Who takes Risks When and Why: Determinants of Changes in Investor Risk Taking*
Elke U. Weber and
Review of Finance, 2013, vol. 17, issue 3, 847-883
Between September 08 and June 09, a period with significant market events, we surveyed UK online-brokerage customers at 3-month intervals for their willingness to take risk, 3-month expectations of returns and risks for the market and their own portfolio, and self-reported risk attitude. This unique dataset allowed us to analyze how these variables changed over time, and whether changes in risk taking were related to changes in expectations and/or risk attitudes. Risk taking changed substantially during the period, as did return and risk expectations. Numeric assessments of return and risk expectations were only weakly correlated with corresponding subjective judgments. Consistent with the risk-as-feelings hypothesis, changes in risk taking were associated with changes in subjective expectations of market portfolio risk and returns, but less with changes in numeric expectations. Copyright 2013, Oxford University Press.
References: Add references at CitEc
Citations: View citations in EconPapers (36) Track citations by RSS feed
Downloads: (external link)
Access to full text is restricted to subscribers.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:oup:revfin:v:17:y:2013:i:3:p:847-883
Ordering information: This journal article can be ordered from
Access Statistics for this article
Review of Finance is currently edited by Josef ZechnerEditor-Name: Marco Pagano
More articles in Review of Finance from European Finance Association Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK. Contact information at EDIRC.
Bibliographic data for series maintained by Oxford University Press ().