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Title:Overconfidence, experience, and professionalism: An experimental study PDF Logo
Authors:Menkhoff, Lukas
Schmeling, Maik
Schmidt, Ulrich
Issue Date:2010
Series/Report no.:Kiel working paper 1612
Abstract:This paper presents an online-experiment on overconfidence in the context of financial markets. Our subject pool consists of institutional investors, investment advisors and individual investors, all of them being registered users of a large online platform for market sentiment data. Due to their registration, several socioeconomic characteristics of participants can be controlled for in our analysis. It turns out that there are stable differences in overconfidence between the three investor groups. Moreover, investment experience and age have a significant impact on the degree of overconfidence which goes surprisingly in opposite direction. We argue that these results have important implications for studies analyzing the impact of experience on behavior in (financial) markets.
Subjects:Market behavior
overconfidence
experience
professionalism
JEL:G1
D81
F30
Document Type:Working Paper
Appears in Collections:Kieler Arbeitspapiere, IfW
Publikationen von Forscherinnen und Forschern des IfW

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