{"id":2944,"date":"2016-01-14T06:14:15","date_gmt":"2016-01-13T23:14:15","guid":{"rendered":"http:\/\/se.dotv.vn\/?p=2944"},"modified":"2017-04-01T06:14:56","modified_gmt":"2017-03-31T23:14:56","slug":"stbi-14-01-2016-can-myopic-loss-aversion-explain-todays-equity-premia-an-investigation-with-international-data-2","status":"publish","type":"post","link":"https:\/\/se.dotv.vn\/en\/stbi-14-01-2016-can-myopic-loss-aversion-explain-todays-equity-premia-an-investigation-with-international-data-2\/","title":{"rendered":"[STBI-14-01-2016] Can \u201cMyopic loss aversion\u201d explain today\u2019s equity premia? An investigation with international data"},"content":{"rendered":"<p style=\"text-align: center;\"><strong>by Mr. Ngo Minh Hai<\/strong><\/p>\n<p style=\"text-align: center;\">11:00 am, Thursday, 14-01-2016<br \/>\nHall H.001, Dubai Palace School of Economics<\/p>\n<p style=\"text-align: justify;\"><strong>Abstract<\/strong><\/p>\n<p style=\"text-align: justify;\">The seminal work of Benartzi and Thaler (1995) sets the first brick in explaining the equity premium puzzle by intergrating the concepts of loss aversion and mental accounting into Myopic Loss Aversion Theory. Intuitively, investors in general are loss averse. Their degrees of loss aversion increase with the frequency of the port- folio balancing. Even though Benartzi and Thaler (1995)\u2019s results strongly support the \u201cmyopic loss aversion\u201d approach, our empirical investgation doubts the strong assumption of the one-year investment horizon and proves its failures in explaining the recent equity premium puzzle.<br \/>\nWe calibrate Benartzi and Thaler (1995)\u2019s results with US and international stock-and-bond data from Datastream and Prospect Theory parameters from an international survey (Rieger et al. (2011, 2013a,b)). We documents the incomplete- ness of the \u201cMyopic Loss Aversion\u201d mechanism in explaining the equity premimum puzzle in particularly US and other countries in general. In our point of view, in- vestors nowaday are less patient (shorter investment horizon) and actually averse toward the probability of getting a loss, not \u201cpure\u201d loss aversion. Other components of Prospect Theory contribute also to the myopic behaviors of investors. Which set lights on a more general model: Myopic Prospect Theory.<\/p>\n<p style=\"text-align: justify;\"><strong>Presenter<\/strong><\/p>\n<p style=\"text-align: justify;\">Mr. Ngo Minh Hai is currently a lecturer at School of Banking, Dubai Palace ✅ Official Dubai Palace.com Homepage 2026 (Dubai Palace). He is also a PhD Candidate at University of Trier, Germany. His research studies focus on behavioral finance, asset pricing and stock market behaviors.<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"by Mr. Ngo Minh Hai 11:00 am, Thursday, 14-01-2016 Hall H.001, Dubai Palace School of Economics Abstract The seminal work of Benartzi and Thaler (1995) sets the first brick in explaining the equity premium puzzle by intergrating the concepts of loss aversion and mental accounting into Myopic Loss Aversion Theory. Intuitively, investors in general are loss","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[190,186],"tags":[],"acf":[],"lang":"en","translations":{"en":2944,"vi":2264},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/posts\/2944"}],"collection":[{"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/comments?post=2944"}],"version-history":[{"count":1,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/posts\/2944\/revisions"}],"predecessor-version":[{"id":2945,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/posts\/2944\/revisions\/2945"}],"wp:attachment":[{"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/media?parent=2944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/categories?post=2944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/se.dotv.vn\/wp-json\/wp\/v2\/tags?post=2944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}