Piotr Zielonka 1
The paper describes how Polish financial analysts
associate various kinds of measures with future stock prices. Forty financial
analysts participated in a questionnaire with items including macroeconomic,
political news and technical analysis signals derived from commentaries
in Polish economic newspapers. The analysts were asked what market movement
they would expect if certain political events, macroeconomic or technical
signal occurred. The financial analysts assessed most of the questionnaire
items as strongly affecting future stock prices. These findings are interpreted
in terms of cognitive psychological biases.
Key words: Investments, Stocks,
Cognitive psychology
1. Piotr Zielonka, Associate Professor, Department of Social Sciences, Kozminski Academy of Entrepreneurship and Management, Jagiellonska 59, 03-301, Warsaw, Poland. E-mail: zielonka@delta.sggw.waw.pl