锚固
白天
经济
计量经济学
心理学
社会心理学
物理
大气科学
作者
Donghoon Kim,Jihoon Goh
标识
DOI:10.1080/13504851.2024.2332578
摘要
This study explores the impact of anchoring bias on the daily tug-of-war in financial markets, specifically examining the reversal dynamics between overnight and daytime periods in relation to the 52-week high price. After analysing the interplay between anchoring bias and the abnormal intensity of the tug-of-war (AB_NR), our findings reveal a significant AB_NR premium for stocks far from their 52-week high prices. This sheds light on the important role of psychological barriers faced by noise investors during overnight periods in shaping return dynamics.
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