Developing an Attitude to Risk Questionnaire for Retail Investors
Developing an Attitude to Risk Questionnaire for Retail Investors
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DOI：
10.2139/ssrn.3598326
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发表时间：
2018-09
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通讯作者：
Chris Brooks;Carola Hillenbrand;K. Money
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文献类型：
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作者：
Chris Brooks;Carola Hillenbrand;K. Money
本文总结了制定一个迫切需要的严格和理论为基础的风险态度（ATR）问卷的过程中，散户投资者和文件的结果后，其应用在一个大型调查。该问卷建立在前景理论开创性工作的坚实基础之上，并整合了心理学和心理测量量表开发的最佳实践。它提供了一个ATR的措施，是学术上严格，透明和实际相关的时候，ATR的现有措施要么是学术上过时，或提供的顾问谁不公开分享他们的方法的理论或心理测量基础。我们的新问卷提供了一个强大的替代方案，包括15个项目，以评估财务风险承受能力。因此，它提供了关于姿态测量的两个重要方面的信息：风险容忍度内容（其中项目按追求收益（风险行为的驱动因素）、避免损失（风险行为的制约因素）和作为参考点的背景因素（风险行为的背景促成因素）和结构（每一项目主要反映认知、行为或情绪方面）。我们发现，新的问卷有一个坚实的三个因素的解释，在上述内容方面，以及在统计上可靠的克朗巴赫的阿尔法和有效性的财务顾问社区的眼睛。
This paper summarises the process undertaken to develop a much-needed rigorous and theoretically based attitude to risk (ATR) questionnaire for retail investors and documents the results following its application in a large survey. The questionnaire is built upon the strong foundations of seminal work on prospect theory and integrates best practice from psychology and psychometric scale development. It provides a measure of ATR that is academically rigorous, transparent and practically relevant at a time when existing measures of ATR are either academically dated or are provided by consultancies who do not openly share the theoretical or psychometric underpinnings of their approaches. Our new questionnaire offers a robust alternative and comprises 15 items to assess financial risk tolerance. As such, it provides information about two aspects important for attitude measurement: the content of risk tolerance (where items are classified in terms of seeking gains (drivers of risk behaviour), avoiding losses (constrainers of risk behaviour) and contextual factors that act as reference points (contextual enablers of risk behaviour) and the structure (where each item reflects primarily a cognitive, behavioural or emotional aspect) of attitude to risk. We show that the new questionnaire has a solid three-factor interpretation in terms of the content aspects outlined above as well being statistically reliable in terms of Cronbach’s alpha and having validity in the eyes of the financial advisor community.