Browsing by Author "Sharma, Aditya"

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    Market anomalies and investor behaviour
    (Inder Science, 2022) Sharma, Aditya; Kumar, Arya
    Market anomalies hint at inefficiency of stock markets. The research on the root cause of market anomalies points from time to time towards investor behaviour. The paper contributes to the research through investigation of the existence and probable source of three key anomalies in Indian stock markets, namely: momentum, size and value anomaly. The paper adopts Jegadeesh and Titman's methodology for finding the existence and Du and Watkin's decomposition technique for exploration of sources. The paper develops different strategies in order to calculate excess returns utilising these anomalies and decomposes the obtained profit to test for the sources. The results obtained point towards multiple sources indicating the role of investor behaviour along with the risk factors as the underlying cause. The overall contribution of the paper is highlighting the inefficiency in Indian stock markets while also pointing towards a certain influence of investor behaviour in Indian equity markets.
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    A review paper on behavioral finance: study of emerging trends
    (Emerald, 2020-04) Kumar, Arya; Sharma, Aditya
    This paper participates in the debate on market efficiency and correct approach for asset pricing through a comprehensive review of literature in favor, as well as against the long held belief of market efficiency. The purpose of this paper is to understand emerging trends in behavioral finance and establish its future potential as a mainstream alternative theory of asset pricing.