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

Rene Schwaiger, Michael Kirchler, Florian Lindner () and Utz Weitzel

Journal of Economic Dynamics and Control, 2020, vol. 110, issue C

Abstract: 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 in which 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.

Keywords: Investor satisfaction; Price expectations; Financial professionals; Experimental finance; Investor behavior (search for similar items in EconPapers)
JEL-codes: C93 D03 G02 G11 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (16)

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Working Paper: Determinants of investor expectations and satisfaction. A study with financial professionals (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:dyncon:v:110:y:2020:i:c:s016518891930048x

DOI: 10.1016/j.jedc.2019.03.002

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