THREE ESSAYS ON EMPIRICAL INVESTMENT

Abstract

This dissertation investigates how certain factors shape investor decision-making processes. Chapter one documents the asymmetric responses of mutual funds and analysts to managerial manipulation of segment-specific information, explaining stock overpricing linked to high long-term earnings growth forecasts. Chapter two studies the effects on the investment behavior of retail investors in response to quasi-exogenous share reverse-splits. Chapter three shows how the geographic dispersion of international asset managers affects their investment behavior. Collectively, this dissertation advances the body of knowledge concerning the economic aspects of investment decision-making.