Each economic activity around the world should be supported by analysis driven on the different level of difficulty. Supporters of Becker’s theory would claim that such situation is the result of aspirating to try to calculate in decision making process. Their opponents – behavioural economists – will explain such events as willingness to justify own decisions or to blur responsibility for investment decisions. In both cases the same problem is exact specification of time period for analysis.

The article presents the importance of a choice of a proper time window for analysis for correct diagnosing of situation based on information taken from TNI (tragic news indicator), BSOPM, Markowitz’s and Sharpe’s models. This indicator shows the role of expansiveness of media relations on the Stock Exchange situation. The correct specifying of this time window for TNI allows to determine how strong is an influence of negative information on changes of the Stock Exchange indexes and how strong speculative information is (supporting by BNI – bad news indicator and GNI – good news indicator). In case of a capital market’s model the result causes the proper pricing of a financial instrument and proper valuation of risk.

1. FULLTEXT: Results of mistaken time period in analysis in the case of framing effect for some capital market's models, Microsoft Office Document, 0.9MB

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