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Research Interests:
Research Interests:
Purpose Research has suggested that ethics judgments should be made from an impartial perspective. However, people are often partial about their money. This study aims to investigate the extent to which perspectives – the perspective of... more
Purpose Research has suggested that ethics judgments should be made from an impartial perspective. However, people are often partial about their money. This study aims to investigate the extent to which perspectives – the perspective of those who can gain from the use of a financial practice and the perspective of those who can incur losses due to it – affect lay people’s ethics and legality judgments of the practice. In addition, it asks which factors influence their investment intentions.Design/methodology/approach The study uses a between-participant scenario experiment, in which participants are presented with cases of predatory trading and front running. Each participant is asked to take either a gain or loss perspective through the formulation of the presented cases. Subsequently, all participants make ethics, legality and investment intention judgments.Findings The authors establish that perspectives significantly affect people’s ethics judgments and, to a lesser extent, thei...
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PurposePredatory trading is a stock market trading technique in which certain market participants exploit information about other market participants' need to trade. Predatory trading often harms others. Hence, this paper examines the... more
PurposePredatory trading is a stock market trading technique in which certain market participants exploit information about other market participants' need to trade. Predatory trading often harms others. Hence, this paper examines the determinants and effects of financial practitioners' and lay people's judgments of predatory trading. Specifically, it investigates how the public availability and reliability of the exploited information affect their ethics and legality judgments and how the latter influence their behavioral intentions and regulation support.Design/methodology/approachThe authors conducted two scenario judgment studies. In the first study, participants were financial practitioners, and in the second – lay people.FindingsPractitioners often judge predatory trading to be ethical. Practitioners and lay people incorporate in their ethics and legality judgments the public availability of the exploited information but tend to discount the legal reliability crite...
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Research Interests:
Research Interests:
Research Interests:
Research Interests:
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In order to compute the spectrum of a self-adjoint operator A in a Hilbert space H one can approximate A by a sequence of finite-dimensional operators An = PnAPn, n = 1, 2,..., where Pn are orthogonal projections on finite-dimensional... more
In order to compute the spectrum of a self-adjoint operator A in a Hilbert space H one can approximate A by a sequence of finite-dimensional operators An = PnAPn, n = 1, 2,..., where Pn are orthogonal projections on finite-dimensional subspaces of H with the property Pn → I in the strong sense as n → ∞. However, it is well known that the operators An may have eigenvalues
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Research Interests:
The purpose of this thesis is to explore the interaction between people’s financial behaviour and the market’s fractal characteristics. In particular, I have been interested in the Hurst exponent, a measure of a series’ fractal dimension... more
The purpose of this thesis is to explore the interaction between people’s financial behaviour and the market’s fractal characteristics. In particular, I have been interested in the Hurst exponent, a measure of a series’ fractal dimension and autocorrelation. In Chapter 2 I show that people exhibit a high level of sensitivity to the Hurst exponent of visually presented graphs representing price series. I explain this sensitivity using two types of cues: the illuminance of the graphs, and the characteristic of the price change series. I further show that people can learn how to identify the Hurst exponents of fractal graphs when feedback about the correct values of the Hurst exponent is given. In Chapter 3 I investigate the relationship between risk perception and Hurst exponent. I show that people assess risk of investment in an asset according to the Hurst exponent of its price graph if it is presented along with its price change series. Analysis reveals that buy/sell decisions also...