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	<title>CXO Advisory &#187; Animal Spirits</title>
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		<title>Individual Investors in Bull and Bear Markets [PREMIUM]</title>
		<link>http://www.cxoadvisory.com/18784/individual-investing/individual-investors-in-bull-and-bear-markets/</link>
		<comments>http://www.cxoadvisory.com/18784/individual-investing/individual-investors-in-bull-and-bear-markets/#comments</comments>
		<pubDate>Fri, 13 Jan 2012 11:01:23 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Animal Spirits]]></category>
		<category><![CDATA[Individual Investing]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com/?p=18784</guid>
		<description><![CDATA[How do individual investors adjust trading behaviors during bull and bear markets? Are any such adjustments advantageous? In their December 2011 paper entitled &#8220;Don’t Confuse Brains with a Bull Market: Attribution Bias, Market Condition, and Trading Behavior of Individual Investors&#8221;, Zhen Shi and Na Wang examine the trading behaviors of individual investors during different market conditions. <a href="http://www.cxoadvisory.com/18784/individual-investing/individual-investors-in-bull-and-bear-markets/"><strong>More...</strong></a>]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Doom and the Stock Market</title>
		<link>http://www.cxoadvisory.com/3316/animal-spirits/doom-and-the-stock-market/</link>
		<comments>http://www.cxoadvisory.com/3316/animal-spirits/doom-and-the-stock-market/#comments</comments>
		<pubDate>Wed, 11 Jan 2012 17:20:25 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Animal Spirits]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com.php5-14.websitetestlink.com/?p=3316</guid>
		<description><![CDATA[...there is no clear connection between proximity of doom for humanity and stock market performance.]]></description>
		<wfw:commentRss>http://www.cxoadvisory.com/3316/animal-spirits/doom-and-the-stock-market/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Quarterly Earnings Announcement Reversals [PREMIUM]</title>
		<link>http://www.cxoadvisory.com/17708/animal-spirits/quarterly-earnings-announcement-reversals/</link>
		<comments>http://www.cxoadvisory.com/17708/animal-spirits/quarterly-earnings-announcement-reversals/#comments</comments>
		<pubDate>Tue, 22 Nov 2011 11:03:07 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Animal Spirits]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com/?p=17708</guid>
		<description><![CDATA[Are firm earnings announcements bound to confound stock traders? In their November 2011 paper entitled &#8220;Systematic Noise and News-Driven Return Reversals&#8221;, Eric So and Sean Wang examine trading behavior around quarterly earnings announcements. They define pre-announcement return as the market-adjusted return over a three-day window from five days before through three days before earnings announcement <a href="http://www.cxoadvisory.com/17708/animal-spirits/quarterly-earnings-announcement-reversals/"><strong>More...</strong></a>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Animal Spirits Neuroscience</title>
		<link>http://www.cxoadvisory.com/17104/animal-spirits/animal-spirits-neuroscience/</link>
		<comments>http://www.cxoadvisory.com/17104/animal-spirits/animal-spirits-neuroscience/#comments</comments>
		<pubDate>Thu, 20 Oct 2011 16:08:07 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Animal Spirits]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com/?p=17104</guid>
		<description><![CDATA[Is science making progress in deconstructing the animal spirits at play in financial markets? In the October 2011 draft of his chapter entitled &#8220;Fear, Greed, and Financial Crises: A Cognitive Neurosciences Perspective&#8221;, Andrew Lo explores the neuroscientiﬁc underpinnings of those human behaviors most relevant to financial system risk. Citing a range of uncontrolled (opportunistic) and controlled experiments <a href="http://www.cxoadvisory.com/17104/animal-spirits/animal-spirits-neuroscience/"><strong>More...</strong></a>]]></description>
		<wfw:commentRss>http://www.cxoadvisory.com/17104/animal-spirits/animal-spirits-neuroscience/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Refined Short-term Reversal Strategies [PREMIUM]</title>
		<link>http://www.cxoadvisory.com/2391/animal-spirits/refined-short-term-reversal-strategies/</link>
		<comments>http://www.cxoadvisory.com/2391/animal-spirits/refined-short-term-reversal-strategies/#comments</comments>
		<pubDate>Mon, 17 Oct 2011 10:03:52 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Animal Spirits]]></category>
		<category><![CDATA[Technical Trading]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com.php5-14.websitetestlink.com/?p=2391</guid>
		<description><![CDATA[Does short-term (one-month) stock return reversal persist? If so, is there a best way to refine and exploit it? In the September 2011 version of their paper entitled &#8220;Decomposing the Short-term Return Reversal&#8221;, Zhi Da, Qianqiu Liu and Ernst Schaumburg decompose the total short-term reversal into an across-industry component (long prior-month loser industries and short <a href="http://www.cxoadvisory.com/2391/animal-spirits/refined-short-term-reversal-strategies/"><strong>More...</strong></a>]]></description>
		<wfw:commentRss>http://www.cxoadvisory.com/2391/animal-spirits/refined-short-term-reversal-strategies/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Lunar Cycle and Stock Returns</title>
		<link>http://www.cxoadvisory.com/3808/calendar-effects/lunar-cycle-and-stock-returns/</link>
		<comments>http://www.cxoadvisory.com/3808/calendar-effects/lunar-cycle-and-stock-returns/#comments</comments>
		<pubDate>Thu, 13 Oct 2011 16:00:18 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Animal Spirits]]></category>
		<category><![CDATA[Calendar Effects]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com.php5-14.websitetestlink.com/?p=3808</guid>
		<description><![CDATA[Does the lunar cycle affect the behavior of investors/traders, and thereby influence stock returns? In the August 2001 version of their paper entitled &#8220;Lunar Cycle Effects in Stock Returns&#8221; Ilia Dichev and Troy Janes conclude that: &#8220;returns in the 15 days around new moon dates are about double the returns in the 15 days around <a href="http://www.cxoadvisory.com/3808/calendar-effects/lunar-cycle-and-stock-returns/"><strong>More...</strong></a>]]></description>
		<wfw:commentRss>http://www.cxoadvisory.com/3808/calendar-effects/lunar-cycle-and-stock-returns/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Dividend Month Premium [PREMIUM]</title>
		<link>http://www.cxoadvisory.com/16926/fundamental-valuation/dividend-month-premium/</link>
		<comments>http://www.cxoadvisory.com/16926/fundamental-valuation/dividend-month-premium/#comments</comments>
		<pubDate>Thu, 13 Oct 2011 10:09:51 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Animal Spirits]]></category>
		<category><![CDATA[Fundamental Valuation]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com/?p=16926</guid>
		<description><![CDATA[Do investors focus on dividends, thereby elevating associated stock prices as ex-dividend date approaches? In the September 2011 draft of their paper entitled &#8220;The Dividend Month Premium&#8221;, Samuel Hartzmark and David Solomon examine the price behavior of stocks with scheduled quarterly, semiannual and annual dividends during the expected dividend month and around expected ex-dividend dates. Using <a href="http://www.cxoadvisory.com/16926/fundamental-valuation/dividend-month-premium/"><strong>More...</strong></a>]]></description>
		<wfw:commentRss>http://www.cxoadvisory.com/16926/fundamental-valuation/dividend-month-premium/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Announcement Tone and Short-term Reaction to Earnings News [PREMIUM]</title>
		<link>http://www.cxoadvisory.com/16586/fundamental-valuation/announcement-tone-and-short-term-reaction-to-earnings-news/</link>
		<comments>http://www.cxoadvisory.com/16586/fundamental-valuation/announcement-tone-and-short-term-reaction-to-earnings-news/#comments</comments>
		<pubDate>Tue, 27 Sep 2011 10:04:44 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Animal Spirits]]></category>
		<category><![CDATA[Fundamental Valuation]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com/?p=16586</guid>
		<description><![CDATA[Does the semantic tone of an earnings announcement, as measured independently of the level of earnings surprise, affect stock price reaction. In his September 2011 paper entitled &#8220;Short-term Reactions to News Announcements&#8221;, Michal Dzielinski investigates the effect of the tone (positive, neutral or negative) of the words in earnings announcements and other company news on stock prices from <a href="http://www.cxoadvisory.com/16586/fundamental-valuation/announcement-tone-and-short-term-reaction-to-earnings-news/"><strong>More...</strong></a>]]></description>
		<wfw:commentRss>http://www.cxoadvisory.com/16586/fundamental-valuation/announcement-tone-and-short-term-reaction-to-earnings-news/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Stock Spikes Around CEO Interviews [PREMIUM]</title>
		<link>http://www.cxoadvisory.com/6952/animal-spirits/stock-spikes-around-ceo-interviews/</link>
		<comments>http://www.cxoadvisory.com/6952/animal-spirits/stock-spikes-around-ceo-interviews/#comments</comments>
		<pubDate>Mon, 12 Sep 2011 10:02:01 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Animal Spirits]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com/?p=6952</guid>
		<description><![CDATA[Do investors in aggregate respond to &#8220;staged&#8221; CEO visibility? In the August 2011 update of their paper entitled &#8220;CEO Interviews on CNBC&#8221;, Felix Meschke and Andy Kim investigate whether planned interviews with CEOs on financial television systematically affect associated stock prices over the days before and after the interview. The authors focus on the interval <a href="http://www.cxoadvisory.com/6952/animal-spirits/stock-spikes-around-ceo-interviews/"><strong>More...</strong></a>]]></description>
		<wfw:commentRss>http://www.cxoadvisory.com/6952/animal-spirits/stock-spikes-around-ceo-interviews/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Overview of Research on Individual Investors</title>
		<link>http://www.cxoadvisory.com/14721/individual-investing/overview-of-research-on-individual-investors/</link>
		<comments>http://www.cxoadvisory.com/14721/individual-investing/overview-of-research-on-individual-investors/#comments</comments>
		<pubDate>Thu, 07 Jul 2011 10:12:48 +0000</pubDate>
		<dc:creator>Steve LeCompte</dc:creator>
				<category><![CDATA[Animal Spirits]]></category>
		<category><![CDATA[Individual Investing]]></category>

		<guid isPermaLink="false">http://www.cxoadvisory.com/?p=14721</guid>
		<description><![CDATA[What does the body of academic research say about the stock trading behaviors and outcomes for individual investors? In their June 2011 paper entitled &#8220;The Behavior of Individual&#8221;, Brad Barber and Terrance Odean survey four areas of empirical research on the behavior of individual investors trading individual stocks: (1) performance, (2) the disposition effect, (3) <a href="http://www.cxoadvisory.com/14721/individual-investing/overview-of-research-on-individual-investors/"><strong>More...</strong></a>]]></description>
		<wfw:commentRss>http://www.cxoadvisory.com/14721/individual-investing/overview-of-research-on-individual-investors/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
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