• Corpus ID: 46464759

Evidence of the overconfidence bias in the Egyptian stock market in different market states

  title={Evidence of the overconfidence bias in the Egyptian stock market in different market states},
  author={Ayman Hassan Metwally and Omneya Darwish},
  journal={International Journal of Business \& Economic Development},
  • A. Metwally, O. Darwish
  • Published 1 November 2015
  • Economics
  • International Journal of Business & Economic Development
Traditional finance theories fail to explain several anomalies observed in security markets. High levels of market turnover are among the most challenging market puzzles that have been documented in many security markets. Several studies assert the correlation between past market return and current market turnover. Behavioral finance theories assume that overconfidence bias is the reason behind this relation. Hence, this paper aims to study the impact of overconfidence – a behavioral bias… 

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