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DURING PUMP AND DUMP MARKET MANIPULATIONS, DECEIVERS ADVERTISE STOCKS BY PUBLISHING VERY POSITIVE NEWS TO PROFIT FROM AN INCREASED PRICE LEVEL. MARKET SURVEILLANCE AUTHORITIES HAVE TAKEN SEVERAL COUNTERMEASURES AGAINST SUCH FRAUDULENT STOCK RECOMMENDATIONS, BUT SIMULTANEOUSLY, DECEIVERS HAVE CONSTANTLY UPDATED THEIR TACTICS. THE RESEARCH INVESTIGATES WHETHER SUCH MANIPULATIONS STILL POSE A RISK FOR INVESTORS AND IF YES, WHICH CHARACTERISTICS DRIVE THEIR SUCCESS.
SOCIAL NETWORKS ARE COMMONLY USED IN PRIVATE AND BUSINESS LIFE. DIFFERENT STUDIES OUTLINE THAT THIS TREND WILL INCREASE IN THE NEARER FUTURE. IN ORDER TO UNDERSTAND THE BEHAVIORAL INTENTION TO PARTICIPATE IN SOCIAL NETWORKS OF NEXT GENERATION EMPLOYEES, WE EXTENDED THE WELL-ESTABLISHED THEORY OF PLANNED BEHAVIOUR TO HABIT AND INFORMATION OVERLOAD. USING SURVEY DATA FROM 262 PARTICIPANTS, WE FOUND THAT THE OVERLOAD OF INFORMATION PLAYS AN IMPORTANT ROLE TO PARTICIPATE IN SOCIAL NETWORKS, BESIDES THE HABIT TO USE SUCH NETWORKS.
THE PRICE-TO-EARNINGS (P/E) RATIO IS ONE OF THE MOST IMPORTANT METRICS FOR VALUING FIRMS. UNFORTUNATELY, INTERPRETATIONS OF HIGH-GROWTH FIRMS’ P/E RATIOS CAN BE CHALLENGING, BECAUSE THEY FREQUENTLY EXHIBIT EITHER EXTREMELY HIGH OR NEGATIVE VALUES. WE SHOW THAT THE USE OF CUSTOMER METRICS ALLOWS FOR BETTER INTERPRETING THESE P/E RATIOS, THAT IMPROVEMENTS IN CUSTOMER METRICS HAVE NON-INTUITIVE AND SURPRISING EFFECTS ON THE P/E RATIO, AND THAT OUR NEW MODEL BETTER PREDICTS FUTURE P/E RATIOS THAN EXISTING MODELS.
RECENTLY, PASSIVE ETFS AND INDEX FUNDS HAVE BECOME POPULAR AMONG INDIVIDUAL INVESTORS. IN OUR STUDY, WE INVESTIGATE WHETHER INDIVIDUAL INVESTORS BENEFIT FROM USING THEM. WITH DATA FROM ONE OF THE LARGEST BROKERAGES IN GERMANY, WE FIND THAT INDIVIDUAL INVESTORS WORSEN THEIR PORTFOLIO PERFORMANCE AFTER USING THESE PRODUCTS IN COMPARISON TO NON-USERS. SINCE THESE SECURITIES MAKE MARKET TIMING EASIER, FURTHER ANALYSIS REVEALS THAT THE DECREASE IN USERS’ PORTFOLIO PERFORMANCE IS PRIMARILY DUE TO BAD MARKET TIMING.