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Investors’ behavior in an emerging, tax free market

Al-Hilu, K, Azad, Asm, Chazi, A and Khallaf, A 2016, Investors’ behavior in an emerging, tax free market, Emerging markets finance and trade, vol. 53, pp. 1-17, doi: 10.1080/1540496X.2016.1178110.

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Title Investors’ behavior in an emerging, tax free market
Author(s) Al-Hilu, K
Azad, AsmORCID iD for Azad, Asm
Chazi, A
Khallaf, A
Journal name Emerging markets finance and trade
Volume number 53
Start page 1
End page 17
Total pages 17
Publisher Taylor & Francis
Place of publication Abingdon, Eng.
Publication date 2016-08
ISSN 1540-496X
Keyword(s) Contagion
Emerging market
investor behavior
Social Sciences
International Relations
Business & Economics
Summary We provide empirical evidence on the stock market participants’ behavior in an emerging market, with a tax-free environment. Our results show that UAE investors exhibit overconfidence and home bias, and tend to sell prior winners and buy prior losers. We find that investors rely on familiarity and on their information channels to make decisions. The results indicate that investors are risk averse, especially after the global financial crisis, which has had contagion effect on UAE markets. Investors attribute this effect to the inability to manage systemic crisis and to problems of information asymmetry, insider trading, and lack of good governance during crisis.
Notes peerreview_statement: The publishing and review policy for this title is described in its Aims & Scope. aims_and_scope_url:
Language eng
DOI 10.1080/1540496X.2016.1178110
Field of Research 150205 Investment and Risk Management
1502 Banking, Finance And Investment
1402 Applied Economics
Socio Economic Objective 900102 Investment Services (excl. Superannuation)
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2016, Taylor & Francis
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Document type: Journal Article
Collection: Department of Finance
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