Investors’ rationality. An analysis of the investment policy implications on shares valuation

Curmei-Semenescu Andreea (), Elena Tilica and Curmei Cătălin Valeriu ()
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Curmei-Semenescu Andreea: Department Of Finance And CEFIMO, Faculty Of Finance And Banking, The Bucharest University Of Economic Studies, Bucharest, Romania
Curmei Cătălin Valeriu: UNESCO Department For Business Administration, Faculty Of Business Administration In Foreign Languages, The Bucharest University Of Economic Studies,, Bucharest, Romania

Proceedings of the International Conference on Business Excellence, 2019, vol. 13, issue 1, 578-588

Abstract: The investment policy is an important vehicle of growth for a company. Therefore, it should be one of the most important signals for investors on the capital market. We use the statistical analysis of the investors’ reactions to different patterns of investment policy to highlight their preference for an active investment policy and the changes induced by the financial crisis. By a comparative analysis of investors’ preferences with the information on the accounting-based performance recorded simultaneously and in the future economic exercise, we focus on the extent and limits of the investors’ rationality around the financial crisis.

Keywords: Investors’ Rationality; Animal Spirits; Investment Policy (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:poicbe:v:13:y:2019:i:1:p:578-588:n:51

DOI: 10.2478/picbe-2019-0051

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