Subjective Well-Being of Corporate Managers And Its Impact on Stock Market Volatility and Financial Stability During the Covid-19 Pandemic in Poland: Agent-Based Model Perspective - Archive ouverte HAL Access content directly
Other Publications Documents de travail du Centre d'Économie de la Sorbonne Year : 2023

Subjective Well-Being of Corporate Managers And Its Impact on Stock Market Volatility and Financial Stability During the Covid-19 Pandemic in Poland: Agent-Based Model Perspective

Abstract

This study aims at connecting the behavioral corporate finance (micro level) perspective and complexity theory along with agent-based modelling in order to analyze the impact of selected behavioral managerial factors on aggregated data related to the financial market stability (macro level). Specifically, we want to explore whether subjective well-being (SWB) of corporate managers (CEOs) impacted their business decisions during the Covid-19 pandemic, and how it may be related to volatility of stock prices and the issue of financial stability during this critical period. Our study is based on a survey of 255 managers of companies listed on the Warsaw Stock Exchange in Poland over the period …. Using the results of this survey, we build an agent-based model (ABM) calibrated for the specific case of Poland to investigate how decision making of CEOs, stemming from their SWB, influence the stock prices and selected financial market dynamics indicators. The results of our study indicate that the excess volatility of stock prices may be a function of changes of SWB of managers, which in turn could lead to some crashes on the macro level with respect to financial stability.
Fichier principal
Vignette du fichier
23017.pdf (2.4 Mo) Télécharger le fichier
Origin : Files produced by the author(s)

Dates and versions

hal-04364100 , version 1 (26-12-2023)

Licence

Attribution

Identifiers

  • HAL Id : hal-04364100 , version 1

Cite

Marcin Rzeszutek, Jørgen Vitting Andersen, Adam Szyszka, Szymon Talaga. Subjective Well-Being of Corporate Managers And Its Impact on Stock Market Volatility and Financial Stability During the Covid-19 Pandemic in Poland: Agent-Based Model Perspective. 2023. ⟨hal-04364100⟩
45 View
33 Download

Share

Gmail Facebook X LinkedIn More