Arbeitspapier
Overconfidence, experience, and professionalism: An experimental study
This paper presents an online-experiment on overconfidence in the context of financial markets. Our subject pool consists of institutional investors, investment advisors and individual investors, all of them being registered users of a large online platform for market sentiment data. Due to their registration, several socioeconomic characteristics of participants can be controlled for in our analysis. It turns out that there are stable differences in overconfidence between the three investor groups. Moreover, investment experience and age have a significant impact on the degree of overconfidence which goes surprisingly in opposite direction. We argue that these results have important implications for studies analyzing the impact of experience on behavior in (financial) markets.
- Sprache
-
Englisch
- Erschienen in
-
Series: Kiel Working Paper ; No. 1612
- Klassifikation
-
Wirtschaft
Criteria for Decision-Making under Risk and Uncertainty
International Finance: General
- Thema
-
Market behavior
overconfidence
experience
professionalism
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Menkhoff, Lukas
Schmeling, Maik
Schmidt, Ulrich
- Ereignis
-
Veröffentlichung
- (wer)
-
Kiel Institute for the World Economy (IfW)
- (wo)
-
Kiel
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Menkhoff, Lukas
- Schmeling, Maik
- Schmidt, Ulrich
- Kiel Institute for the World Economy (IfW)
Entstanden
- 2010
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