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Abstracts prior to volume 5(1) have been archived!

Issue 5(1), October 2010 -- Paper Abstracts
Girard  (p. 9-22)
Cooper (p. 23-32)
Kunz-Osborne (p. 33-41)
Coulmas-Law (p.42-46)
Stasio (p. 47-56)
Albert-Valette-Florence (p.57-63)
Zhang-Rauch (p. 64-70)
Alam-Yasin (p. 71-78)
Mattare-Monahan-Shah (p. 79-94)
Nonis-Hudson-Hunt (p. 95-106)


Test of a Theory: An Empirical Examination of the Changing
Nature of Investor Behavior

Author(s): Amanda L. Smith, Thomas W. Harvey

Citation: Amanda L. Smith, Thomas W. Harvey, (2011) "Test of a Theory: An Empirical Examination of the Changing Nature of Investor Behavior," Journal of Management Policy and Practice, Vol. 12, Iss. 3, pp. 49 - 68

Article Type: Research paper

Publisher: North American Business Press


This study accomplishes four objectives. First, it supports the behavioral finance literature as to how
investors make decisions. Second, we hypothesize that investors utilize technical and fundamental
analysis in their investment decisions which are also influenced by economic conditions. Third, we test
that assertion empirically and find that there is less reliance on fundamental analysis and that investors
are using past stock prices as the dominant criteria for investment. Fourth, our results suggest that
investors rely most heavily on economic factors and stock price trends for making their decisions. The
influence of cable television and the Internet is also explored.