Delegated Decision Making and Social Competition in the Finance Industry
Delegated Decision Making and Social Competition in the Finance Industry
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金融业的委托决策与社会竞争
DOI：
10.2139/ssrn.3177459
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发表时间：
2018
影响因子：
2.2
通讯作者：
Utz Weitzel
中科院分区：
文献类型：
--
作者：
Michael Kirchler;F. Lindner;Utz Weitzel
社会背景的两个方面对金融业至关重要。首先，金融专业人士通常代表第三方做出投资决策。其次，以绩效排名为形式的社会竞争普遍存在。因此，我们考察专业人士在为他人投资时在社会竞争下的冒险行为。我们对 965 名金融专业人士进行了在线和实验室现场实验，结果表明，当其他人落后时，专业人士会增加他们为他人承担的风险。然而，当专业人士的激励平淡时，这种效应就会消失。来自 1,349 名受访者的额外调查证据表明，专业人士对高排名的偏好明显强于普通大众。
Two aspects of social context are central to the finance industry. First, financial professionals usually make investment decisions on behalf of third parties. Second, social competition, in the form of performance rankings, is pervasive. Therefore, we investigate professionals’ risk-taking behavior under social competition when investing for others. We run online and lab-in-the-field experiments with 965 financial professionals and show that professionals increase their risk taking for others when they lag behind. This effect, however, disappears when professionals’ incentives are flat. Additional survey evidence from 1,349 respondents reveals that professionals’ preferences for high rankings are significantly stronger than the general population’s.