Individual Investors and the Financial Crisis: How Perceptions Change, Drive Behavior, and Impact Performance

The aim of this paper is to examine the performance and efficiency changes of commercial banks in Japan and Taiwan. Banks in both countries operate in similar environments: nationally oriented with protected domestic banking market. Data envelopment analysis (DEA) is applied to a panel of 6 nationwide banks in Japan and 12 in Taiwan between 2006 and 2011 and utilizes a Malmquist index to measure the relative importance of productivity changes. In this mode, five input variables (i.e., number of branches, number of employee per branch, share in total assets, share in total loans, and share in total deposits) and five output variables (i.e., ROA, ROE, net interest income/total assets, net interest income/total operating income, and non-interest income/total assets) are utilized. The results indicated that 2008 financial crisis did profoundly impact performance for commercial banks in Taiwan in terms of TE, SE and TFP, but did not seem to have great impact on the TE and TFP for commercial banks in Japan. It is found that the relative importance of productivity changes decline after 2008 financial crisis for Taiwanese group. However, Japanese group shows slight affects in terms of technical change and total factor productivity (TFP) change. These findings suggest that there is still some catching-up for the inefficient banks in Japan and Taiwan to be more competitive with the intention of facing a more globalized competition after 2008 financial crisis.

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Individual Investors and the Financial Crisis

SSRN Electronic Journal ◽

10.2139/ssrn.1567943 ◽

2012 ◽

Author(s):

Jarl G. Kallberg ◽

Crocker H. Liu ◽

Na Wang

Keyword(s):

Financial Crisis ◽

Individual Investors

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Investors’ trading and relative performance of analysts during the crisis period

Corporate Ownership and Control ◽

10.22495/cocv11i2c7p3 ◽

2014 ◽

Vol 11 (2) ◽

pp. 697-707 ◽

Cited By ~ 1

Author(s):

Omar Farooq

Keyword(s):

Financial Crisis ◽

South Korea ◽

Institutional Investors ◽

Asian Financial Crisis ◽

Superior Performance ◽

Individual Investors ◽

Sample Period ◽

Foreign Investors ◽

Emerging Stock Markets ◽

The Relationship

This paper documents the relationship between foreign and local analysts’ recommendations and subsequent trades done by different investor groups – foreign investors, local institutional investors, and local individual investors. Using analysts’ recommendations and investors’ trading data from South Korea, we show that foreign analysts’ buy recommendations and local analysts’ sell recommendations generate significantly more subsequent trade than their respective counterpart recommendations (i.e. local analysts’ buy and foreign analysts’ sell recommendations) during the Asian financial crisis of 1997-98. We argue that the ability of foreign analysts’ buy recommendations and local analysts’ sell recommendations to generate trade is responsible for superior performance foreign analysts’ buy recommendations and local analysts’ sell recommendations in emerging stock markets. We also show that earlier explanations proposed to explain the asymmetric performance of foreign and local analysts’ recommendations do not hold in our sample period.

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CAN INDIVIDUAL INVESTORS BENEFIT FROM TECHNICAL ANALYSIS IN MARKETS OF SOFT COMMODITIES? EMPIRICAL STUDY FOR 2010–2018

Acta Scientiarum Polonorum - Oeconomia ◽

10.22630/aspe.2020.19.2.14 ◽

2020 ◽

Vol 19 (2) ◽

pp. 25-32

Author(s):

Anna Górska ◽

Monika Krawiec

Keyword(s):

Financial Crisis ◽

Empirical Study ◽

Orange Juice ◽

Technical Analysis ◽

Commodity Markets ◽

Individual Investors ◽

Moving Averages ◽

2008 Financial Crisis ◽

The 2008 Financial Crisis ◽

Commodities Markets

After the 2008 financial crisis, many investors diversified their portfolios with different commodities, including the so-called softs. This paper aims to answer the question of whether individual investors can benefit from technical analysis on soft commodity markets. The empirical study is based on daily quotations of six soft commodities: coffee, cocoa, sugar, cotton, rubber and frozen concentrated orange juice from 2010 to 2018, and investigates the profitability of applying indicators and oscillators based on moving averages with different length. The results show that the application of five-day simple and weighted moving averages and momentum oscillators was most effective, providing positive returns in five out of six soft commodities markets.

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