Evaluating Stocks with a Subjectively Rational Approach
References
- Abeler, Johannes, David Huffman, and Collin Raymond (2025). Incentive Complexity, Bounded Rationality, and Effort Provision. American Economic Review. 115 (12), pp 4404–37.
- Ali, Mohammad Daud, Muhammad Atiq Khattak, Muhammad Nisar Khan, and Markus A. Launer (2024). Integrative Insights into Rational and Intuitive Decision-Making: A PRISMA-Based Systematic Review. International Journal of Business and Economic Affairs, 9(4), pp 45-59.
- Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance, 23(4), 589–609.
- Asness, C. S., Frazzini, A., & Pedersen, L. H. (2013). Quality minus junk. AQR Capital Management Working Paper.
- Appel, Gerald (1979). Booklet: The Moving Average Convergence-Divergence Trading Method (Booklet). New York: Signalert.
- Appel, Gerald, and Edward Dobson (2008). Understanding MACD. Greenville, SC: Traders Press.
- Barber, B. M., Huang, X., & Odean, T. (2016). Which factors matter to investors? Evidence from mutual fund flows. Review of Financial Studies, 29(10), 2600–2642.
- Bazerman, M. H., & Moore, D. A. (2012). Judgment in Managerial Decision Making. Wiley.
- Carhart, M. M. (1997). On persistence in mutual fund performance. Journal of Finance, 52(1), 57–82.
- Ehrgott, M., Klamroth, K., & Schwehm, C. (2010). An MCDM approach to portfolio optimization. European Journal of Operational Research, 199(3), 930–941.
- Fama, E. F., & French, K. R. (1992). The cross-section of expected stock returns. Journal of Finance, 47(2), 427–465.
- Fama, E. F., & French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33(1), 3–56.
- Fama, E. F., & French, K. R. (2015). A five-factor asset pricing model. Journal of Financial Economics, 116(1), 1–22.
- Fabozzi, F. J., Huang, D., & Zhou, G. (2010). Robust portfolios: Contributions from operations research and finance. Annals of Operations Research, 176, 191–220.
- Green, J., Hand, J. R. M., & Zhang, F. (2017). The characteristics that provide independent information about average U.S. monthly stock returns. Review of Financial Studies, 30(12), 4389–4436.
- Hou, K., Xue, C., & Zhang, L. (2015). Digesting anomalies: An investment approach. Review of Financial Studies, 28(3), 650–705.
- Kantarelis, Demetri (2017). Screening Stocks based on the Rational Approach to Decision-Making. Economics, Management, and Financial Markets, 12(4), pp 11–34.
- Keeney, R. L., & Raiffa, H. (1993). Decisions with Multiple Objectives: Preferences and Value Tradeoffs. Cambridge University Press.
- Kobiyh, M., & Amri, A. E. (2024). Rational Individual and Managerial Decision Model: A Critical Review of the Standard Rationality Hypothesis. Business Ethics and Leadership, 8(3), pp 120‒132.
- Lieder, F., & Griffiths, T. L. (2020). Resource-Rational Analysis: Understanding Human Cognition as the Optimal Use of Limited Computational Resources. Behavioral and Brain Sciences, 43.
- Markowitz, H. (1952). Portfolio selection. Journal of Finance, 7(1), 77–91.
- Morningstar’s Stock Ratings (2025). < https://www.morningstar.com/help-center/morning-stars-approach-to-investing/morningstars-stock-ratings >.
- Novy-Marx, R. (2013). The other side of value: The gross profitability premium. Journal of Financial Economics, 108(1), 1–28.
- Ohlson, J. A. (1980). Financial ratios and the probabilistic prediction of bankruptcy. Journal of Accounting Research, 18(1), 109–131.
- Piotroski, J. D. (2000). Value investing: The use of historical financial statement information to separate winners from losers. Journal of Accounting Research, 38, 1–41.
- Seeking Alpha Quant Ratings (2025). < https://seekingalpha.com/performance/quant >.
- Simon, H. A. (1955). A behavioral model of rational choice. Quarterly Journal of Economics, 69(1), pp 99–118.
- Simon, H. (1957). A behavioral model of rational choice - Models of Man, Wiley.
- Simon, H. (1959). Theories of decision-making in economics and behavioral science. American Economic Review, June, Vol. 49, pp.253–283.
- Steuer, R. E. (1986). Multiple Criteria Optimization: Theory, Computation, and Application. Wiley.
- Triantaphyllou, E. (2000). Multi-Criteria Decision Making Methods: A Comparative Study. Springer.
- Wilder, J. Welles (1978). New Concepts in Technical Trading Systems, Trend Research, ISBN 978-0-89459-027-6.
- Zacks Investment Research (2025). < https://www.zacks.com/ >.
DOI: https://doi.org/10.2478/wsbjbf-2026-0013 | Journal eISSN: 2657-4950
Language: English
Page range: 50 - 62
Published on: Jul 15, 2026
Published by: WSB Merito University in Gdansk
In partnership with: Paradigm Publishing Services
Publication frequency: 1 issue per year
Keywords:
Related subjects:
© 2026 Demetri Kantarelis, published by WSB Merito University in Gdansk
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.