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Papers on “standardized testing validity equity bias”

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1. Investor Psychology and Security Market Under‐ and Overreactions

   Kent Daniel, David Hirshleifer, Avanidhar Subrahmanyam · 1998 · The Journal of Finance · 5,792 cites

   ABSTRACT We propose a theory of securities market under‐ and overreactions based on two well‐known psychological biases: investor overconfidence about the precision of private information; and biased self‐attribution, which causes asymmetric shifts in investors' confidence as a function of their investment outcomes. We show that overconfidence implies negative long‐lag autocorrelations, excess volatility, and, when managerial actions are correlated with stock mispricing, public‐event‐based return predictability. Biased self‐attribution adds positive short‐lag autocorrelations (“momentum”), short‐run earnings “drift,” but negative correlation between future returns and long‐term past stock ma

2. Sex and Gender Equity in Research: rationale for the SAGER guidelines and recommended use

   Shirin Heidari, Thomas F. Babor, Paola De Castro, et al. · 2016 · Research Integrity and Peer Review · 2,137 cites

   BACKGROUND: Sex and gender differences are often overlooked in research design, study implementation and scientific reporting, as well as in general science communication. This oversight limits the generalizability of research findings and their applicability to clinical practice, in particular for women but also for men. This article describes the rationale for an international set of guidelines to encourage a more systematic approach to the reporting of sex and gender in research across disciplines. METHODS: A panel of 13 experts representing nine countries developed the guidelines through a series of teleconferences, conference presentations and a 2-day workshop. An internet survey of 716

3. Information costs and home bias: an analysis of US holdings of foreign equities

   Alan Ahearne, William L. Griever, Francis E. Warnock · 2004 · Journal of International Economics · 852 cites

4. Explaining Credit Default Swap Spreads with the Equity Volatility and Jump Risks of Individual Firms

   Benjamin Yibin Zhang, Hao Zhou, Haibin Zhu · 2009 · Review of Financial Studies · 615 cites

   This paper attempts to explain the credit default swap (CDS) premium, using a novel approach to identify the volatility and jump risks of individual firms from high-frequency equity prices. Our empirical results suggest that the volatility risk alone predicts 48% of the variation in CDS spread levels, whereas the jump risk alone forecasts 19%. After controlling for credit ratings, macroeconomic conditions, and firms' balance sheet information, we can explain 73% of the total variation. We calibrate a Merton-type structural model with stochastic volatility and jumps, which can help to match credit spreads after controlling for the historical default rates. Simulation evidence suggests that th

5. Accrual-Based and Real Earnings Management Activities Around Seasoned Equity Offerings

   Daniel Cohen, Paul Zarowin · 2008 · SSRN Electronic Journal · 549 cites

6. Towards a standard for identifying and managing bias in artificial intelligence

   Reva Schwartz, Apostol Vassilev, Kristen Greene, et al. · 2022 · 537 cites

   As individuals and communities interact in and with an environment that is increasingly virtual they are often vulnerable to the commodification of their digital exhaust. Concepts and behavior that are ambiguous in nature are captured in this environment, quantified, and used to categorize, sort, recommend, or make decisions about people's lives. While many organizations seek to utilize this information in a responsible manner, biases remain endemic across technology processes and can lead to harmful impacts regardless of intent. These harmful outcomes, even if inadvertent, create significant challenges for cultivating public trust in artificial intelligence (AI). SP 1270 is a NIST Artificia

7. On biases in tests of the expectations hypothesis of the term structure of interest rates

   Geert Bekaert, Robert J. Hodrick, David A. Marshall · 1997 · Journal of Financial Economics · 403 cites

   We document extreme bias and dispersion in the small-sample distributions of four standard regression-based tests of the expectations hypothesis of the term structure of interest rates. The biases arise because of the extreme persistence in short interest rates. We derive approximate analytic expressions for the biases under a simple first-order autoregressive data generating process for the short rate. We then conduct Monte Carlo experiments based on a bias-adjusted first-order autoregressive process for the short rate and for a more realistic bias-adjusted VAR-GARCH model incorporating the short rate and three term spreads. Conducting inference with the small-sample distributions of test s

8. Market mechanisms and funding dynamics in equity crowdfunding

   Lars Hornuf, Armin Schwienbacher · 2017 · Journal of Corporate Finance · 369 cites

   Equity crowdfunding is a new form of entrepreneurial finance, in which investors do not receive perks or engage in pre-purchase of the product, but rather participate in the future cash flows of a firm. In this paper, we analyze what determines individual investment decisions in this new financial market. One important factor that may influence the behavior of investors is the way the portal allocates securities. We use unique data from four German equity crowdfunding portals to examine how the allocation mechanism affects funding dynamics. In contrast with the crowdfunding campaigns on Kickstarter, on which the typical pattern of project support is U shaped, we find that equity crowdfunding