Understanding How Learners Learn Essay Example for Free

Understanding How Learners Learn Essay There are many books and Internet websites written about the VARK Theory. It is the trainingfairys opinion that as adult trainers we are not always interested in the in-depth theory, you need to have an understanding and run with it. This page will hopefully provide you with this understanding and refer you to books and websites to explore this subject further if you wish to. I hear and I forget. I see and I remember. I do and I understand. (Confucius 551-479 BC) .This quote indicates that from the early ages people had different learning preferences. Read the VARK model below and determine what Confucius learning preference might have been. VARK Probably the easiest to understand and implement in your training programme. This theory is based on the FOUR main learning preferences your learners will have. VISUAL- learners who would like to see it on the whiteboard, flip charts, walls, graphics, pictures, colour. They are probably your creative students, love using different colours in their workbooks, want to make their pages look pretty etc AUDITORY-learners who would like to sit back and listen. They dont make a lot of notes READ/WRITE- learners who need to read the information for themselves and they take a lot of notes KINESTHETIC-learners who can not sit still for long, like to fiddle with things. They like to be actively involved in their learning. It is important that you understand your own learning preference as you will be delivering in that preference as well. If your preferred learning style is visual, you will deliver in a very visual way as that suits you, but does it suit your learners? When planning your session, check that your delivery techniques have covered all of the above preferences otherwise some students are missing out on learning opportunities. Please note that the VARK model is also known as VAK however many educators prefer to have the R added to the model . In the Revision section the need for repetition has been explained. On average you will need to repeat information that you want learners to retain at least 6 times. So if you cover all of the above learning preferences you automatically cover the same material 4 times already. Now have a look at your preferred learning preference and the way you deliver as a facilitator Hopefully, you have identified yourself. Now of course it is possible that you are strong in more than ONE learning preference. This is called Multi Modal and your students can be multi modal as well. But now imagine that you have a very strong Kinesthetic preference and your class preference is 80% Read/Write. How do you think you feel if none of the students like to get involved in your practical delivery? You probably call the students boring while the students dislike coming to your class because they have to do all these activities, while all they want to do is read the book and write an essay!If you have done the VARK test today, I encourage you to do it again in 6 months time. Most trainers preferences seem to shift as they learn to appreciate the other learning preferences, especially if you were very strong in just one, you will find as you start getting better at incorporating all 4 that you become more Multi Modal. Whatever you are, be assured there is no good or bad preference. It is an awareness that will help you with your delivery and ultimately your classroom management. Training room application From the above table you will find that one activity could cater for different learners at the same time. The small group activity could be: read page 10-20, create a poster summarising the contents and present to the class . Visual- create the poster- they probably do all the creative stuff, and want to use lots of colour Auditory- need to listen as ideas are put forward as to what to put on the poster. Will listen to the presentation Read/Write- will actually read the pages and feedback to the rest of the group. Will want to do the writing on the poster Kinesthetic- will put the presentation together and want to make it fun Why when we are all the same species do we vary so much in the way we learn, and the way we respond to different types of teaching and communication methods? Online resources: What is synaesthesia http://www.cerebromente.org.br/n17/mente/synaesthesia.htm What the learner does is more important than what the teacher does. http://www.geoffpetty.com/style.html Understanding how your learners learn, is your success. http://www.trainingfairy.com/Classroom+delivery/VARK+Theory.html Reith Lecture No. 4 – VS Ramachandran – Purple numbers and sharp cheese http://www.bbc.co.uk/radio4/reith2003/lecture4.shtml

Why I Should Win The University Philosophy Club Essay Contest :: Writing Jacksonville University Essays

Why I Should Win The 1997 Jacksonville University Philosophy Club Essay Contest The Jacksonville University Philosophy Club is sponsoring its eighth annual undergraduate essay contest. The best argumentative essay, from any discipline, will receive the first place prize. I will demonstrate here why you will be compelled to award that prize to the essay that you are currently undertaking. We start this argument with the following premise, known as the Conservation of Energy. Energy can neither be created nor destroyed. This is a basis of physics, and no evidence is brought against it that refutes its certainty. If we accept it, it follows that the energy in the cosmos must be finite. If we posited an infinite amount of energy, we could not speak of conserving it. Additionally, the stuff of the cosmos cannot be infinite or w e would face the contradiction that new energy would be coming into existence from nothing; ex nihilo. From this examination we must accept the entailed premise that the amount of energy must be finite. The second premise of the argument is that all becoming is of necessity. Perhaps, it is easier to frame this idea within a format of cause and effect. For the event, represented by the placeholder; Z, to be any different than it is, its cause (or causes), symbolized; Y must have necessarily been different in some manner. It follows logically that for Y to be different, then X must differ. This, like the energy in the cosmos, can not amount to an infinite set of possibilities. The possible outcomes of a pair of rolled standard die are a finite number of outcomes (six to the second power). The number of possible outcomes of any finite set of probabilities must be finite (albeit perhaps incomprehensibly large). If we extrapolate the number of outcomes from the huge number of finite possibilities we do not ever, arrive at an infinite amount. Although, one odd possibility does remain. We may come upon the case where (for the sake of simplicity) Z causes A. The chain of causes resumes wher e it once before began. Subsequently, time is infinite. It extends forever toward the past and forever into the future. We have now only to piece these premises together. Energy is a fixed quantum within the cosmos. Time proceeds through an unending series of becoming from necessity (with acknowledged shortcomings, I may interchange the terms; cause and effect).

Nitration of Methyl Benzoate

Nitration of Methyl Benzoate Introduction: Nitration is an example of an electrophile aromatic substitution reaction, where nitro (NO2) group is being substituted for a hydrogen on an aromatic compound. This is achieved by the formation of the nitronium ion by protonation of nitric acid from sulfuric acid. The zirconium ion is a strong electrophile and can react with aromatic compound such as Methyl benzoate to form an arenium ion intermediate. The arenium ion is then depronated to reform the aromatic ring and yield the final product with the newly attached nitro group.Reaction: ? Table of Physical Contents: Procedure: Obtain an ice bath. 12 ml of concentrated sulfuric acid was gathered, cooled to 0 degrees Celsius, and put in a 125-ml Erlenmeyer flash. Then 6. 1g of methyl benzoate was added. Then cooled in an ice bath to 0-10 degrees Celsius. A Pasteur pipette was used to add a cooled mixture of 4-mL of concentrated sulfuric acid and 4-mL of concentrated nitric acid. ? Figure 1: H ow to properly use a Pasteur pipette The mixture was then swirled frequently and maintained a temperature of 5C-15C. Figure 2: Swirling the mixture After all of the nitric acid was added the mixture was then warmed to room temperature. After 15 minutes, it was then poured into a 250-mL. The solid product was isolated by suction filtration using a small Buchner funnel. ? Figure3: Labeled vacuum filtration ? Figure 4: Carefully scraping out the crystals A small amount of sample was saved and weighed. Results: ? Figure 5: NMR of the product ? Discussion/Conclusion: The melting point of the recrystallized product was 73-78 degrees Celsius.This was very accurate to that of the book. In this experiment, methyl benzoate went through an electrophilic substitution reaction to form Mehyl-m-nitro benzoate, where a NO2 group was added to the methyl benzoate in the meta position. Nitric acid is not a strong enough electrophile to react with the aromatic benzene ring, but the zirconium ion with t he positive charge on the nitrogen is a strong electrophile and can react with the double bond of the methyl benzoate. The experiment was an overall success.The H NMR data successfully confirmed that the experiment was done correctly. Substances Formula Weight g/mol Quantity Moles Used Mole Ratio Boiling Point Melting Point Density g/mL Concentrated Nitric Acid 63. 01 0. 5mL 1. 192 x 10^-2 N/A N/A 121 1. 5027 Concentrated Sulfuric Acid 98. 08 1. 6mL 3. 0 x 10^-2 N/A N/A N/A 1. 841 Ethanol 46. 07 2-3mL N/A N/A N/A N/A N/A Methyl Benzoate 136. 15 0. 55g 4. 039x 10^-3 1 to 1 113-115 N/A N/A Methyl Nitro- Benzoate 181. 13 Product N/A N/A N/A N/A N/A

Investigation On Behavioral Finance And Market Anomalies Finance Essay - Free Essay Example

Sample details Pages: 11 Words: 3309 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? The aim of this paper is to provide any academic evidence and theories concerning the main drivers of individual investors decision making and their reasons to feel confident over the success of active fund management. Our report weighs against the evidence of rational and measurable explanations supporting active managers and their stock picking skills. Not underestimating the power of communication, there is a provision of research studies to show how media and advertising are employed in selling managers superior skills and their affect on investors decision making. Don’t waste time! Our writers will create an original "Investigation On Behavioral Finance And Market Anomalies Finance Essay" essay for you Create order Next the report tries to understand and solve the puzzle about investors beliefs in managers adding value. For this purpose there is reference on the behavioural finance implications and some of the heuristics and biases that can enrich the explanation for most of the investors behaviour. 2. Rationality 2.1. The benefits from fund managers Investors decision to invest in active funds is primary driven by the benefits of large scale investing. Bodie et al. (2008) identified several important functions that allow small investors to benefit from teaming up their money. Such are the record keeping and administration, diversification, professional management and the lower transaction costs as result of trading in larger blocks of securities. In addition, investors argue that the market is a supply pool of managers with different investing styles and that some of them can outperform the index while others cannot. Platinum Capital fund for example, managed by Kerr Neilson, outperformed MSCI world stock index by 35% in 2009. The funds strategy was based on investing in financial distress companies but with large unexploited potentials for future growth as well as going short on mining companies which he identified as overpriced. Neilson believes that funds success is due to the quality research that avoids noisy public information (Boyd, 2009). Most of the success in active management is a result of momentum investment strategy that takes long positions on securities which is believed to continue to rise in price and short positions in securities which it is expect to have a downtrend (Chen et al., 2000). Fund managers are knowledgeable to use sophisticated software programs that enables them to perform more precise risk analysis and to enhance their stock picking skills (Barber and Odean, 2008). The same paper suggests that in contrast to regular investors, fund managers are less prone to biases that affect decision making meaning also that they are not attention driven. Cici (2005) suggests that managers get aware of their gains less readily than the case of losses. Quite the opposite, investors do not exhibit any stock picking skills and there is evidence that in total the stocks they buy underperform those they sell (Odean, 1999). 2.2. Managers persistence On the other hand, a popular fund like the Long Term Capital Management Fund is an example that concentrated brainstorming power does not necessarily mean that abnormal returns even though achieved, can persist. Little academic evidence is supporting the outperformance of active fund managers. Wermer (2000) backs the momentum strategy. More specifically, his research shows that fund managers can beat the market by 1.3% annually only without accounting for trading costs. However, including the trading costs there is an underperformance of 1% annually. Carhart (1997) observed the performance of equity funds and examined whether funds that have done well will continue to have the same performance in the next period as a result of managers skills. His study provides evidences that funds performance does not reflect managers picking skills and concludes that investment costs account for almost all of the important predictability in mutual fund returns (Carhart, 1997, pp. 81). The same pap er gives valuable guidelines for investing in funds. According to its findings, investors should be aware that no load funds always outperform load funds and should avoid managers who often rebalance their portfolio since portfolio turnover reduces the funds performance. Moreover, Bodie et al. (2008) indicate that high portfolio turnover rate can also be tax inefficient. Regarding the momentum strategy, Carhart characteristically claims that some funds can earn higher returns the following year due to pure luck of holding large positions in last years winners. Finally, Chen et al. (2000) suggest that the evidence of persistence concerning past winners over past losers is weak. 3. Irrationality Statman illustrates irrationality by comparing traditional and behavioural finance approaches: people are rational in standard finance; they are normal in behavioural finance. Rational people care about utilitarian characteristics but not value-expressive ones, and never confused by cognitive errors, have perfect self-control, are always risk averse, and are never averse to regret. Normal people do not obediently follow that pattern (Statman, 1999, pp. 26). It is clear according to the academic evidence that active mangers provide little or no economic value to investors. Surprisingly however mutual fund industry continues to attract more investors, managing around 1.72 trillion dollars (HedgeFund Intelligence, 2009). What are the drivers of such irrationality? 3.1 Investors characteristics Acknowledging their own imperfections is one of the key reasons why investors rely on fund managers. Simon (1978) states that investors present imperfect control and bounded rationality over the uncertain and continuous changing market environment and make final decisions as a result of judgemental errors. Investors are not capable to handle efficiently enormous load of information. Walker (1971) argues that each investor has a certain capacity and upper limit of accumulating information, after which all new information is completely ignored. This indicates that decisions are drawn randomly in an irrational way. Overloaded with information, they tend to follow the financial media that direct their choices. 3.2. Advertising Advertising seems to work. Investors irrationally focus on advertisements since it appears that funds that have been advertised have more liquidity and attract more individual investors (Jain and Wu, 2000). The media often names fund managers as the new masters of the universe which can result in investors believing that superior investing abilities can be achieved through fund managers (Mackintosh, 2007). Sendhil et al. (2008) examined the logic behind the success of mutual fund industry in a situation where industry adds little to investors wealth and charges them high. Their research showed evidence that individuals think coarsely; more concrete investors that tend to categorize situations according to their own beliefs and use same conclusions for each category. They evidence significant influence of persuasion and advertising on coarse-thinking. Using data of all financial advertisements in Business Week (BW) and Money they find out that after the market crash, past return data vanish from advertisements, as shown in figure 1. Moreover, in spite of this selective data approach, in downturn market even funds with good performance choose not to advertise themselves. This finding is in line with their models predictions meaning that enclosure of past return data is used in purpose of selling opportunities, rather than promoting professional advice services or skills. Figure 1: Stock Mutual Fund Ads Returns / Total Stock Mutual Funds Ads[1] 3.3. The role of biases and heuristics The attention grabbing events are often able to drive investors interest and affect their investment decision. Barber and Odean (2008) name such events: any unusually large trading volumes, prior day movements to the stock price or certain media news. Taffler (2002) suggests that the availability heuristic and the familiarity bias are to be blame for noise trading. The representative heuristic works in accordance to the existence of stereotypes. Investors tend to believe that a good company can be a good investment. Accordingly a good manager can generate great returns. Decisions based on gut feelings are due to the affect heuristic. Concerning biases, investors exhibit behaviour that can be explained on the framework of framing judgemental biases and confirmation biases (Taffler 2002). As for the first, their judgements are based on the way information is presented. As for the second investors will seek for confirming evidence to support their decisions and will neglect any opposing argument. Despite mutual fund managers advanced or not investment characteristics, Taffler (2002) suggested that fund managers are also prone to similar cognitive errors, biases and heuristics with investors. More often is the case for fund managers being overconfident and overoptimistic to believe that they have superior investing abilities. 4. Conclusion Stock valuation and investment decisions are difficult tasks to be actualized with success. Primarily, financial markets are complex and uncertain, continuously change and are affected by multiple variables. Secondly, investors prove to behave in an irrational manner using mental shortcuts and are subjected to various biases. Investing is often directed by the financial media or relied to fund managers that are supposed to have a more rational behaviour. Our report provides evidence that although investors might have reason to believe fund managers, the actual performance of the latter cannot yield returns that could beat the market by accounting for all costs in a consistent basis. It is therefore the investors characteristics that lead to have such a rationale and at a lower degree any external factors like the press and advertisements. References Barber, B.M. and Odean, T. (2008), All that glitters: The effect of attention and news on the buying behaviour of individual and institutional investors, Review of Financial Studies, Vol. 21, No. 2, pp 785-818. Bodie, Z., Kane, A. and Markus, A.J. (2008), Investments, McGraw-Hill, New York. Boyd, T. (2009), How Australias richest fund manager beat the market, smartcompany.co.au, August 13 2009, available on the internet at https://www.smartcompany.com.au/index.php?option=com_contenttask=viewid=34279Itemid=27utm_source=feedburnerutm_medium=feedutm_campaign=Feed%3A+smartcompanynews+(SmartCompany+News). Carhart, M. (1997), On Persistence in Mutual Fund Performance, Journal of Finance, Vol. 52, No. 1, pp 57-82. Chen, J.L., Jegadeesh, N. and Wermers, R. (2000), The Value of Active Mutual Fund Management: An Examination of the Stockholdings and Trades of Fund Managers, Journal of Financial and Quantitative Analysis, Vol. 35, pp 343-368. Cici, G. (2005), The Relation of the Disposition Effect to Mutual Fund Trades and Performance, Working Paper. HedgeFund Intelligence (2009), Global Review Autumn Update, InvestHedge Magazine, available on the internet at https://www.hedgefundintelligence.com/ih/Article.aspx?Task=ReportIssueID=73357. Mackintosh, J. (2007), Investors Still Pile In, FT.com, April 27 2007, available on the internet at https://search.ft.com/search?queryText=Investors+Still+Pile+In%E2%80%99. Sendhil, M., Schwartzstein, J. and Shleifer, A. (2008), Coarse thinking and persuasion, Quarterly Journal of Economics, Vol. 123, Issue 2, pp 577-619. Simon, H.A. (1978), Rational decision making in business organization, Nobel Memorial Lecture. Statman, M. (1999), Behavioural Finance: Past Battles and future engagement, Association for investment management and research, Financial Analysts Journal, Vol. 55, No.6, pp15-29. Taffler, R.J. (2002), What Can We Learn From Behavioural Finance, Management Focus, pp 8-11. Walker, J.F. (1971), Decision-making under conditions of information overload: Alternative response modes and their consequences, presented at American Educational Research Association Annual Meeting, New York, pp 4 -7. Wermers, R. (2000), Mutual Fund Performance: An Empirical Decomposition into Stock-Picking Talent, Style, Transactions Costs, and Expenses, Journal of Finance, Vol. LV, No. 4, pp 1655-1695. Assignment Topic 2 Summarise and critically discuss the empirical findings of post earnings announcement drift anomaly in international level. 1. Introduction Since Ball and Brown (1968) identified the post earnings announcement drift (PAD), various other research papers have examined the phenomenon. The aim of this paper is to summarize empirical findings of PAD on a multinational point of view. A crucial research conducted by Fama (1998) although gives reasons for the efficient market hypothesis to be valid, admits that it could be challenged by accounting for the PAD phenomenon. Mendenhall (2004) states three key categories of explaining PAD. First, any unexpected earnings changes might simply be due to the use of different research methods. The second explanation supports the idea of systematic misinterpretation concerning expected returns coming from market expectations following earnings announcements. The third explanation supports the behavioural finance perspective. Many studies imply that PAD is a product of irrational investors and inefficient markets. Interestingly, none of the aforementioned explanations can accurately predict why markets are not reacting to publicly available information, like earnings announcement in a timely way. 2. What is the Post Earnings Announcement Drift To get a clear understanding of the phenomenon most of the studies look into PAD phenomenon in phases. Initially, the impact of the earnings announcement results in stocks moving towards new price level. Then the drift in prices makes its presence. This lasts for approximately two months counting from the earnings announcement day. Finally, one more significant adjustment is made around the following announcement concerning next quarters earnings. Bernard and Thomas (1989) highlighted that the phenomenon could be translated as a portion of price change being lagged in following new information. The research work of Lev and Ohlson (1982) and Bernard and Thomas (1990) concluded that the PAD is inconsistent to the fundamental Capital Asset Pricing Model (CAPM). The reason is that CAPM is not able to capture the drift. If the CAPM represents a mechanistic tool of pricing stocks, such a drift would be impossible for the CAPM to predict. The papers also provide additional evidence to suggest that the PAD is incompatible with the EMH. 3. Methodology of PAD The traditional paper of Bernard and Thomas (1989) captures the PAD using the following methodology. There is a formation of portfolios on the basis of the extent and whether the sign of the earnings surprises is positive or negative. The announcements concern for quarterly earnings. Next a comparison is run on actual market prices of stocks and the prices that have been derived using fundamentals. Accordingly any difference between the two prices resulting from a divergence is documented. Therefore all portfolios that present positive earnings surprises are found to have a positive drift in relation to the normative price prediction. In contrast to this, all portfolios that present negative earnings surprises have a negative drift under the normative price prediction. In addition, the amount of the drift is found to be monotonically positive for increasing positive earnings surprise portfolios and monotonically negative for increasing negative earnings surprise portfolios (Zhao, 200 8, pp. 23). 4. Research in International Level 4.1. Spanish Market Forner and Sanabria (2008) checked for the existence of PAD in the Spanish stock market using a sample that consisted of 172 firms dating from 1992 to 2003. The researchers have applied certain unconditional adjustments both to the CAPM and the Fama and French three factor model. Specifically they added a liquidity factor in order to control for size and book-to-market ratios as well as with a view to control for any momentum impact. Forner and Sanabria employed SUE and REV[2]measures on their effort to test PAD existence. The research findings of the paper showed that in the Spanish stock market, the suggested PAD strategy could offer significant gains over the months that follow the earnings announcements. These findings are robust for SUE and REV. In addition the phenomenon is tested against Jegadeeshs (1993) momentum hypothesis to check whether the PAD can explain much of momentum. For this test the findings proved also to be robust and therefore strengthened the impossibility of a risk-based explanation in line with the EMH. Moreover there is a clear suggestion that the PAD is more likely to be a result of investors under reacting or overreacting on earnings announcements. This behaviour can be explained within the framework of behavioural finance were investors are prone to several biases and psychological pitfalls. This explanation is in line with Bloomfield (2000) where it is suggested that PAD is driven by the overwhelming overconfidence that investors believe to holding valuable and accurate information. 4.2. Finnish and Swiss Market Kallunki (1996) based his research on the behaviour of the stock market when having earnings announcements. For this purpose he employs a method to estimate risk using a sample made of Finnish companies in order to prove whether any possible market reaction delays are varying significantly across positive and negative unexpected earnings. Any significance of the results is interpreted as employing wrong measuring methods of abnormal returns. Geoffrey et al. (2006) paper is a study on whether the PAD is sound when dealing with non institutional trades. The data employed is from the stock market of Helsinki for the period 1996 to 2000. The main finding is that the positive news concerning extreme earnings and their resulting returns are positively correlated. The same holds for negative earnings. They have also show a significant correlation due to PAD. As for the Swiss market the research paper of Isakov and Christophe (2005) investigated the acute volatility observed around the days of an earnings announcement. The hypothesis developed was of a decreasing volatility once the announcements of earnings were set out. It appeared however that the volatility changes were related to the type of news. Lakshmanan (2007) provides additional evidence that when an earnings announcement as an information is being broken down into more news can generate surprisingly higher returns when compared to cases where the news where announced once and concentrated. Such a finding is in line with the under reaction explanation of the PAD phenomenon. 4.3. Hong Kong Market Zhaos (2008) research emphasized on two things: on the way prices are distributed as a result of their reaction to news and on further changes in prices. These two are believed to be able to generate significant explanations concerning the analysis of PAD. The paper is sampling the stock market of Hong Kong through the period 1987 till 2006. The key finding following SUE methodology was that the PAD is a robust phenomenon to that specific exchange as well. Furthermore, the study highlights the need to have more emphasis on negative stock prices reflections on earnings announcements. That is because according to Zhao such an emphasis can undermine significantly the vastly reported under reaction explanation of PAD. Another main point of the paper is that non-earnings information can be valuable in affecting reactions of stock prices and therefore drifting them further. Finally Zhao finds that hedging strategies that based on non-earnings information could yield abnormal returns on lon g periods. As a result in Hong Kong market the corroboration effect between earnings and non-earnings information is significant (Zhao, 2008, pp. 53). 4.4. US Market Abnormal returns after an earnings announcement are examined by Pope (1996). He argues that PAD and the bid-ask spread are strongly correlated and abnormal returns are due to the arbitrage opportunities produced from the market inefficiency. Bernard and Thomas (1989) also documented abnormal returns of 18% per annum which persist for minimum six months. In this direction, they found that expectation of future earning to match last years quarter earnings will be reflected in the stock price. Moreover, the paper indicates that market participant may under react to the earnings news due to the transaction and information costs. Sadka (2005) took into consideration liquidity risk and argues that PAD returns can be viewed as risk compensation created from the unpredictable shifts in the aggregate ratio of informed traders to noise traders. Garfinkel and Sokobin (2008) argue that there is a significant positive correlation between PAD and unexplained friction of the trading volume, indicat ing on existence of deviation among investors opinions. 5. Conclusion The review of aforementioned research papers shows that PAD as a robust phenomenon has international dimension, with its presence documented not only in mature stock markets such as US and Europe, but as well in emerging markets such as Hong Kong and China. Two aspects of PAD draw most of the attention among the academics. Main focus is put on the absence of comprehensive framework about PAD as result of various interpretations of the current earnings impact towards the future earnings. Moreover, market participants do not posses predictive power to future abnormal returns based on earnings announcement, and have little understanding that returns are considered to follow a random walk. Transaction costs also contribute investors to lag in their response to the PAD. The other focus is on the behavioural finance where most researchers concluded that PAD results from deviations in investors behaviour, such as overconfidence and self attribution. Thus, investors will rather rely on their own private information than publicly available information, resulting in overreaction or under reaction to the stock markets.