Nicholas Mangee

Nicholas Mangee
Georgia Southern University | GSU · Department of Finance

Doctor of Philosophy

About

15
Publications
1,124
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71
Citations
Introduction
Skills and Expertise

Publications

Publications (15)
Article
Full-text available
This study introduces a novel index based on expectations concordance for explaining stock-price volatility when novel events that are each somewhat unique cause unforeseeable change and Knightian uncertainty in the process driving outcomes. Expectations concordance measures the degree to which KU events are associated with directionally similar ex...
Book
'Animal spirits' is a term that describes the instincts and emotions driving human behaviour in economic settings. In recent years, this concept has been discussed in relation to the emerging field of narrative economics. When unscheduled events hit the stock market, from corporate scandals and technological breakthroughs to recessions and pandemic...
Chapter
'Animal spirits' is a term that describes the instincts and emotions driving human behaviour in economic settings. In recent years, this concept has been discussed in relation to the emerging field of narrative economics. When unscheduled events hit the stock market, from corporate scandals and technological breakthroughs to recessions and pandemic...
Article
We reveal a novel channel through which market participants’ sentiment influences how they forecast stock returns: their optimism (pessimism) affects the weights they assign to fundamentals. Our analysis yields four main findings. First, if good (bad) “news” about dividends and interest rates coincides with participants’ optimism (pessimism), the n...
Article
We reveal a novel channel through which market participants’ sentiment influences how they forecast stock returns: their optimism (pessimism) affects the weights they assign to fundamentals. Our analysis yields four main findings. First, if good (bad) “news” about dividends and interest rates coincides with participants’ optimism (pessimism), the n...
Article
This paper provides an empirical investigation of leading models of stock price fluctuations, including those based on canonical present value and behavioral considerations. It uses the cointegrated VAR framework to test the models’ competing predictions concerning the roles of fundamentals, psychology, and structural change in driving fluctuations...
Article
The author provides empirical evidence that marketplace context matters for understanding stock price behavior. Investor sentiment, as measured by the informational tone of stock market reports from the Wall Street Journal and Bloomberg News outlets, is compared across 2 classification dictionaries: the Harvard General Inquirer IV-4 dictionary and...
Article
This article provides econometric evidence on the importance of psychological considerations for aggregate stock price fluctuations. To this end, a novel measure of stock market sentiment, dubbed the Net Psychology Index (NPI), based on information contained in Bloomberg News's end-of-the-day stock market reports, is confronted with a battery of mu...
Article
Full-text available
Macroeconomic models that are based on either the rational expectations hypothesis (REH) or behavioral considerations share a core premise: All future market outcomes can be characterized ex ante with a single overarching probability distribution. This paper assesses the empirical relevance of this premise using a novel data set. The authors find t...
Article
Full-text available
This article argues that the field of asset pricing theory is undergoing a scientific revolution in Kuhnian terms. The orthodox view is one of determinate change in causal processes and inherent stability whereby financial markets, left unfettered, allocate nearly perfectly society's scare capital. However, decades of mounting anomalous evidence ag...
Article
Full-text available
This study provides evidence that stock market participants revise their forecasting strategies in response to macroeconomic news contingent on the state of the economy. This study utilizes Mangee (2011)'s novel dataset based on textual information contained in Bloomberg News's end-of-the-day stock market reports. A key finding is that macroeconomi...
Article
Full-text available
This paper provides empirical evidence suggesting that fundamentals matter for stock price fluctuations once temporal instability underpinning stock price-relations is accounted for. Specifically, this study extends the out-of sample forecasting methodology of Meese and Rogoff (J Int Econ 14:3–24 (1983)) to the stock market after explicitly testing...
Article
Full-text available
This paper presents a theoretical and empirical analysis of the effects of environmental regulation on bilateral trade volume. We use a gravity model of trade flows and find weak evidence that differences in regulation are a source of comparative advantage. We also find evidence against the race-to-the-bottom hypothesis in that increases in standar...

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