| bibtype |
C -
Conference Paper (international conference)
|
| ARLID |
0396997 |
| utime |
20240103203041.5 |
| mtime |
20131009235959.9 |
| title
(primary) (eng) |
Determinants of Stocks' Choice in Portfolio Competitions |
| specification |
| page_count |
13 s. |
| media_type |
P |
|
| serial |
| ARLID |
cav_un_epca*0396996 |
| title
|
Financial Management of Firms and Financial Institutions |
| publisher |
| place |
Ostrava |
| name |
VŠB-Technical University Ostrava, faculty of Economics, Finance department |
| year |
2013 |
|
|
| keyword |
portfolio competition |
| keyword |
game theory |
| keyword |
behavioural finance |
| keyword |
discrete choice |
| author
(primary) |
| ARLID |
cav_un_auth*0101206 |
| name1 |
Šmíd |
| name2 |
Martin |
| full_dept (cz) |
Ekonometrie |
| full_dept (eng) |
Department of Econometrics |
| department (cz) |
E |
| department (eng) |
E |
| institution |
UTIA-B |
| full_dept |
Department of Econometrics |
| fullinstit |
Ústav teorie informace a automatizace AV ČR, v. v. i. |
|
| author
|
| ARLID |
cav_un_auth*0264564 |
| name1 |
Kuběna |
| name2 |
Aleš Antonín |
| full_dept (cz) |
Ekonometrie |
| full_dept |
Department of Econometrics |
| department (cz) |
E |
| department |
E |
| institution |
UTIA-B |
| full_dept |
Department of Econometrics |
| fullinstit |
Ústav teorie informace a automatizace AV ČR, v. v. i. |
|
| source |
|
| cas_special |
| project |
| project_id |
CZ.1.07/2.3.00/20.0296 |
| agency |
EU |
| country |
CZ |
| ARLID |
cav_un_auth*0308374 |
|
| project |
| project_id |
GA402/09/0965 |
| agency |
GA ČR |
| ARLID |
cav_un_auth*0253176 |
|
| project |
| project_id |
GAP402/11/0150 |
| agency |
GA ČR |
| ARLID |
cav_un_auth*0273629 |
|
| abstract
(eng) |
We study investment competitions in which the players invest a virtual amount of money into financial asset and those with highest returns, measured by the actual prices, are rewarded by fixed prizes. We show that the competition, seen as a game, lacks a pure equilibrium and that the ``max-min'' solution of the game lies in the extremal point of the feasible set having maximal probability of victory. We show further that if a mixed equilibrium exists then its atoms lie exactly in the extremal points with a non-zero probability of victory and its weights are close to corresponding probabilities of victory. We analyse empirically a portfolio competition held recently by the Czech portal ``lidovky.cz''; we find that the majority of people do not behave according to the game-theoretic conclusions. Consequently, searching for factors influencing a choice of particular stocks, we find that the participants' choice may be explained by several stock traits to a certain extent. We also show that participants tend to choose negatively diversified portfolios. |
| action |
| ARLID |
cav_un_auth*0294693 |
| name |
8th International Scientific Conference Financial management of firms and financial institutions |
| place |
Ostrava |
| dates |
9.-10. September 2013 |
| country |
CZ |
|
| reportyear |
2014 |
| RIV |
BB |
| num_of_auth |
2 |
| presentation_type |
PR |
| inst_support |
RVO:67985556 |
| permalink |
http://hdl.handle.net/11104/0224705 |
| arlyear |
2013 |
| mrcbU63 |
cav_un_epca*0396996 Financial Management of Firms and Financial Institutions Ostrava VŠB-Technical University Ostrava, faculty of Economics, Finance department 2013 |
|