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dc.contributor.authorSon Turan, Semen
dc.contributor.authorKılıç, Erdem
dc.date.accessioned2020-01-15T10:25:00Z
dc.date.available2020-01-15T10:25:00Z
dc.date.issued2018en_US
dc.identifier.citationSon-Turan, S., & Kilic, E. (September 01, 2018). X-Capm revisited: the institutional extrapolative capital asset pricing model (I-X-CAPM). Eurasian Journal of Business and Management, 6 (3), 2018, 1-9. DOI: 10.15604/ejbm.2018.06.02.001en_US
dc.identifier.issn2148-0206
dc.identifier.urihttps://doi.org/10.15604/ejbm.2018.06.02.001
dc.identifier.urihttps://hdl.handle.net/20.500.11779/1277
dc.description.abstractThis study constructs and tests a consumption-based asset pricing model in which some investors form beliefs about future price changes in the stock market by extrapolating past price changes, while other investors hold fully rational beliefs. The contribution of the present work is the inclusion of institutional investor bias. As such it extends theory. But it also conducts econometric tests by using daily survey data on individual and institutional investors’ sentiment on the current economic situation and their future expectations. Empirical findings may imply that institutions’ sentiment reverts quicker to the equilibrium price than individual sentiment, at least with regard to their beliefs on future economic outlook. If studied further with a bigger dataset, it may imply that institutional investors are closer to the rational-decision making mechanism compared to individual investors. The theoretical framework rests on prospect theory. The market studied is the US equity market, however findings and suggestions can be applied to global markets and various financial instruments.en_US
dc.language.isoengen_US
dc.publisherEurasian Publicationsen_US
dc.relation.ispartofEurasian Journal of Business and Managementen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.rights.urihttp://creativecommons.org/publicdomain/zero/1.0/*
dc.subjectInvestor Biasen_US
dc.subjectBehavioral Financeen_US
dc.subjectInstitutional Investorsen_US
dc.subjectCapital Asset Pricing Modelen_US
dc.subjectExtrapolationen_US
dc.titleX-Capm revisited: the institutional extrapolative capital asset pricing model (I-X-CAPM)en_US
dc.typearticleen_US
dc.departmentİİSBF, İşletme Bölümüen_US
dc.authoridSemen Son Turan / 0000-0002-7457-8417en_US
dc.authoridErdem Kılıç / 0000-0003-1917-2227en_US
dc.identifier.volume6en_US
dc.identifier.issue3en_US
dc.identifier.startpage1en_US
dc.identifier.endpage9en_US
dc.relation.publicationcategoryMakale - Uluslararası - Editör Denetimli Dergien_US
dc.contributor.institutionauthorSon Turan, Semen
dc.contributor.institutionauthorKılıç, Erdem
dc.identifier.doi10.15604/ejbm.2018.06.02.001en_US


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