Keywords: ARDL model
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Journal Articles
Journal of Risk Finance (2026) 27 (3): 440–457.
Published: 31 March 2026
... in the Panel ARDL model, reflecting investor compensation for bearing these risks over time. Behavioral Finance Theory (Kahneman and Tversky, 1979 ; Shiller, 2003) challenges the assumptions of EMH and APT by emphasizing the role of psychological biases, sentiment, and bounded rationality. In highly...
Journal Articles

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