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反向策略的定义:contrarian strategy

论文作者:留学生论文论文属性:课程作业 Coursework登出时间:2010-12-14编辑:anterran点击率:3393

论文字数:1000论文编号:org201012141514366712语种:英语 English地区:中国价格:免费论文

关键词:contrarian strategyphenomenonstockprofitability

In 1985,

代写essay/essay代写 https://www.51lunwen.org/customEssay/
contrarian strategy was defined by De Bondt and Thaler as one abnormality phenomenon of return, which is participate of stock market can get some benefit by buying poor performing stock and selling well performing stock. Their opinion argues that losers can not be loser all time, winners can translate to losers. They were amongst the first to suggest the idea of contrarian profits; they challenged the notion of market efficiency and rational market by arguing that contrarian profits were the result of the psychological aspect of individual naïve investors who tend to pay more attention to recent information and less attention to prior data, resulting in stock prices overreacting and deviating from intrinsic values.

Many studies have documented the profitability of contrarian strategies exist in various markets, the research of identifying contrarian profit expanded quickly over the past many years. Such as: Brouwer, Van Der Put and Veld found contrarian profit in four European countries in 1997, they are France, Germany, Netherlands and the United Kingdom. In 1999, Mun, Vascincellos and Kish reported that short-term contrarian profits in France and Germany work better than long –term portfolios. For ner and Marhuenda (2003) examine the evidence of long –term contrarian strategy in Spanish stock market. Antoniou, Galariotis and Spyrou (2005) shows that negative serial correlation which leads to short-term contrarian profits in the Greece stock market.
Kang, Liu and Ni (2002) found statically significant short-term profits on China. At the same year, Chin, Prevost and Gottesman found contrarian profit in New Zealand can produce superior returns. Yoshio, Hideaki-Kiyoshi and Toshifumi (2002) find the exist evidence of contrarian strategy in Japanese. Hameed and Ting (2000) documented the significant relationship between trading volume and contrarian profits, but they argues that, if transaction cost introduce to the market, contrarian strategy may not produce profits.
Analytical
Hong Kong
This essay we focus on the contrarian profit exist in Hong Kong. Tesang and Ma (2000) found essentially, Hong Kong was closely integrated with the rest of the world. Fung (1999) and Leung and Li (1998) shows there is excess returns from overreaction in Hong Kong, but in 2003 Chan suggest an opposite idea, there is no excess return from overreaction in Hong Kong. Most of markets in which the companies in Hong Kong are dually listed tend to exhibit evidence of contrarian profitability with the expectation of Singapore. According to Baruch Karolyi and Lemmon (2003), benefits of dually-traded stocks include international diversification, access to global capital, boarding of shareholder base and enhanced company visibility.

Australia
In this discussion, we focus on how the contrarian profit exists in Australia. Monagle S, Ramiah V, Jing W, Hallahan T, and Naughton T (2006) investigate the profitability of cont论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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