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Three Essays in Behavioural Asset Pricing

thesis
posted on 14.09.2022, 05:29 authored by BROOKE ASHLEY PEEL
Trust that assets are fairly priced is an important feature of well-functioning capital markets. However, there are examples where the prices of assets are difficult to reconcile with fundamental values. It is therefore important to understand the source of such mispricing. This thesis provides novel evidence regarding how stocks with particular characteristics can become temporarily mispriced as a result of biases in the decision-making of investors. This thesis reports evidence consistent with investor under-reaction and preferences for lottery-like stock returns being important in explaining prominent examples of mispricing.

History

Campus location

Australia

Principal supervisor

Philip Gray

Additional supervisor 1

Yulia Merkoulova

Year of Award

2022

Department, School or Centre

Banking and Finance

Course

Doctor of Philosophy

Degree Type

DOCTORATE

Faculty

Faculty of Business and Economics