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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

Authors: Rzeszutek, Marcin; Andersen, Jørgen Vitting; Szyszka, Adam; Talaga, Szymon;

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

Documents de travail du Centre d'Economie de la Sorbonne 2023.17 - ISSN : 1955-611X; This study aims at connecting the behavioral corporate finance (micro level) perspective andcomplexity 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.

Keywords

CEO, subjective well-being, Covid-19, agent-based model, [SHS]Humanities and Social Sciences

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    Average
    influence
    This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
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    impulse
    This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
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citations
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
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