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Cultural Influences of Investing Beh...

Taillard, Michael.

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Cultural Influences of Investing Behavior: A Correlational Design Study.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Cultural Influences of Investing Behavior: A Correlational Design Study./
Author:	Taillard, Michael.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2017,
Description:	92 p.
Notes:	Source: Dissertation Abstracts International, Volume: 78-07(E), Section: A.
Contained By:	Dissertation Abstracts International78-07A(E).
Subject:	Economics. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10254213
ISBN:	9781369509496

Cultural Influences of Investing Behavior: A Correlational Design Study.
Taillard, Michael.

Cultural Influences of Investing Behavior: A Correlational Design Study. - Ann Arbor : ProQuest Dissertations & Theses, 2017 - 92 p.

Source: Dissertation Abstracts International, Volume: 78-07(E), Section: A.

Thesis (Ph.D.)--Northcentral University, 2017.

The modern increase in global human and capital movement has necessitated a more sophisticated understanding of the perceived differentials in the valuation of capital. Investors currently do not know the manner in which differences in perception of risk and value are influencing market price, nor how to incorporate such information into existing arbitrage pricing theory equity pricing models. This quantitative study uses a correlational design to establish whether the cultural dimension of uncertainty avoidance influences the risk aversion in equity investors by testing for any predictive power between several data sets. Data on the cultural dimension of uncertainty avoidance is collected from GLOBE's (2004) and two datasets from Hofstede's (1980 and 2010). These were analyzed using Spearman's rho (p=0.05) to test whether they can be used as a predictive measure of global differentials in common investment risk analytics. The analyses were then performed a second time using partial-correlation, controlling for average GDP growth rate as measured using the mean GDP growth of the year being studied and two years prior. Using a sample of 114 corporations listed on exchanges across 6 different nations, it was found that volatility risk measured using alpha and beta maintained strong and consistent correlation to uncertainty avoidance, robust over time and across cultural frameworks, explaining 14% of variance. It was also found that value risk measured using price-to-earnings ratio was once very strongly correlated, but that the strength and significance of that correlation decreased over time, become insignificant by the year 2010. This confirms the hypothesis that culture influences investor behavior, but further research is required to more fully understand the manner in which this occurs and whether it can be applied to additional forms of investment.

ISBN: 9781369509496Subjects--Topical Terms:

517137
Economics.

Cultural Influences of Investing Behavior: A Correlational Design Study.
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520 $a The modern increase in global human and capital movement has necessitated a more sophisticated understanding of the perceived differentials in the valuation of capital. Investors currently do not know the manner in which differences in perception of risk and value are influencing market price, nor how to incorporate such information into existing arbitrage pricing theory equity pricing models. This quantitative study uses a correlational design to establish whether the cultural dimension of uncertainty avoidance influences the risk aversion in equity investors by testing for any predictive power between several data sets. Data on the cultural dimension of uncertainty avoidance is collected from GLOBE's (2004) and two datasets from Hofstede's (1980 and 2010). These were analyzed using Spearman's rho (p=0.05) to test whether they can be used as a predictive measure of global differentials in common investment risk analytics. The analyses were then performed a second time using partial-correlation, controlling for average GDP growth rate as measured using the mean GDP growth of the year being studied and two years prior. Using a sample of 114 corporations listed on exchanges across 6 different nations, it was found that volatility risk measured using alpha and beta maintained strong and consistent correlation to uncertainty avoidance, robust over time and across cultural frameworks, explaining 14% of variance. It was also found that value risk measured using price-to-earnings ratio was once very strongly correlated, but that the strength and significance of that correlation decreased over time, become insignificant by the year 2010. This confirms the hypothesis that culture influences investor behavior, but further research is required to more fully understand the manner in which this occurs and whether it can be applied to additional forms of investment.
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