Domestic contrarians win in the long run: A case study

Vesa Puttonen and Michael Ståhle
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Vesa Puttonen: Aalto University School of Business

Journal of Asset Management, 2014, vol. 15, issue 5, No 1, 279-283

Abstract: Abstract Tracking the changes in the ownership base of Nokia Corporation in 1993–2013, we find that Finnish investors, on average, tended to be contrarians and, as a result, were able to benefit at the expense of the foreign investors in the long run. In total, Finnish investors gained €39 billion at the cost of foreign investors. The domestic institutional investors were least prone to disposition effect and thus gained the biggest profits.

Keywords: contrarian strategy; domestic investors; disposition effect; Nokia (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1057/jam.2014.27

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