...The Behavior of Individual Investors* Brad M. Barbera and Terrance Odeanb aGraduate bHaas School of Management, University of California, Davis, Davis, CA 95616, USA. Tel.:+1 (530) 752 0512 School of Business, University of California, Berkeley, Berkeley, CA 94720, USA. Tel.:+1 (510) 642 6767 Contents 1. The Performance of Individual Investors 1.1 The Average Individual 1535 1535 1.1.1 Long-Horizon Results 1.1.2 Short-Horizon Results 1.1.3 Market vs. Limit Orders 1540 1542 1543 1.2 Cross-Sectional Variation in Performance 1544 2. Why do Individual Investors Underperform? 1547 2.1 Asymmetric Information 1547 2.2 Overconfidence 1547 2.3 Sensation Seeking 1549 2.4 Familiarity 1550 3. Disposition Effect: Selling Winners and Holding Losers The 1551 3.1 The Evidence 1551 3.2 Why Do Investors Prefer to Sell Winners? 1557 4. Reinforcement Learning 1559 5. Attention: Chasing the Action 1559 6. Failure to Diversify 1560 7. Are Individual Investors Contrarians? 1564 8. Conclusion 1565 References 1565 The bulk of research in modern economics has been built on the notion that human beings are rational agents who attempt to maximize wealth while minimizing risk.These agents carefully assess the risk and return of all possible investment options to arrive at an investment portfolio that suits their level of risk aversion. Models based on these * e thank Nicholas Barberis...
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...Summary of Law According to the Lilly Ledbetter Fair Pay Act of 2009, women in the US are paid 77 cents to every dollar that men are paid (The Lilly Ledbetter Fair Pay Act of 2009, 2009). African-American women on the other hand, earn 64 cents for every dollar, while Latina women earn 55 cents per dollar earned by men. The Equal Pay Act of 1963 (EPA) was created to require that men and women in the same workplace be given equal pay for equal work (U.S. Equal Employment Opportunity Commission, n.d.). The forms of pay are also covered by this law and include salary, overtime pay, bonuses, stock options, etc. (U.S. Equal Employment Opportunity Commission, n.d.). Unfortunately, today we still experience the unfair practice of unequal pay. To address this issue, in 2009, President Obama signed the Lilly Ledbetter Fair Pay Act. The purpose of this act was to restore the discrimination caused by the ruling in the Ledbetter v. Goodyear Tire & Rubber Co case (The Lilly Ledbetter Fair Pay Act of 2009, 2009). The Lilly Ledbetter Fair Pay Act gives individuals the power to challenge pay discrimination and forces employers to eliminate any discriminatory pay practices (The Lilly Ledbetter Fair Pay Act of 2009, 2009). Relevance & Importance The issue of wage gap and discrimination is one that not only affects women globally, but it also affects the economy in the United States. The Center for American Progress published an article explaining the varying reasons why Equal Pay is important...
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...marriages. b. African American marriages tend to be more male dominated and Chicano marriages more female dominated than are white marriages. c. African American and Chicano marriages are more male dominated than are white marriages. d. There is no significant difference in power among African American, Chicano, and white marriages. I thought the answer was A?? The answer is D. A is what is thought it be true, but D is what was actually observed. Ah okay thanks! 2. According to Cancian, the "feminization of love" results from: (please answer): a. women's superior ability to love. b. men's inability to communicate or express their true feelings. c. a societal definition of love as expression and emotion, qualities associated with women. d. the feminist movement. Lecture Notes: Week 2 What is sociology? * Explains and analyzes important matters in our personal lives, our communities, and world. * Religion, love, Econ, business, poverty, war, peace, etc. * the ability to see and understand the connection between broad social forces and personal experiences - C. Wright Mills calls this the “sociological imagination” * explores “taken-for-granted” reality and myths to reveal the reality of our behavior * At personal level: analyzes social causes and results, racial & gender identity, family issues, religious faith, behavior * At societal level: crime/law, poverty, wealth, education, businesses, urban community, social movement ...
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...RESEARCH PROPOSAL TO NEW APPROACH FOR EXTRA INCOME Submitted to Andy Smith Advertising Department Supervisor Thomas Advertisements Company Prepare by Jason Vu Advertising Associate Thomas Advertisements Company March 24, 2010 THOMAS ADVERTISEMENTS COMPANY MEMORANDUM To : Andy Smith, Advertising Department Supervisor From : Jason Vu, Advertising Associate Date : March 24, 2010 Re : New Approach for Extra Income As a consequence of the recent increase in minimum wages, there is an increase in the discretionary income of our current advertising base. People with more money tend to spend more. Our current advertising approach does not take this into consideration. This is a proposal to modify the approach in our advertising strategy so that we can take advantage of the coming shift in our advertising base and enhance our advertising revenue by expanding our potential client base. The rationale behind the proposal and its implementation will be elaborated in the following report. When people have achieved basic survival needs such as food, shelter, and relatively secured physical and financial safety, they seek to attain things that they haven’t yet possess, such as status symbols or a sense of belonging to an exclusive group. If we can encourage our existing advertisement consumers to spend their extra income, hence shift the demand of our current advertising base to consume more upscale products, then we stand to gain an expanded and more profitable set...
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...2013 Research over the last 30 years, specifically as it relates to whether gender impacts leadership effectiveness, has been broad and multi-faceted. Although, women represent fiftyone (51%) percent of the population and forty-six (46.5%) of the work force, they hold less than three (3%) of executive level positions in large Fortune 500 companies (Wan Ismail, 2012). Unfortunately, these percentages have not changed significantly in the last 10 years. While there is a general consensus among researchers that women encounter more barriers than their male counterparts when trying to climb the corporate ladder, there is much less consensus around men versus women’s behavioral and/or social patterns once they attain leadership positions within a company (Mohr, 2008). The question this literature review attempts to answer is how leadership styles are different between men and women and is one more effective than the other. The title of one research study says it all - Women “Take Care,” Men “Take Charge” (Prime, 2009). Historically, women have served in caregiver type roles (e.g. Teacher, Nurse, Fashion Designer) while men traditionally held more “take charge” roles (CEO, President, Armed Services). As women have expanded to other non-traditional roles, it has been difficult for them to overcome the stereotype that women are more effective at leadership roles that focus on nurturing behaviors while men are more effective at leadership roles that involve action-oriented behaviors....
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...................................................................................5 Statement of problem............................................................................................5 Hypothesis............................................................................................................6 Chapter 2 Literature Review...........................................................................................................8 Chapter 3 Methodology........................................................................................................................17 Chapter 4 Presentation & Analysis of Data(Questionnaires)....................................................................26 Chapter 5 Summary....................................................................................................................................29...
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...many ways; including our sleep, health, home life, children and production on the job. We are becoming working machines and not taking care of ourselves. I would like to extend thanks to Juliet B. Schor who is a professor at Harvard University. Julie wrote a book The Overworked American: The Unexpected Decline of Leisure (1991) and also to Alexander Kjerulf. Alex is the author of 3 books including the international bestseller Happy Hour is 9 to 5 – How to Love Your Job, Love Your Life and Kick Butt at Work. These two individuals had great online information available from their books that assisted me greatly in my research. If you have any further questions please feel free to contact me via email at quaintan5748@fvtc.edu. Executive Summary Some Americans view of productivity has lead to a vision about work, such as; if you work more hours you get more work done. I think this view a misconception. The extra hours of work can potentially be harmful to the employee. Just because you’re putting in more time, does that necessarily mean you’re getting more done? Furthermore, people who are exhausted and overworked are among the most likely to stop work due to their dissatisfaction or problems with their physical health. This report will include...
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...CASE STUDY 10 | SHRM Table of Contents EXECUTIVE SUMMARY ........................................................................................................................ 2 ANNEXURE ............................................................................................................................................ 3 INTRODUCTION ................................................................................................................................... 9 INTRODUCTION TO THE COMPANY ................................................................................................. 9 QUESTIONS ......................................................................................................................................... 10 QUESTION 01: ................................................................................................................................... 10 QUESTION 02 ................................................................................................................................... 12 QUESTION 03 ................................................................................................................................... 14 QUESTION 04 ................................................................................................................................... 16 CONCLUSION.....................................................................................................................................
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...PICKING COTTON, COLLECTING PAINS (Socio-economic Condition of Cotton Picking Women in South Punjab) Researcher: Amjad Nazeer Oxfam GB, Islamabad (Pakistan) (October 24, 2012) 0 CONTENTS Executive Summary………………………………………………………….……….……...…2 The Euphoria of Agri-economy: ……………………………………………...….…………..7 Higher Yield - Between Myth and Reality: ..........................................................................................8 The Poison Business: ………………………………….……………………………………….9 Dealing in Pesticides: ….…………………………………………………………………......10 Socio-Economic Condition of Cotton Pickers: …………………………………………....11 Cotton Picking and Extended Agri-tasks: …………………………………….……..…….18 Bargaining Vulnerabilities: ………………………………………………………………….19 Clever Calculations to Rob off Picker’s Labour: ……………………..…….…………..…20 Picking Cotton in Poisonous Fields:…………………………………..…………..…..……23 Growers and Dealers attitude towards Pickers: …………………………..………..……..27 Labour Laws and Cotton Pickers: ……………………………………………………..……29 Concluding Thoughts and Recommendations: …………………..…….….………..…….29 End Notes and references: ………………………………………..……………….…………34 Bibliography: …………………………………………………….……………….………..…36 1 Executive Summary Approximately, seven million women are engaged in cotton picking across Pakistan. More or less, one third of them come from South Punjab. The incidence of poverty in rural South Punjab is estimated to be the highest after Baluchistan and parts of Sindh, with women’s condition...
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...‘Winning the vote made little difference to women’s status in political life.’ Discuss. It is true that the mere winning of the vote for women made little immediate difference to their status in political life, and yet, it was a necessary beginning to establishing and later asserting their power. As the great suffragist Millicent Garrett Fawcett stated, women’s suffrage did ‘not in itself represent any extensive change for it would come as a necessary corollary of other changes’. From 1918 onwards, while the limited suffrage opened by the Representation of the People Act provided the vehicle for the changes British women desired to see in their society, feminists and people with an interest in women’s issues were well aware that much work had to be done in order to contribute to their progression in political life. This essay will begin with a brief summary of the state of women prior to 1918, as well as the aspirations and expectations of suffragists and anti-suffragists. Following this, it will describe how women were subsequently viewed as voters and political leaders by others of their sex, men, and the various political parties. The essay will assess how women sought to secure their interests, both politically and socially, and which methods were most effective. While significant changes for women did not happen quickly or immediately, this essay seeks to communicate the optimistic view that with time and the on-going determined efforts of feminists and other interested...
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...HAWKERS AND THE URBAN INFORMAL SECTOR: A STUDY OF STREET VENDING IN SEVEN CITIES Prepared by Sharit K. Bhowmik for National Alliance of Street Vendors of India (NASVI) Section I: Introduction This report is based on a study of hawkers and street vendors conducted in seven cities in India. It was initiated by the National Alliance of Street Vendors of India (NASVI) and as such it is not merely an academic exercise in understanding the problems of this section of the work force. The purpose of this study is two-fold. Firstly, it tries to objectively understand the problems of street vendors in urban areas. Its scope is not restricted to street vendors alone but it tries to relate the profession in the wider urban context by examining the legal status of hawkers, their contribution to the urban economy, the problems they face, the perceptions of the urban population towards them, and the their position in urban society. Secondly, based on the above information this report attempts to examine and understand the problems faced by the street vendors and the possible means of overcoming these. In most Indian cities the urban poor survive by working in the informal sector. Poverty and lack of gainful employment in the rural areas and in the smaller towns drive large numbers of people to the cities for work and livelihood. These people generally possess low skills and lack the level of education required for the better paid jobs in the organised sector. Besides, permanent protected...
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...United States and abroad, and whether people Love it or hate it, Wal-Mart is, in many places and for many people, inescapable. Much like work and taxes and eventual death. There is no question that Wal-Mart's relentless drive to squeeze out costs has benefited consumers, but Some experts contend Wal-Mart's "everyday low prices" are causing a clash between the interests of Americans as workers and the desires of Americans as consumers. "If people were only consumers, buying things at lower prices would be just good. But people also are workers who need to earn a decent standard of living," says economist Larry Mishel of the Economic Policy Institute during an interview for Frontline. "The dynamics that create lower prices at Wal-Mart and other places are also undercutting the ability of many, many workers to earn decent wages and benefits and have a stable life." In Bangladesh women and children are...
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...Erik Casimir Lindholm Professor: Will English 1 Essay #4 May 13 2012 Unemployment today The unemployment rate today is less than it has been before, but it is still more than a year ago. This is a problem that always is an issue, and wherever you go in the world, there are almost always some people without a job. Today’s unemployment rate is a problem not just for the people without a job, but for the government and the state’s economic status. But how does unemployment affect our economy? Because with a lot of jobs, there is a good quality of life, and the money in the society is divided into all families instead as it is today, when some have too much and others have nothing. With a job to earn money from, a parent can take care of its family by providing with food and shelter, and this is one of the basic ideas of survival today. ------------------------------------------------- Unemployment rates by age today in the United States of America* ------------------------------------------------- Teenagers – 24.9% Whites – 7.4% ------------------------------------------------- Adult Women – 7.5% Hispanics – 10.3% ------------------------------------------------- Adult Men – 7.4% Blacks - 13.05 ------------------------------------------------- *Statistics taken from The Bureau of labor statistics; http://bls.gov/news.release/empsit.nr0.htm There are many factors contributing to the difference between African Americans and Whites. Fewer black people...
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...interviews with other suburban housewives, as well as researching psychology, media, and advertising. She originally intended to publish an article on the topic, not a book, but no magazine would publish her article. In Feminine Mystique, Betty Friedan wrote about women's inequality from men to women's equality to men. She also wrote about women accepting the inequality to women fighting for equality. Friedan comes across as a woman with strong beliefs that filled her book with a lot of effort and information. Her writing style proves that she has been in a feminist movement and that she has a passion for every word she put into this book. She also writes in a way that makes a person interested in what her beliefs are. Friedan has a mass amount of information to prove every point she has. She once stated that “Feminine Mystique” was her favorite work to write about. Her writing style proves each point she responds to. In Feminine Mystique, Betty Friedan is attempting to persuade the reader to understand what she is trying to say. She wants people to know exactly what occurred during the feminist movement. How women's rights came to a reality, how women believed there was only one role to have, which is a typical housewife that has a husband to overpower her. Not being able to vote, or have any rights as an equal to men. "For the sake of every member of the family, the family needs a head. This means Father, not Mother. Children of both sexes need to learn,...
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...Name Instructor Course Date Civics - Final Project Summary An Amendment calling for mandatory military service after high school graduation should be passed to help all students be successful upon graduation. Military services should be allowed to recruit in high schools which would give high risk students an opportunity to be successful. Besides, it offers students who will not attend college a way to gain skills as well as provide an opportunity for low-income students a way to pay for college. If the government does not allow military services to help educate students about their options after graduation, it will be doing an injustice to the future generations leaving a child left behind. Make a difference in the future and someone’s life and allow the military services to recruit in high schools. There are many benefits that people take for granted daily that many would do not worry about in the military. Health care is not a topic many 18-year-olds think about because the majority are still covered by their parents to the age of 21 and sometimes further than that with the right plan (Simon and Lovrich 372). Enrolling in the military service is a feasible option to earn money, gain technical skills and training as well as leadership skill that will assist one for the rest of his or her life. One of the difficulties in getting a job fresh out of college is lack of experience consistent with the working knowledge in their field. After the compulsory military service...
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