8521 High Drive
Leawood, KS 66206
and market inefficiencies
Software and consulting that enhance your
results through novel analytics
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| G A P Y X , L L C | |||||||||||||||||||
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| Markets
are not efficient in the sense that smart money is costly, so that mispricing
caused by noise traders is not completely removed. The idea that the market
contains noise is supported by the empirical findings reported by Campbell
and Kyle (1993), Redding (1996), Morgan (1997), and Shleifer (1998). Recent
research, such as Daniel, Hirshleifer, and Subrahmanyam (1998) and Barberis
(1998), provides mechanisms by which investor sentiment, based upon psychological
theory, leads to market misperception. If traders are overconfident, then
they tend to underestimate the firm value just after observing a negative
surprise. GAPYX offers software and consulting solutions that enable
you to anticipate such misperceptions and mispricing and use it to advantage
in your capital management strategy. 8521 High Drive Leawood, KS 66206 |
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| Leading
indicators of gaps, breakouts, and market inefficiencies Software and consulting that enhance your results through novel analytics |
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| 913-642-5692 | |||||||||||||||||||
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| 913-642-5686 | |||||||||||||||||||
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| dmcnair@gapyx.com | |||||||||||||||||||