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To understand how real investors use their beliefs and preferences in investing decisions, we examine a panel survey of self-directed online investors at a UK bank. The survey asks for return expectations, risk expectations, and risk tolerance of these investors in three-month intervals between...
Persistent link: https://www.econbiz.de/10013068423
We study the degree of individual and aggregate market overreaction in a dynamic experimental auction market. In 13 sessions with overall 101 students we find overreaction to new information both in stock price forecasts and transaction prices. Interestingly, market forces do not seem to help in...
Persistent link: https://www.econbiz.de/10013157644
The disposition effect is one of the most explored biases in behavioral finance, yet most papers investigating the disposition effect use data that only cover boom periods and assume that the disposition effect is constant over time. We use individual investor trading data that comprise several...
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How do investors perceive dependence between stock returns? And how does their perception of dependence affect investments and stock prices? We show experimentally that investors understand differences in dependence, but not in terms of correlation. Participants invest as if applying a simple...
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besitzt und effizient vom Markt verarbeitet wird. Darüberhinaus wird die kurzfristige Performance der Kaufempfehlungen …, daß für die Segmente "Sehr kleine Gesellschaften" und "Kleine Gesellschaften" Informationseffizienz vorliegt. Für diese …
Persistent link: https://www.econbiz.de/10011738333
Studies analyzing return expectations of financial market participants like fund managers, CFOs or individual investors are highly influential in academia and practice. We argue and show that the results in these surveys above are easily influenced by the elicitation mode of return expectations....
Persistent link: https://www.econbiz.de/10014049855