Piotr Zielonka - Academia.edu (original) (raw)

Papers by Piotr Zielonka

The paper describes a study carried out on a group of 24 Polish financial analysts. The analysts ... more The paper describes a study carried out on a group of 24 Polish financial analysts. The analysts responded to a questionnaire with 24 items (signals). They were asked to rate the predictive value of different signals for the movements of stock prices. The signals were of three types: (a) regular technical analysis signals, representing some common psychological biases (gambler&#39;s fallacy,

International Review of Financial Analysis, 2004

The present research provides a justification for the popularity of the technical analysis. It fi... more The present research provides a justification for the popularity of the technical analysis. It finds that financial analysts firmly discriminate between two types of technical signals—those based on typical cognitive biases and “empty” signals that sound like a technical analysis but are without any connotation with psychological inclinations.At the same time that they treat them differently, different analysts rate these items very similarly. These results suggest that the popularity of technical analysis is associated with its relation to the typical cognitive biases of humans.

SSRN Electronic Journal, 2000

Management and Business Administration. Central Europe, 2014

Thinking & Reasoning, 2008

Journal of Behavioral Finance, 2008

The disposition effect has been characterized in various ways: the “effect, whereby investors are... more The disposition effect has been characterized in various ways: the “effect, whereby investors are anxious to sell their winners, but reluctant to sell their losers” (Shefrin [2005], pp. 419); “the tendency to hold losers too long and sell winners too soon” (Odean [1998], pp. 1775) and the effect, whereby investors “sell winners more readily than losers” (Odean [1998], pp. 1779).

Journal of Behavioral Finance, 2006

ABSTRACT What is the nature of the collection of mathematical models we call "finance?&a... more ABSTRACT What is the nature of the collection of mathematical models we call "finance?" There is knowledge in finance, but what is the nature of it, and what is it really about? What sorts of justified true beliefs do we have, i.e., what would it mean for these beliefs/models to be true, and how do we justify their truth? The traditional positive interpretation of finance models poses a number of difficult, and perhaps even intractable, philosophical problems. There are as many as six other interpretations, only one of which, the normative interpretation, is familiar. Most of finance's interpretations of its models, including both of the usual ones, fall within the platonic/foundational perspective as it is applied to mathematics. Even the positive interpretation, to which most in finance implicitly or explicitly subscribe, does not reveal the "objective reality" that is supposed to be out there. We clearly need a truly "behavioral" finance, in every sense of the word.