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Nicha Lapanan

Associate Professor

Department of Economics and Finance

Email: nicha.lapanan@uia.no
Phone: +47 38142536
Mobile phone: +4740106959

Office 91244 (Universitetsveien 19, 4630 Kristiansand, Norway)

Areas of responsibility

Nicha Lapanan is an Associate Professor at the Department of Economics and Finance at the School of Business and Law at the University of Agder (UiA). She holds a Ph.D. degree with specialization in Finance from Umeå University.

Lapanan’s research interests include socially responsible investing, individual investors, mutual funds, stock return anomalies, information asymmetries and value-relevance of accounting information.

Research

Selected publications

Lapanan, N. (2018). The investment behavior of socially responsible individual investors. The Quarterly Review of Economics and Finance, 70, 214-226.

Hellström, J., Lapanan, N., & Olsson, R. (2020). Socially responsible investments among parents and adult children. European Economic Review, 121, 103328.

Tuition

TFL401-1 Entrepreneurial Finance

BE-410-1 Corporate Finance

Publications

Scientific articles and book chapters

Anchev, Stefan & Lapanan, Nicha (2023). Investor Base Size and Underreaction-Consistent Stock Return Anomalies. European Accounting Review. ISSN 0963-8180. doi: 10.1080/09638180.2023.2265975. Full text in Research Archive Show summary
We find that several well-documented underreaction-consistent stock return anomalies, such as those based on stocks' earnings-to-price ratios, returns on assets and past returns, arise and persist only among stocks with smaller (institutional) investor bases, which are presumably stocks that are neglected by investors. These results are driven by the short side of our long-short trading strategies (i.e., by the seemingly overpriced stocks from the bottom quantiles of the anomaly variables), they appear even after controlling for several stock characteristics (e.g., market capitalization and institutional ownership) and potential risk factors, and they are considerably more pronounced during periods with more information and/or less technology. Overall, these findings suggest that the incomplete dissemination of (negative) information across investors helps in explaining the occurrence and the persistence of the anomalies.

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Published Apr. 16, 2024 11:17 AM