Who takes risks when and why: determinants of changes in investor risk taking

Weber, Martin ; Weber, Elke U. ; Nosic, Alen

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URL: https://ub-madoc.bib.uni-mannheim.de/32299
Additional URL: http://ssrn.com/abstract=1441273
URN: urn:nbn:de:bsz:180-madoc-322996
Document Type: Working paper
Year of publication: 2012
The title of a journal, publication series: Working Paper / Lehrstuhl für Finanzierung, Universität Mannheim
Volume: 167
Place of publication: Mannheim
Edition: Version 2012
Publication language: English
Institution: Business School > ABWL u. Finanzwirtschaft, insbes. Bankbetriebslehre (Weber 1993-2017)
MADOC publication series: Lehrstuhl für ABWL, Finanzwirtschaft, insb. Bankbetriebslehre (Weber) > Working Papers
Subject: 330 Economics
Classification: JEL: G02 , G11 , G21,
Keywords (English): Risk taking , risk return model , risk attitude , risk expectation , return expectation
Abstract: Between September08 and June09, a period with significant market events, we surveyed UK online-brokerage customers at three-months intervals for their willingness to take risk, three-months expectations of returns and risks for the market and their own portfolio, and self-reported risk attitude. This unique dataset allowed us to analyze how these variables changed over time, and whether changes in risk taking were related to changes in expectations and/or risk attitudes. Risk taking changed substantially during the period, as did return and risk expectations. Numeric assessments of return and risk expectations were only weakly correlated with corresponding subjective judgments. Consistent with the risk-as-feelings hypothesis, changes in risk taking were associated with changes in subjective expectations of market portfolio risk and returns, but less with changes in numeric expectations

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