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Investors' perception of past portfolio returns predicts their investment behavior, but does this relationship mediate by overconfidence? Taking into account different aspects of overconfidence, this paper examines whether overconfidence manifested as illusion of control, miscalibration and better-than-average mediates the association between perception of past portfolio returns and investment behavior. In a survey study with individual and institutional investors from Malaysia, the results indicate that perception of higher past portfolio returns increases investors' trading, percentage of risky share investment and the number of financial asset holding, through the mediating channel of better-than-average effect. While individual investors are influenced by this overconfidence mechanism, institutional investors are not sensitive. This finding has theoretical implication for overconfidence model, house money effect and naïve reinforcement learning. Practically, the results imply that individual investors should be careful about underlying overconfidence biases as it can lead to inefficient decisions. [ABSTRACT FROM AUTHOR]

This study explores the interactions of tourists with their surrounding socio-material factors at creative tourism sites in Taiwan. Creativity is generated through the interactions of tourists with the tutor, activity, or the environment; and there is a close relationship between individuals and these socio-material factors. However, how these factors interact has been understudied. Q-methodology was employed to uncover the various perspectives of tourists to determine the important factors that are concerned about when participating in creative activities. Three groups of tourists were identified: relaxers, sensation-seekers, and existential-type. Relaxers emphasize environmental issues and characteristics of the activity, sensation-seekers emphasize tutor-related issues, and existential-type tourists emphasize the characteristics of the activity itself. [ABSTRACT FROM AUTHOR]

This study aims to test if the impact of shocks to Singapore's tourism industry is permanent or transitory by investigating the unit root properties of international tourist arrivals to Singapore from 20 source markets. The results reveal that the tourist arrivals to Singapore are stationary with multiple structural breaks, implying any shocks will have only a transitory effect. Based on the break dates identified, a growth rate analysis is performed. Specifically, the growth rates for tourist arrivals to Singapore from 13 out of the 20 source markets have decreased after the break in 2005. The results provide some implications for policy-makers. [ABSTRACT FROM AUTHOR]

This paper examined the behavior of institutional and retail investors in Malaysia during the bulls and bears. The results revealed significant differences in behavioral patterns between these two groups of investors. For the institutional investors, obvious differences were found in the areas of overconfidence, liquidity preference, and price anchoring between these two distinct market trends. As for the retail investors, there were no obvious difference in investing behavior except in terms of liquidity preference and self-control. The overall results indicated that both investors exhibited overconfidence during both periods; nonetheless, they were somewhat rational by exercising self-control and being concerned with liquidity when making investment decisions. Both investors ranked dividend yield as the most important fundamental variable particularly during bearish market outlook. On the other hand, trend analysis was rated as the most important variable closely watched technical indicator during bullish market outlook. Consistent with the findings of both surveys, we provide evidence that dividend yield appeared to be significant risk factor as well. [ABSTRACT FROM AUTHOR]