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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: G02 G11 D03 C93 (search for similar items in EconPapers)
Date: 2020
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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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