., (1979) Prospect theory: An analysis of decision under risk. Econometrica, Vol. 47 No. 2, pp.263-292.
  • [2] Baucells, M., Weber, M. and Welfens, F., (2011) Reference-point formation and updating. Management Science, V0l. 57 No 3, pp.506-519.
  • [3] Weber, M. and Camerer, C.F., (1998) The disposition effect in securities trading: An experimental analysis. Journal of Economic Behavior & Organization, Vol. 33 No. 2, pp.167-184.
  • [4] Odean, T., (1998) Are investors reluctant to realize their losses?. The Journal of finance, Vol. 53 No. 5, pp.1775-1798.
  • [5] Gneezy, U., (2005) Updating the reference level: Experimental evidence, Experimental business research. Vol. 3. Springer, Boston, MA.
  • [6] Köszegi, B. and Rabin, M., (2006) A model of reference-dependent preferences. The Quarterly Journal of Economics, Vol. 121 No. 4, pp.1133-1165.
  • [7] Yogo, M., (2008) Asset prices under habit formation and reference-dependent preferences. Journal of Business & Economic Statistics, Vol. 26 No. 2, pp.131-143.
  • [8] Arkes, H.R., Hirshleifer, D., Jiang, D. and Lim, S., (2008) Reference point adaptation: Tests in the domain of security trading. Organizational Behavior and Human Decision Processes, Vol. 105 No. 1, pp.67-81.
  • [9] Chen, H. and Rao, A.R., (2002) Close encounters of two kinds: False alarms and dashed hopes. Marketing Science, V0l. 21 No. 2, pp.178-196.
  • [10] Helson, H. (1964) Current trends and issues in adaptation-level theory. American Psychologist, 19(1), 26–38. 
  • [11] Sarris, V., (1967) Adaptation-level theory: Two critical experiments on Helson's weighted-average model. The American Journal of Psychology, Vol. 80 No. 3, pp.331-344.
  • [12] Parducci, A., (1968) The relativism of absolute judgments. Scientific American, Vol. 219 No. 6, pp.84-93.
  • [13] Hardie, B.G., Johnson, E.J. and Fader, P.S., (1993) Modeling loss aversion and reference dependence effects on brand choice. Marketing science, Vol. 12 No. 4, pp.378-394.
  • [14] Lee, C., Kräussl, R., Lucas, A. and Paas, L., (2010) Why do investors sell losers? How adaptation to losses affects future capitulation decisions. working paper, Center for Financial Studies, 30 November.
  • [15] Hoffmann, A.O., Henry, S.F. and Kalogeras, N., (2013) Aspirations as reference points: an experimental investigation of risk behavior over time. Theory and Decision, Vol. 75 No. 2, pp.193-210.
  • [16] Shefrin, H. and Statman, M., (1985) The disposition to sell winners too early and ride losers too long: Theory and evidence. The Journal of finance, Vol. 40 No. 3, pp.777-790.
  • [17] Huddart, S., Lang, M. and Yetman, M., (2005) Psychological factors, stock price paths, and trading volume. AFA 2006 Boston Meetings Paper.
Huddart, S., Lang, M. and Yetman, M.H., (2009) Volume and price patterns around a stock's 52-week highs and lows: Theory and evidence. Management Science, Vol. 55 No. 1, pp.16-31.

آمار
تعداد مشاهده مقاله: 360
تعداد دریافت فایل اصل مقاله: 195


سامانه مدیریت نشریات علمی. قدرت گرفته از سیناوب