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1

High volatility eliminates the disposition effect in a market crisis

100%

Zielonka P., Dacey R.

Decyzje

|

2013

|

issue 20

5-20

EN

The disposition effect is an effect whereby investors tend to sell winning stocks and tend to hold losing stocks. This inclination is detrimental for investment results. Dacey and Zielonka (2008) showed the impact of the probability of further stock price rise under low stock price volatility on the disposition effect. Specifically, they showed that under low volatility, in the case of a gain, the investor is more likely to sell the winner even if the probability of the further gain is high, whereas in the case of a loss, the investor is more likely to hold the loser even when the probability of a further gain is small. In this paper we examined the disposition effect under high volatility. The general conclusion is that under high volatility, in the case of a gain, the investor behaves in the same way as for low volatility, whereas in the case of a loss, the investor is less and less likely to hold the loser as volatility increases. Thus, in the case of a loss under high volatility, the investor acts contrary to the disposition effect. This result explains the panic selling of stocks during a market collapse.

2

Conjuring a Reality: The Magic of the Practice of Accounting

81%

Mastrolia S. A., Zielonka P., McGoun E. G.

Management and Business Administration. Central Europe

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2014

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vol. 22

|

issue 3

3-17

EN

Purpose: Recently, magic has been given increasing attention by psychologists for what it can reveal about how the human cognitive system works. This paper examines whether these same cognitive processes are at play in another arena, specifi cally, the presentation of financial accounting� information. Approach: The authors reviewed the fi ndings of cognitive scientists from their studies of magicians and applied these to the activities of professional accountants. Findings: Specifi c cognitive processes which magicians and accountants take advantage of, explicitly for one and implicitly for the other, are the same: good continuation, habituation, and attentional capture. Value: Further research regarding such interactions between accounting and cognition has potential for enhancing our understanding of both. Certainly at this particular point in accounting history, as standard setters seem to be moving ever closer to implementing some version of a principles-based accounting regime versus our current rules-based accounting regime, it is worthwhile to contemplate the conscious and subconscious effects of cognitive processes on how individuals perceive financial information.

3

Don’t fight the tape! Technical Analysis Momentum and Contrarian Signals as Common Cognitive Biases

81%

Zielonka P., Białaszek W., Biedrzycki P., Dzik B.

Central European Management Journal

|

2020

|

vol. 28(2)

98-110

EN

Purpose: Stock market participants use technical analysis to seek trends in stock price charts despite its doubtful efficiency. We tested whether technical analysis signals represent typical and common cognitive biases associated with the continuation or reversal of the trend. Methodology: We compared investors’ opinions about the predictive power of technical analysis signals grouped into five conditions: real technical analysis signals associated with trend continuation (real momentum signals) or trend reversal (real contrarian signals), fake momentum or fake contrarian signals, and fluctuation signals. Findings: Investors assigned larger predictive power to real and fake signals associated with trend continuation than to signals associated with trend reversal. Fake signals, which represented cognitive biases, elicited similar predictions about trend continuation or reversal to real technical analysis signals. Originality: Market players assess momentum signals to have greater predictive power than contrarian signals and neutral signals to have the least predictive power. These results are independent of whether technical analysis signals were well-known to investors or made up by experimenters. The hardwired propensity of our brains to detect patterns combined with the non-natural environment of the stock market creates the illusion of expertise that is not easy to dispel.

4

Tom Stafford, Matt Webb – „100 sposobów na zgłębienie tajemnic umysłu”

50%

Zielonka P.

Decyzje

|

2008

|

issue 9

5

Wydawnictwo One Press w serii Harvard Business Review „Podejmowanie decyzji”

50%

Zielonka P.

Decyzje

|

2007

|

issue 8

6

Stephen L. Macknik, Sandra Blakeslee - "Brudne gierki Twojego umysłu"

50%

Zielonka P.

Decyzje

|

2011

|

issue 16

7

Tadeusz Tyszka - "Decyzje. Perspektywa psychologiczna i ekonomiczna"

50%

Zielonka P.

Decyzje

|

2010

|

issue 14

8

Jason Zweig - „Twój mózg, Twoje pieniądze”

40%

Zielonka P.

Decyzje

|

2009

|

issue 11

9

Howard Rachlin - "Sztuka samokontroli"

35%

Zielonka P.

Decyzje

|

2011

|

issue 15

10

Psychologia ekonomiczna – 2007

30%

Zielonka P.

Decyzje

|

2007

|

issue 7

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1 Dacey R.

1 Dzik B.

1 Mastrolia S. A.

1 McGoun E. G.

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High volatility eliminates the disposition effect in a market crisis

Conjuring a Reality: The Magic of the Practice of Accounting

Don’t fight the tape! Technical Analysis Momentum and Contrarian Signals as Common Cognitive Biases

Tom Stafford, Matt Webb – „100 sposobów na zgłębienie tajemnic umysłu”

Wydawnictwo One Press w serii Harvard Business Review „Podejmowanie decyzji”

Stephen L. Macknik, Sandra Blakeslee - "Brudne gierki Twojego umysłu"

Tadeusz Tyszka - "Decyzje. Perspektywa psychologiczna i ekonomiczna"

Jason Zweig - „Twój mózg, Twoje pieniądze”

Howard Rachlin - "Sztuka samokontroli"

Psychologia ekonomiczna – 2007