Technology Hype and Financial Markets
The Accounting and Finance Research Group welcomes Professor Arman Eshraghi of Cardiff Business School.
Professor Eshraghi will present his research, "Technology Hype and Financial Markets".
He will also provide valuable editorial insights for early career and postgraduate researchers on pathways to publication and crafting impactful research papers.
Research abstract
We examine how investors react when firms disclose hyped emerging technologies. In a novel US setting, we match technologies disclosed in 8-K filings with corresponding stages of the widely used Gartner Hype Cycle. Findings show strong robust evidence for ‘technology hype’: investor short-term reactions are significantly positive - particularly to technologies at their peak of inflated expectations - but reverse later due to insider selling and firms overselling the hype. Firms with low analyst coverage, high retail ownership and information asymmetry, and those outside Nasdaq and the Silicon Valley experience stronger abnormal returns, consistent with investors searching for ‘hidden gems’.
ECR/PGR Development event
This editorial session will discuss pathways to publication, crafting research papers etc. It will include an informal Q&A.
Professor Eshraghi will discuss his extensive experience as editor and associate editor at a range of finance journals, including:
- the International Review of Economics and Finance
- the European Journal of Finance
- Finance Research Letters
About the speaker
Arman Eshraghi holds the Chair of Finance and Investment at Cardiff Business School. He is a Shimomura Fellow of the Development Bank of Japan, Fellow of the UK Higher Education Academy and the Centre for Study of Decision-Making Uncertainty at UCL. At Cardiff, Arman directs the Fintech Research Group, and serves as Deputy Head of Section for Research, Impact and Innovation. Arman’s academic research spans finance and accounting with broad interests including investment management, behavioural finance, financial technology, corporate governance, and critical accounting.
Professor Eshraghi actively contributes to editing finance journals as Co-Editor of International Review of Economics and Finance, Senior Editor of Finance Research Letters and the Global Finance Journal, and Special Issue Co-Editor of the European Journal of Finance.