Stock characteristics, investor type and market myopia

Río Solano, María Cristina del; Santamaría Aquilué, Rafael

Publication:
Stock characteristics, investor type and market myopia

dc.contributor.author	Río Solano, María Cristina del
dc.contributor.author	Santamaría Aquilué, Rafael
dc.contributor.department	Gestión de Empresas	es_ES
dc.contributor.department	Enpresen Kudeaketa	eu
dc.date.accessioned	2017-10-04T10:48:28Z
dc.date.available	2017-11-25T00:00:10Z
dc.date.issued	2016
dc.description	This is an accepted manuscript of an article published by Taylor & Francis in Journal of Behavioral Science on 2016/05/25, available online: http://dx.doi.org/10.1080/15427560.2016.1170682.	en
dc.description.abstract	This paper investigates the role of stock characteristics and investor type in market myopia. Using the Generalized Method of Moments (GMM) to control for endogeneity, we obtain evidence indicating that market myopia is greater among stocks that are relatively hard-to-value and hard-to-arbitrage, and find this conclusion to be robust to the choice of proxy for these characteristics. We also obtain a significantly negative relationship between institutional ownership and market myopia, due to the former acting as informed traders who exploit mispricing created by individual traders. It is important to note that the impact of their role becomes significant only when they have a sizeable share in firm ownership, as is the case of UK mutual funds and pension funds and Spanish banks.	en
dc.description.sponsorship	This paper has received financial support from the Spanish Ministry of Economy and Competitiveness (ECO 2012-35946-C02-01).	en
dc.embargo.lift	2017-11-25
dc.embargo.terms	2017-11-25
dc.format.mimetype	application/pdf	en
dc.identifier.doi	10.1080/15427560.2016.1170682
dc.identifier.issn	1542-7560 (Print)
dc.identifier.issn	1542-7579 (Electronic)
dc.identifier.uri	https://academica-e.unavarra.es/handle/2454/25858
dc.language.iso	eng	en
dc.publisher	Taylor & Francis	en
dc.relation.ispartof	Journal of Behavioral Finance, 17, 2, 183-199	en
dc.relation.projectID	info:eu-repo/grantAgreement/MINECO//ECO2012-35946-C02-01/ES/	en
dc.relation.publisherversion	https://dx.doi.org/10.1080/15427560.2016.1170682
dc.rights	© 2016 Taylor & Francis	en
dc.rights.accessRights	info:eu-repo/semantics/openAccess
dc.subject	Market myopia	en
dc.subject	Hard-to-value stocks	en
dc.subject	Institutional investors	en
dc.title	Stock characteristics, investor type and market myopia	en
dc.type	info:eu-repo/semantics/article
dc.type.version	Versión aceptada / Onetsi den bertsioa	es
dc.type.version	info:eu-repo/semantics/acceptedVersion	en
dspace.entity.type	Publication
relation.isAuthorOfPublication	53677d13-5a4f-477a-916d-d304440983f4
relation.isAuthorOfPublication	8af201de-d15e-4cb3-a3e7-e1cb3f1b60ee
relation.isAuthorOfPublication.latestForDiscovery	53677d13-5a4f-477a-916d-d304440983f4