Written By: Piotr Zielonka

The paper describes how Polish financial analysts associate various kinds of measures with future stock prices. Forty financial analysts participated in a questionnaire with items including macroeconomic, political news and technical analysis signals derived from commentaries in Polish economic newspapers. The analysts were asked what market movement they would expect if certain political events, macroeconomic or technical signal occurred. The financial analysts assessed most of the questionnaire items as strongly affecting future stock prices. These findings are interpreted in terms of cognitive psychological biases. Keywords: Investments, Stocks, Cognitive psychology

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