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Investor confusion and similarly identified securities

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  • J. R. Davies
  • David Hillier
  • Juliane Thamm

Abstract

This paper extends the analysis of Rashes (2001) to examine the co‐movement of prices for a sample of UK equity securities with similar ticker symbols and names. In contrast to Rashes (2001), we find only limited evidence of price changes that could be attributed to ticker symbol or name confusion. Our results suggest that any such confusion, if it exists at all, is most likely confined to very short time horizons and is not a systematic occurrence for similarly identified securities.

Suggested Citation

  • J. R. Davies & David Hillier & Juliane Thamm, 2007. "Investor confusion and similarly identified securities," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 47(4), pages 693-711, December.
    • Handle: RePEc:bla:acctfi:v:47:y:2007:i:4:p:693-711
    DOI: 10.1111/j.1467-629X.2007.00223.x
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    References listed on IDEAS

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    1. Boehmer, Ekkehart & Masumeci, Jim & Poulsen, Annette B., 1991. "Event-study methodology under conditions of event-induced variance," Journal of Financial Economics, Elsevier, vol. 30(2), pages 253-272, December.
    2. Michael S. Rashes, 2001. "Massively Confused Investors Making Conspicuously Ignorant Choices (MCI–MCIC)," Journal of Finance, American Finance Association, vol. 56(5), pages 1911-1927, October.
    3. Charles M.C. Lee & Bhaskaran Swaminathan, 2000. "Price Momentum and Trading Volume," Journal of Finance, American Finance Association, vol. 55(5), pages 2017-2069, October.
    4. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
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    Cited by:

    1. Balashov, Vadim S. & Nikiforov, Andrei, 2019. "How much do investors trade because of name/ticker confusion?," Journal of Financial Markets, Elsevier, vol. 46(C).
    2. Qiu, Jiayue & Wu, Hai & Zhang, Lijuan, 2021. "In name only: Information spillovers among Chinese firms with similar stock names during earnings announcements," Journal of Corporate Finance, Elsevier, vol. 69(C).

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