Individual investor perceptions and behavior during the financial crisis
Individual investor perceptions and behavior during the financial crisis
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DOI：
10.1016/j.jbankfin.2012.08.007
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发表时间：
2013-01-01
影响因子：
3.7
通讯作者：
Pennings, Joost M. E.
中科院分区：
文献类型：
--
作者：
Hoffmann, Arvid O. I.;Post, Thomas;Pennings, Joost M. E.
结合月度调查数据和匹配的交易记录，我们研究了2008-2009年金融危机期间个人投资者的看法如何改变并推动交易和冒险行为。我们发现，投资者的看法在危机期间波动很大，风险容忍度和风险的看法是不稳定的回报预期。在危机最严重的几个月里，投资者的回报预期和风险承受能力下降，而他们的风险认知却上升。在危机接近尾声时，投资者的看法有所恢复。我们记录了交易和风险承担行为的大幅波动，这些波动是由投资者看法的变化驱动的。总体而言，个人投资者继续积极交易，在危机期间没有降低其投资组合的风险。(C)2012爱思唯尔有限公司版权所有。
Combining monthly survey data with matching trading records, we examine how individual investor perceptions change and drive trading and risk-taking behavior during the 2008-2009 financial crisis. We find that investor perceptions fluctuate significantly during the crisis, with risk tolerance and risk perceptions being less volatile than return expectations. During the worst months of the crisis, investors' return expectations and risk tolerance decrease, while their risk perceptions increase. Towards the end of the crisis, investor perceptions recover. We document substantial swings in trading and risk-taking behavior that are driven by changes in investor perceptions. Overall, individual investors continue to trade actively and do not de-risk their investment portfolios during the crisis. (C) 2012 Elsevier B.V. All rights reserved.