Evaluation Periods and Asset Prices in a Market Experiment  

Oleh:

Gneezy, Uri ; Kapteyn, Arie ; Potters, Jan

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 2 (Apr. 2003), page 821-837.
Fulltext: p 821.pdf (207.08KB)

Isi artikel

We test whether the frequency of feedback information about the performance of an investment portfolio and the flexibility with which the investor can change the portfolio in£uence her risk attitude in markets. In line with the prediction of myopic loss aversion (Benartzi and Thaler (1995)), we ¢nd that more information and more flexibility result in less risk taking.Market prices of risky assets are signi¢cantly higher if feedback frequency and decision £exibility are reduced.This result supports the ¢ndings from individual decision making, and shows thatmarket interactions do not eliminate such behavior or its consequences for prices.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali