Volatility shocks and investment behavior
| Autor: | Juergen Huber, Christoph Huber, Michael Kirchler |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2022 |
| Předmět: |
502009 Corporate finance
502009 Finanzwirtschaft Organizational Behavior and Human Resource Management Economics and Econometrics 502053 Volkswirtschaftslehre Risk taking Risk perception Experimental finance Finance professionals Volatility shocks 502047 Volkswirtschaftstheorie education 502047 Economic theory 502053 Economics jel:C91 G11 G41 health care economics and organizations |
| DOI: | 10.1016/j.jebo.2021.12.007 |
| Popis: | We investigate how volatility shocks affect investors’ risk-taking, risk perception and forecasts. We run artefactual field experiments with two participant pools (finance professionals and students), differing in (i) the direction of the shock (down, up, or a neutral case) and (ii) the presentation format of the time series (prices or returns). Professionals’ investments are negatively associated with the price change and performance of the stock and their perceived risk increases to a similar extent following shocks of all directions. Students’ risk perception, in contrast, is more closely related to the frequency of negative returns rather than an increase in volatility. |
| Databáze: | OpenAIRE |
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