The Importance of Staying Positive: The Impact of Emotions on Attitude to Risk
The Importance of Staying Positive: The Impact of Emotions on Attitude to Risk
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DOI：
10.2139/ssrn.3579303
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发表时间：
2020-04
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影响因子：
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通讯作者：
Chris Brooks;Ivan Sangiorgi;A. Saraeva;Carola Hillenbrand;K. Money
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文献类型：
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作者：
Chris Brooks;Ivan Sangiorgi;A. Saraeva;Carola Hillenbrand;K. Money
在本文中，我们研究的影响，对金融投资的情绪和对生活的情绪一般对金融风险的态度，使用问卷调查数据，从970英国的散户投资者。我们发现，风险容忍度单调增加积极的情绪对投资和生活，并减少负面情绪。与现有的研究相比，我们纳入了更广泛的相关情绪，我们发现，也许令人惊讶的是，积极情绪比消极情绪对风险承受力的影响更大。我们发现，对投资的情绪有一个相当大的解释力的横截面的风险厌恶比性别，年龄，收入，投资经验和投资知识。我们的研究揭示了整体情绪和附带情绪对散户投资者财务决策的不同影响。我们建议监管机构和财务顾问的几个影响，我们强调金融教育工作者支持投资者发展情绪弹性的重要性。
In this paper we examine the impact of emotions towards financial investments and emotions towards life in general on attitudes to financial risk using questionnaire data from 970 UK-based retail investors. We show that risk tolerance monotonically increases with positive emotions towards investments and life, and decreases with negative emotions. We incorporate a broader range of relevant emotions than in comparable existing studies and we show, perhaps surprisingly, that positive emotions have a stronger impact on risk tolerance than negative emotions. We find that emotions towards investments have a considerably greater explanatory power for the cross-section of risk aversion than gender, age, income, investment experience and investment knowledge. Our research sheds light on the different impacts that integral and incidental emotions have on retail investor financial decision-making. We suggest several implications for regulators and financial advisors, and we emphasise the importance for financial educators to support investors in developing emotional resilience.