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Erscheinungsjahr: 
2022
Quellenangabe: 
[Journal:] Risks [ISSN:] 2227-9091 [Volume:] 10 [Issue:] 3 [Article No.:] 56 [Publisher:] MDPI [Place:] Basel [Year:] 2022 [Pages:] 1-15
Verlag: 
MDPI, Basel
Zusammenfassung: 
This research paper analyses the impact of COVID-19 to investigate the overconfidence bias in 12 cyclical and defensive sectors in pre- and during COVID-19 periods using daily data from 1 January 2015 to 31 December 2020. The results of VAR show that in the pre COVID-19 phase overconfidence bias is more prevalent in all the cyclical sectors; in particular, MEDIA, METAL and REALTY have highly significant coefficients . In the defensive sectors, the VAR outcomes are not as strong as we expected, except for SERVICES. During the COVID-19 period, the investor shifted their focus to COVID-19-related opportunities, leading to a surge in the IT and PHARMA sectors. In both phases, METAL, MEDIA and REALTY exhibit overconfidence-driven stock trading behaviour. ENERGY is the only sector in both the phases that does not witness overconfidence bias.
Schlagwörter: 
COVID-19
overconfidence bias
sectors
VAR
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