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Journal of Business Accounting and Finance Perspectives

(ISSN: 2603-7475) Open Access Journal
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Journal of Business Accounting and Finance Perspectives is no longer published on JAMS (the publishing platform provided by MDPI) as of 10.07.2021. The articles published until that date are archived at jbafp.archive.jams.pub by courtesy of JAMS.

Peer-Reviewed
Open Access
Article
JBAFP 2021, 3(1), 5; doi: 10.35995/jbafp3010005

Cultural Specifics and the Momentum Effect on the Bulgarian Stock Exchange

Bozhidar Nedev 1 *
1 Department of Finance and Accounting, Faculty of Economics and Business Administration, Sofia University “St. Kliment Ohridski”, 125 Tsarigradsko Shose Blvd., Block 3, 1113 Sofia, Bulgaria; or
* Author to whom correspondence should be addressed.
Received: 17 Jan 2021 / Revised: 7 Mar 2021 / Accepted: 23 Feb 2021 / Published: 9 Mar 2021
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Abstract

This article analyses the relationship between the documented momentum effect on the Bulgarian Stock Exchange and the cultural characteristics of Bulgarian society on the basis of the 6-Dimensions Culture Model by Hofstede. Derived are possible behavioural biases, that could cause investors to underreact to firm-specific information, resulting in short-term return predictability. Outlined are implications for the relation between the rising of momentum effect and low individualism index, as identified on the Bulgarian Stock Exchange (BSE).
Keywords: G40; G41; G11; G12
OPEN ACCESS
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).
CITE
Nedev, B. Cultural Specifics and the Momentum Effect on the Bulgarian Stock Exchange. JBAFP 2021, 3, 5.
Nedev B. Cultural Specifics and the Momentum Effect on the Bulgarian Stock Exchange. Journal of Business Accounting and Finance Perspectives. 2021; 3(1):5.
Nedev, Bozhidar. 2021. "Cultural Specifics and the Momentum Effect on the Bulgarian Stock Exchange." JBAFP 3, no. 1: 5.
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