Kempf, Alexander, Merkle, Christoph ORCID: 0000-0002-5141-4639 and Niessen-Ruenzi, Alexandra (2014). Low Risk and High Return - Affective Attitudes and Stock Market Expectations. Eur. Financ. Manag., 20 (5). S. 995 - 1031. HOBOKEN: WILEY. ISSN 1468-036X
Full text not available from this repository.Abstract
This experimental study investigates the impact of affective attitudes on risk and return estimates of stocks. Participants rate well-known blue-chip firms on an affective scale and forecast risk and return of the firms' stock. We find that positive affective attitudes lead to a prediction of high return and low risk, while negative attitudes lead to a prediction of low return and high risk. This bias increases with participants' confidence in their ratings and decreases with financial literacy. Firm characteristics such as a firm's marketing expenditures and the strength of its brand have a positive impact on its affective rating.
Item Type: | Journal Article | ||||||||||||||||
Creators: |
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URN: | urn:nbn:de:hbz:38-424472 | ||||||||||||||||
DOI: | 10.1111/eufm.12001 | ||||||||||||||||
Journal or Publication Title: | Eur. Financ. Manag. | ||||||||||||||||
Volume: | 20 | ||||||||||||||||
Number: | 5 | ||||||||||||||||
Page Range: | S. 995 - 1031 | ||||||||||||||||
Date: | 2014 | ||||||||||||||||
Publisher: | WILEY | ||||||||||||||||
Place of Publication: | HOBOKEN | ||||||||||||||||
ISSN: | 1468-036X | ||||||||||||||||
Language: | English | ||||||||||||||||
Faculty: | Unspecified | ||||||||||||||||
Divisions: | Unspecified | ||||||||||||||||
Subjects: | no entry | ||||||||||||||||
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URI: | http://kups.ub.uni-koeln.de/id/eprint/42447 |
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