Roberto M. Sales

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In this paper empirical tests for the analysis of overreaction and underreaction hypothesis in the American stock market are presented. For these tests a new methodology based on the fuzzy clustering means algorithm is proposed. Such methodology is strongly connected with two heuristics of behavioral finance: representativeness and anchoring. The proposed(More)
In this paper empirical tests for the overreaction and underreaction hypothesis in the Brazilian stock market are presented. For these tests, due to the complexity of these phenomena, a new model based on the fuzzy set theory is proposed. It is shown that such model is strongly connected with two heuristics of behavioral finance: representativeness and(More)
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