Subjective Learning of Trading Talent: Theory and Evidence from Individual Investors in the U.S.

2020 ◽  
Author(s):  
Xindi He
Keyword(s):  
Individual Investors ◽  
Subjective Learning ◽  
The U.S

scholarly journals The Impact of Single-Family Rental REITs on Regional Housing Markets: A Case Study of Nashville, TN

Societies ◽  
2018 ◽  
Vol 8 (4) ◽  
pp. 93 ◽  
Author(s):  
Ken Chilton ◽  
Robert Silverman ◽  
Rabia Chaudhrey ◽  
Chihaungji Wang
Keyword(s):  
Real Estate ◽  
Census Data ◽  
Housing Markets ◽  
Future Research ◽  
Individual Investors ◽  
Single Family ◽  
Real Estate Investment ◽  
Wealth Concentration ◽  
The Impact ◽  
The U.S

The U.S. Congress authorized the creation of real estate investment trusts (REITs) in 1960 so companies could develop publically traded real estate investment portfolios. REITs focus on commercial property, retail property, and rental property. During the last decade, REITs became more active in regional housing markets across the U.S. Single-family rental (SFR) REITs have grown tremendously, buying up residential properties across the country. In some regional housing markets, SFR REITs own noticeable shares of single-family homes. In those settings, SFR REITs take large numbers of housing units off of real estate markets where homeownership transactions occur and manage these properties as part of commercial rental inventories. This has resulted in a new category of multiple property owners, composed of institutional investors as opposed to individual investors, which further exacerbates property wealth concentration and polarization. This study examines the socio–spatial distribution of properties in SFR REIT portfolios to determine if SFR REIT properties tend to cluster in distinct areas. This study will focus on the regional housing market in Nashville, TN. Nashville has one of the most active SFR REIT sectors in the country. County tax assessor records were used to identify SFR REIT properties. These data were joined with U.S. Census data to create a profile of communities. The data were analyzed using SPSS statistical software and GIS software. Our analysis suggests that neighborhoods with clusters of SFR REITs fit the SFR REIT business model. Clusters occur in communities with newer homes, residents with higher levels of educational attainment, and middle to upper-middle incomes. The paper concludes with several recommendations for future research on SFR REITs.

scholarly journals Rational Expectations, Irrational Exuberance: Linkage between U.S. Investors and Pacific-Basin Stock Returns

2009 ◽  
Author(s):  
Rahul Verma
Keyword(s):  
Hong Kong ◽  
Stock Returns ◽  
Institutional Investors ◽  
Rational Expectations ◽  
Pacific Basin ◽  
Individual Investors ◽  
Investor Sentiments ◽  
Irrational Exuberance ◽  
The U.S

We shed new light on the relevance of rational expectations and irrational exuberance of U.S. individual and institutional investors on Pacific-Basin stock returns. We find insignificant effects of irrational exuberance and significant effect of rational expectations on Asian markets with varying degrees of intensity. There are greater responses of Hong Kong, Malaysia, Philippines, and Singapore while weaker linkages with Taiwan, Thailand, and Korea. Overall evidence suggests that rational expectations of institutional investors are transmitted to a greater extent than those of individual investors. These results are consistent with the view that international effects of the U.S. market can be attributed to rational investor sentiments.  

The Variation in Variance Risk Premium and its Predictive Power: Evidence from Option Market Sentiments

2020 ◽  
Vol 10 (03) ◽  
pp. 2050010
Author(s):  
Y. Peter Chung ◽  
Sun-Joong Yoon
Keyword(s):  
Risk Premium ◽  
Predictive Power ◽  
Investor Sentiment ◽  
Individual Investors ◽  
Trading Behavior ◽  
Variance Risk Premium ◽  
The Poor ◽  
Variance Risk ◽  
Return Dynamics ◽  
The U.S

We show that the highly volatile variance risk premium (VRP) can be theoretically and empirically reconciled with investor sentiment captured by temporary variation in risk aversion. In an effort to understand the poor predictive power of the VRP in non-U.S. markets, we propose a new investor sentiment index, the Variance Sentiment Index(VSI), obtained from the trading behavior of individual investors. We show that the VSI predicts local return dynamics, in a similar way to what the VRP does in the U.S. market. Moreover, the VSI does not lose its predictive power even in the presence of the global VRP.

Debunking the $17 billion myth: the mathemagics behind the fiduciary rule

2017 ◽  
Vol 18 (2) ◽  
pp. 46-54
Author(s):  
Jeffery E. Schaff ◽  
Michele L. Schaff
Keyword(s):  
Conflict Of Interest ◽  
Design Methodology ◽  
Turning Point ◽  
Individual Investors ◽  
Content Type ◽  
The U.S

Purpose Identifies fundamental errors, both mathematical and methodological, in the purported $17 billion annual benefit from the U.S. Department of Labor’s Conflict of Interest Rule, commonly known as the Fiduciary Rule. Design/methodology/approach Examines the methodologies and data used by the Council of Economic Advisers (CEA) in calculating the estimated $17 billion benefit of the Fiduciary Rule, and then recalculates the benefit according to the CEA’s stated methodologies and data descriptions. The approach is non-partisan, the review apolitical. Findings The article concludes that the estimated $17 benefit from the DOL’s Fiduciary Rule was grossly exaggerated and that other data suggests the Rule may not provide meaningful new protections for investors. Originality/value From the perspective of staunch fiduciary advocates, the calculation of the benefit to IRA investors from the DOL’s Fiduciary Rule is examined. The current measures that protect individual investors are also noted. The information may provide a turning point in the discussion of the Rule’s delay and potential rescission. It may also provide relevant points for the DOL to consider as it carries out its task of re-evaluating the Rule.

Taxes and Valuation: Evidence from Dividend Change Announcements

2007 ◽  
Vol 29 (2) ◽  
pp. 1-23 ◽  
Author(s):  
Oliver Zhen Li
Keyword(s):  
Institutional Ownership ◽  
Agency Cost ◽  
Capital Gains ◽  
Equity Valuation ◽  
Individual Investors ◽  
Institutional Trading ◽  
Tax System ◽  
Tax Effect ◽  
Dividend Tax ◽  
The U.S

Under the U.S. tax system, dividends are historically taxed at a higher rate than capital gains and thus incur a tax-related penalty. I provide evidence that the dividend tax penalty partially offsets the positive signaling and agency cost effects of dividends for fully taxable individual investors. The level of institutional ownership and the frequency of institutional trading, which proxy for the likelihood that the marginal investor is not a fully taxable individual, mitigate the negative dividend tax effect. My results support the notion that taxes impact equity valuation. I contribute to the literature by isolating dividends' negative tax effect from their positive signaling and agency cost effects.

Effect of Institutional Investor Participation on Price Lead Earnings and Earnings Quality: International Evidence

2018 ◽  
Vol 17 (1) ◽  
pp. 103-119 ◽  
Author(s):  
Gerlando Augusto Sampaio Franco de Lima ◽  
Alan Diógenes Góis ◽  
Márcia Martins Mendes De Luca ◽  
Edmilson Patrocínio de Sousa
Keyword(s):  
The Netherlands ◽  
Market Efficiency ◽  
Capital Market ◽  
Earnings Quality ◽  
Civil Law ◽  
Institutional Investor ◽  
Individual Investors ◽  
International Evidence ◽  
Information Advantage ◽  
The U.S

ABSTRACT In this study we evaluated the effects of institutional investor participation on two aspects of capital market efficiency, namely price lead earnings and earnings quality, measured according to the theoretical framework proposed by Jiambalvo, Rajgopal, and Venkatachalam (2002) and Dechow and Dichev (2002) and modified by Jones, Krishnan, and Melendrez (2008). The sample consists of nonfinancial organizations listed on stock markets in France, Germany, Italy, The Netherlands, Spain, Switzerland, the U.K., and the U.S. between 2004 and 2013. The results indicate that the effect of institutional investor participation on price lead earnings and earnings quality is market specific. In civil law and low anti-director rights index countries, institutional investors have an information advantage over individual investors, and institutional investor participation is associated with higher earnings quality.

Historical Introduction

1977 ◽  
Vol 35 ◽  
pp. 2-5
Author(s):  
R. D. Heidenreich
Keyword(s):  
Electron Emission ◽  
Secondary Electron ◽  
Secondary Electron Emission ◽  
50Th Anniversary ◽  
Secondary Emission ◽  
Wave Nature ◽  
Nobel Prize In Physics ◽  
Primary Electrons ◽  
The U.S ◽  
Mutual Agreement

This program has been organized by the EMSA to commensurate the 50th anniversary of the experimental verification of the wave nature of the electron. Davisson and Germer in the U.S. and Thomson and Reid in Britian accomplished this at about the same time. Their findings were published in Nature in 1927 by mutual agreement since their independent efforts had led to the same conclusion at about the same time. In 1937 Davisson and Thomson shared the Nobel Prize in physics for demonstrating the wave nature of the electron deduced in 1924 by Louis de Broglie.The Davisson experiments (1921-1927) were concerned with the angular distribution of secondary electron emission from nickel surfaces produced by 150 volt primary electrons. The motivation was the effect of secondary emission on the characteristics of vacuum tubes but significant deviations from the results expected for a corpuscular electron led to a diffraction interpretation suggested by Elasser in 1925.

Variations in Surface Textures of Quartz Sand using Electron Microscopy

1970 ◽  
Vol 28 ◽  
pp. 494-495
Author(s):  
Eugene J. Amaral
Keyword(s):  
Electron Microscopy ◽  
Glass Industry ◽  
Glass Slide ◽  
Distilled Water ◽  
Early Paleozoic ◽  
Secondary Effects ◽  
Surface Textures ◽  
High Silica ◽  
Sand Deposit ◽  
The U.S

Examination of sand grain surfaces from early Paleozoic sandstones by electron microscopy reveals a variety of secondary effects caused by rock-forming processes after final deposition of the sand. Detailed studies were conducted on both coarse (≥0.71mm) and fine (=0.25mm) fractions of St. Peter Sandstone, a widespread sand deposit underlying much of the U.S. Central Interior and used in the glass industry because of its remarkably high silica purity.The very friable sandstone was disaggregated and sieved to obtain the two size fractions, and then cleaned by boiling in HCl to remove any iron impurities and rinsed in distilled water. The sand grains were then partially embedded by sprinkling them onto a glass slide coated with a thin tacky layer of latex. Direct platinum shadowed carbon replicas were made of the exposed sand grain surfaces, and were separated by dissolution of the silica in HF acid.

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