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Determinants of investor expectations and satisfaction. A study with financial professionals

机译:投资者期望和满意度的决定因素。与金融专业人士的研究

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摘要

We investigate determinants of price expectations and satisfaction levels of financial professionals and students. In experiments with 150 professionals and 576 students, we systematically vary price paths according to the final return (positive or negative) and the way in which the final return is achieved (upswing followed by downswing or vice versa). Professionals show the most optimistic price expectations and are most satisfied if assets fall in price first and then recover. In addition, professionals' price expectations are highest after positive returns. Among students, qualitatively similar patterns emerge, but professionals' price expectations are less prone to framing effects. (C) 2019 The Author(s). Published by Elsevier B.V.
机译:我们调查价格预期和金融专业人士及学生满意度的决定因素。在150名专业人士和576名学生的实验中,我们根据最终收益(正或负)和实现最终收益的方式(先上升后下降,反之亦然)系统地改变价格路径。专业人士表现出最乐观的价格预期,如果资产价格先下跌然后恢复,他们会感到最满意。此外,获得正回报后,专业人员对价格的期望最高。在学生中,出现了定性相似的模式,但专业人员的价格期望不太容易受到框框效应的影响。 (C)2019作者。由Elsevier B.V.发布

著录项

  • 来源
    《Journal of Economic Dynamics and Control》 |2020年第1期|103675.1-103675.18|共18页
  • 作者

  • 作者单位

    Univ Innsbruck Dept Banking & Finance Univ Str 15 A-6020 Innsbruck Austria;

    Univ Innsbruck Dept Banking & Finance Univ Str 15 A-6020 Innsbruck Austria|Univ Gothenburg Ctr Finance Dept Econ Vasagatan 1 S-40530 Gothenburg Sweden;

    Max Planck Inst Res Collect Goods Kurt Schumacher Str 10 D-53113 Bonn Germany;

    Univ Utrecht Sch Econ Kriekenpitpl 21-22 NL-3584 EC Utrecht Netherlands|Radboud Univ Nijmegen Inst Management Res Thomas Aquinostr 5-1-26 NL-6525 Nijmegen Netherlands;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    Investor satisfaction; Price expectations; Financial professionals; Experimental finance; Investor behavior;

    机译:投资者满意度;价格预期;金融专业人士;实验金融;投资者行为;

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