@article{oai:kindai.repo.nii.ac.jp:00010913,
 author = {Mardyla, Grzegorz},
 issue = {1},
 journal = {生駒経済論叢, Ikoma Journal of Economics},
 month = {Jul},
 note = {[Abstract] Investor confidence affects financial markets. Information, noise, market frictions cause investor confidence to influence security prices, leading to a price different from the rational expectations value. This paper presents a simple theoretical model of asset prices where investor confidence is allowed to differ across traders, and across time — depending on observed outcomes. The presence of short-sales constraints causes asset prices to behave asymmetrically: short-run returns display reversal after good news, but momentum after bad news. This changes somewhat if investor confidence varies because of biased self-attribution: good news causes returns to exhibit short-run momentum and long-run reversal., application/pdf},
 pages = {1--14},
 title = {〈Articles〉Stock Price Paths in Markets with Short-Sales Constraints Populated by Behavioral Traders},
 volume = {10},
 year = {2012},
 yomi = {マルデワ, グジェゴシュ}
}