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首页> 外文期刊>Risk analysis >Communicating Asset Risk: How Name Recognition and the Format of Historic Volatility Information Affect Risk Perception and Investment Decisions
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Communicating Asset Risk: How Name Recognition and the Format of Historic Volatility Information Affect Risk Perception and Investment Decisions

机译：沟通资产风险：名称识别和历史波动性信息的格式如何影响风险感知和投资决策

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摘要

An experiment examined how the type and presentation format of information about investment options affected investors' expectations about asset risk, returns, and volatility and how these expectations related to asset choice. Respondents were provided with the names of 16 domestic and foreign investment options, with 10-year historical return information for these options, or with both. Historical returns were presented either as a bar graph of returns per year or as a continuous density distribution. Provision of asset names allowed for the investigation of the mechanisms underlying the home bias in investment choice and other asset familiarity effects. Respondents provided their expectations of future returns, volatility, and expected risk, and indicated the options they would choose to invest in. Expected returns closely resembled historical expected values. Risk and volatility perceptions both varied significantly as a function of the type and format of information, but in different ways. Expected returns and perceived risk, not predicted volatility, predicted portfolio decisions.
机译：一个实验研究了有关投资期权信息的类型和表示形式如何影响投资者对资产风险，收益和波动性的预期，以及这些预期与资产选择之间的关系。为受访者提供了16种国内外投资选择的名称，以及这些选择的10年历史回报信息，或同时提供这两种选择。历史收益以每年收益的条形图或连续密度分布的形式表示。提供资产名称可以调查潜在的投资选择和其他资产熟悉效应中的本国偏见的机制。受访者提供了他们对未来收益，波动性和预期风险的期望，并指出了他们将选择投资的选择。预期收益与历史预期值非常相似。风险和波动性感知均随信息类型和格式的不同而有很大差异，但方式不同。预期收益和感知风险，而不是预期波动率，是预测投资组合的决策。

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