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Behavioral finance and its anomalies have been growing steadily since the 1990s. These various anomalies challenge the rules of traditional finance and consider the investor as irrational. Different characteristics affecting the investor’s behavior are constantly being studied, such as the effects of cognitive psychology or the impact of external information. 
This work aims to analyze most impactful textual features that affect the investor throughout his or her information processing. Through a survey on different investment styles, we collected information from selected news: the tone of the news, the author’s or speaker’s opinion(s) and recommendation(s), the trust in the news, the excitement felt by the readers after reading the news, their investment intention(s) and their risk considering these investment intention(s).
Data analyses are then carried out via decision trees. Analyses of the first collected data suggest that the tone of the text and the recommendations of the various speakers are the two most impactful features in the investment process, followed by the author's excitement and opinions. In addition, we note that the authors of the articles also play their role in the investment process. Indeed, it appears that, the more homogeneous the information about an investment style is, the simpler is the tree.
Another important part of this work consisted in textual augmentation. Based on the analyzed data, we would give labels to the different news included in the survey. In order to be able to apply these labels to other un-surveyed texts, we have developed algorithms to create, via a synonym’s generator, new news from the previous ones. 
Finally, we added a discussion to bring some criticisms and comments about our tools, possible improvements and suggestions for additional investigations.

Behavioral Finance --- Investor Sentiment --- Textual Augmentation --- Investment Behavior --- Natural Language Processing --- Sciences économiques & de gestion > Finance

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It is a well-known fact that one of the most important determinants of growth is private investment. But in the developing country context of widespread poverty, the effects of initial conditions on the process of capital accumulation have seldom been investigated. This paper highlights heterogeneity in the process of capital accumulation across different countries in Sub-Saharan Africa, and derives a formal specification of investment functions in the primary, industry, and service sectors in the region using a variation of the combined Tobin's Q Theory and the neoclassical models of investment. The results highlight a more rapid accumulation of capital in the relatively high income subpanel and a widening public-private capital accumulation gap. A functional specification points to the significance of aggregate profitability shocks, the financing cost of investment, and public capital stock in estimating the growth rate of private capital accumulation. These results are supported empirically, as highlighted by the relatively small absolute deviation between actual and predicted value distributions.

Accumulation --- Capital --- Currencies and Exchange Rates --- Debt Markets --- Depreciation --- Distribution of Income --- Economic Theory and Research --- Emerging Markets --- Extensive --- External --- Finance and Financial Sector Development --- Financial Literacy --- Fixed Capital --- Income --- Investment --- Investment and Investment Climate --- Investment Behavior --- Investment Functions --- Investment Rate --- Investors --- Macroeconomics and Economic Growth --- Private Capital --- Private Investment --- Private Investments --- Private Sector Development --- Profitability --- Public Investment --- Real Interest Rates --- Value

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It is a well-known fact that one of the most important determinants of growth is private investment. But in the developing country context of widespread poverty, the effects of initial conditions on the process of capital accumulation have seldom been investigated. This paper highlights heterogeneity in the process of capital accumulation across different countries in Sub-Saharan Africa, and derives a formal specification of investment functions in the primary, industry, and service sectors in the region using a variation of the combined Tobin's Q Theory and the neoclassical models of investment. The results highlight a more rapid accumulation of capital in the relatively high income subpanel and a widening public-private capital accumulation gap. A functional specification points to the significance of aggregate profitability shocks, the financing cost of investment, and public capital stock in estimating the growth rate of private capital accumulation. These results are supported empirically, as highlighted by the relatively small absolute deviation between actual and predicted value distributions.

Accumulation --- Capital --- Currencies and Exchange Rates --- Debt Markets --- Depreciation --- Distribution of Income --- Economic Theory and Research --- Emerging Markets --- Extensive --- External --- Finance and Financial Sector Development --- Financial Literacy --- Fixed Capital --- Income --- Investment --- Investment and Investment Climate --- Investment Behavior --- Investment Functions --- Investment Rate --- Investors --- Macroeconomics and Economic Growth --- Private Capital --- Private Investment --- Private Investments --- Private Sector Development --- Profitability --- Public Investment --- Real Interest Rates --- Value

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When contracts are incomplete, relationship-specific investments may be underprovided due to the threat of opportunistic expropriation or holdup. The authors find evidence of such underinvestment on tenanted land in rural Pakistan. Using data from households cultivating multiple plots under different tenure arrangements, they show that land-specific investment is lower on leased plots. This result is robust to the possible effects of asymmetric information in the leasing market. Greater tenure security also increases land-specific investment on leased plots. Moreover, variation in tenure security appears to be driven largely by heterogeneity across landlords, suggesting that reputation may be important in mitigating the holdup problem.

Asymmetric Information --- Bank Policy --- Communities & Human Settlements --- Contract --- Contract Law --- Contracts --- Debt Markets --- Economic Theory and Research --- Economic Transactions --- Exchange --- Expropriation --- Finance and Financial Sector Development --- Financial Literacy --- Investment --- Investment and Investment Climate --- Investment Behavior --- Investment Decision --- Investments --- Investor --- Labor Policies --- Land and Real Estate Development --- Law and Development --- Macroeconomics and Economic Growth --- Market --- Moral Hazard --- Municipal Housing and Land --- Political Economy --- Principal-Agent Relationship --- Private Sector Development --- Property --- Property Rights --- Real Estate Development --- Security --- Share --- Social Protections and Labor --- Trading