Determinants of investor expectations and satisfaction: A study with financial professionals

Arbeitspapier

We investigate determinants of price expectations and satisfaction levels of financial professionals and students. In experiments with 150 professionals and 576 students, we systematically vary price paths according to the final return (positive or negative) and the way the final return is achieved (upswing followed by downswing or vice versa). Professionals show the most optimistic price expectations and are most satisfied if assets fall in price first and then recover. In addition, professionals' price expectations are highest after positive returns. Among students, qualitatively similar patterns emerge, but professionals' price expectations are less prone to framing effects.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Papers in Economics and Statistics ; No. 2018-17

Classification and Topics

• Classification: Wirtschaft ; Portfolio Choice; Investment Decisions ; Field Experiments
• Subject: Investor satisfaction ; price expectations ; financial professionals ; experimental finance ; investor behavior

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Schwaiger, Rene ; Kirchler, Michael ; Lindner, Florian ; Weitzel, Utz
• Event: Veröffentlichung
• (who): University of Innsbruck, Research Platform Empirical and Experimental Economics (eeecon)
• (where): Innsbruck
• (when): 2018

Further information

• Handle: http://hdl.handle.net/10419/207065
• Last update: 10.03.2025, 11:42 AM CET