Who takes Risks When and Why: Determinants of Changes in Investor Risk Taking*
Tóm tắt
Từ khóa
Tài liệu tham khảo
Alwin, 1991, The reliability of survey attitude measurement: the influence of question and respondent attributes, Sociological Methods & Research, 20, 139, 10.1177/0049124191020001005
Baker, 2006, Investor sentiment and the cross-section of stock returns, Journal of Finance, 61, 1645, 10.1111/j.1540-6261.2006.00885.x
Barberis, 1998, A model of investor sentiment, Journal of Financial Economics, 49, 307, 10.1016/S0304-405X(98)00027-0
Baucells, 2010, Stability of risk preference and the reflection effect of prospect theory, Theory and Decision, 68, 193, 10.1007/s11238-009-9153-3
Bollen, 1981, Pearson's R and coarsely categorized measures, American Sociological Review, 46, 232, 10.2307/2094981
Brooks, 2008, Linking psychometrically measured risk tolerance with choice behaviour
Brunnermeier, 2008, Do wealth fluctuations generate time- varying risk aversion? Micro-evidence on individuals' asset allocation, American Economic Review, 98, 713, 10.1257/aer.98.3.713
Camerer, 1989, An experimental test of several generalized utility theories, Journal of Risk and Uncertainty, 2, 61, 10.1007/BF00055711
Campbell, 2011, Consumer financial protection, Journal of Economic Perspectives, 25, 91, 10.1257/jep.25.1.91
Deutsches Aktieninstitut, 2008, In turbulenten Zeiten–Aktionärszahlen rückläufig, DAI-Kurzstudie, 2, 1
Dohmen, 2011, Individual risk attitudes: measurement, determinants, and behavioral consequences, Journal of the European Economic Association, 9, 522, 10.1111/j.1542-4774.2011.01015.x
Dominitz, 2005, Measuring and interpreting expectations of equity returns. NBER Working Papers 11313
Dominitz, 2007, Expected equity returns and portfolio choice: evidence from the health and retirement study, Journal of the European Economic Association, 5, 369, 10.1162/jeea.2007.5.2-3.369
Dorn, 2005, Talk and action: what individual investors say and what they do, Review of Finance, 9, 437, 10.1007/s10679-005-4997-z
Egan, 2011, The beliefs of others - naive realism and investment decisions. Working Paper
European Parliament and the European Council, 2004, Markets in Financial Instruments Directive, Directive 2004/39/EC
European Parliament and the European Council, 2006, Markets in Financial Instruments Directive: Implementing Directive, Commission Directive 2006/73/EC
Finucane, 2000, The affect heuristic in judgments of risks and benefits, Journal of Behavioral Decision Making, 13, 1, 10.1002/(SICI)1099-0771(200001/03)13:1<1::AID-BDM333>3.0.CO;2-S
Fisher, 2002, Blowing bubbles, Journal of Psychology and Financial Markets, 3, 53, 10.1207/S15327760JPFM0301_08
Glaser, 2005, September 11 and stock return expectations of individual investors, Review of Finance, 9, 243, 10.1007/s10679-005-7592-4
Glaser, 2007, On the trend recognition and forecasting ability of professional traders, Decision Analysis, 4, 176, 10.1287/deca.1070.0099
Glaser, 2007, Overconfidence and trading volume, The Geneva Risk and Insurance Review, 32, 1, 10.1007/s10713-007-0003-3
Graham, 2005, The long-run equity risk premium, Finance Research Letters, 2, 185, 10.1016/j.frl.2005.08.003
Guiso, 2003, Household stockholding in Europe: where do we stand and where do we go?, Economic Policy, 18, 123, 10.1111/1468-0327.00104
Hanoch, 2006, Domain-specificity in experimental measures and participant recruitement: an application to risk-taking behavior, Psychological Science, 17, 300, 10.1111/j.1467-9280.2006.01702.x
Harrison, 2005, Temporal stability of estimates of risk aversion, Applied Financial Economics Letters, 1, 31, 10.1080/1744654042000311576
Hey, 1994, Investigating generalizations of expected utility theory using experimental data, Econometrica, 62, 1291, 10.2307/2951750
Holt, 2002, Risk aversion and incentive effects, American Economic Review, 92, 1644, 10.1257/000282802762024700
Holtgrave, 1993, Dimensions of risk perception for financial and health risks, Risk Analysis, 13, 553, 10.1111/j.1539-6924.1993.tb00014.x
Johnson, 2004, Beyond a trait view of risk-taking: a domain-specific scale measuring risk perceptions, expected benefits, and perceived-risk attitude in German-speaking populations, Polish Psychological Bulletin, 35, 153
Keefer, 1983, Three-point approximations for continuous random variables, Management Science, 29, 595, 10.1287/mnsc.29.5.595
Klos, 2008, Retail banking, the central tendency error, and the temporal stability of risk preferences
Malmendier, 2011, Depression babies: do macroeconomic experiences affect risk-taking?, Quarterly Journal of Economics, 126, 373, 10.1093/qje/qjq004
Markowitz, 1952, Portfolio selection, Journal of Finance, 7, 77
Mellers, 1997, Do risk attitudes reflect in the eye of the beholder?, Choice, Decision, and Measurement: Essays in Honor of R. Duncan Luce
New York Times, 2008, Financial Crisis Enters New Phase
Nosić, 2010, How risky do i invest: the role of risk attitudes, risk perceptions and overconfidence, Decision Analysis, 7, 282, 10.1287/deca.1100.0178
Odean, 1998, Are investors reluctant to realize their losses?, Journal of Finance, 53, 1775, 10.1111/0022-1082.00072
Sahm, 2007, Stability of Risk Preferences, Finance and Economics Discussion Series 2007–66
Sarin, 1993, Risk-value models, European Journal of Operational Research, 70, 135, 10.1016/0377-2217(93)90033-J
Shiller, 1996, Why did the Nikkei Crash? Expanding the scope of expectations data collection, Review of Economics and Statistics, 78, 156, 10.2307/2109855
Shrout, 2002, Mediation in experimental and nonexperimental studies: new procedures and recommendations, Psychological Methods, 7, 422, 10.1037/1082-989X.7.4.422
Staw, 1976, Knee-deep in the big muddy: a study of escalating commitment to a chosen course of action, Organizational Behavior and Human Performance, 16, 27, 10.1016/0030-5073(76)90005-2
Thaler, 1990, Gambling with the house money and trying to break even: the effect of prior outcomes on risky choice, Management Science, 36, 643, 10.1287/mnsc.36.6.643
Tufano, 2009, Consumer finance, Annual Review of Financial Economics, 1, 227, 10.1146/annurev.financial.050808.114457
Van Rooij, 2011, Financial literacy and stock market participation, Journal of Financial Economics, 101, 449, 10.1016/j.jfineco.2011.03.006
Vissing-Jorgensen, 2003, Perspectives on behavioral finance: does “irrationality” disappear with wealth? Evidence from expectations and actions, NBER Macroeconomics Annual, 18, 139, 10.1086/ma.18.3585252
Viswanathan, 2004, Maximum versus meaningful discrimination in scale response: implications for validity of measurement of consumer perceptions about products, Journal of Business Research, 57, 108, 10.1016/S0148-2963(01)00296-X
Wall Street Journal, 2008, Stock Investors Lose Faith, Pull Out Record Amounts
Weber, 2002, A domain-specific risk-attitude scale: measuring risk perceptions and risk behaviors, Journal of Behavioral Decision Making, 15, 263, 10.1002/bdm.414
Weber, 1998, the disposition effect in securities trading: an experimental analysis, Journal of Economic Behavior & Organization, 33, 167, 10.1016/S0167-2681(97)00089-9
Weber, 1998, Cross-cultural differences in risk perception but cross-cultural similarities in attitudes towards risk, Management Science, 44, 1205, 10.1287/mnsc.44.9.1205
Weber, 2008, Decisions under uncertainty: psychological, economic, and neuroeconomic explanations of risk preference, Neuroeconomics: Decision Making and the Brain, 127
Weber, 1997, Perceived risk attitudes: relating risk perception to risky choice, Management Science, 43, 123, 10.1287/mnsc.43.2.123
Weber, 2004, Predicting risk-sensitivity in humans and lower animals: risk as variance or coefficient of variation, Psychological Review, 111, 430, 10.1037/0033-295X.111.2.430
Weber, 2005, Communicating asset risk: how name recognition and the format of historic volatility information affect risk perception and investment decisions, Risk Analysis, 25, 597, 10.1111/j.1539-6924.2005.00627.x