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CFR Working Papers, Centre for Financial Research (CFR), Universität Köln >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/41360
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Kempf, Alexander | | en_US |
| dc.contributor.author | | Niessen-Ruenzi, Alexandra | | en_US |
| dc.contributor.author | | Merkle, Christoph | | en_US |
| dc.date.accessioned | | 2010-10-28T14:42:29Z | | - |
| dc.date.available | | start=2010-10-28T14:42:29Z; end=2013-02-13 | | - |
| dc.date.issued | | 2009 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/41360 | | - |
| dc.description.abstract | | This experimental paper investigates the impact of emotions on risk and return estimates of stocks. Participants rate well-known blue-chip firms on an emotional scale and forecast risk and return of the firms' stock. We find that positive emotions lead to a prediction of high return and low risk, while negative emotions lead to a prediction of low return and high risk. This bias increases with participants' confidence in their ratings and decreases with financial literacy. We conclude that firms with a positive emotional appeal attract less financially literate and more emotional investors. In line with this conjecture, we find that firms that are rated very positively are held by a larger fraction of retail investors. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Centre for Financial Research Cologne | | en_US |
| dc.relation.ispartofseries | | CFR working paper 09-10 | | en_US |
| dc.subject.jel | | D80 | | en_US |
| dc.subject.jel | | D81 | | en_US |
| dc.subject.jel | | G10 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Emotions | | en_US |
| dc.subject.keyword | | Risk and Return Estimation | | en_US |
| dc.subject.keyword | | Behavioral Finance | | en_US |
| dc.subject.keyword | | Affect Heuristic | | en_US |
| dc.subject.stw | | Anlageverhalten | | en_US |
| dc.subject.stw | | Emotion | | en_US |
| dc.subject.stw | | Aktie | | en_US |
| dc.subject.stw | | Kapitalertrag | | en_US |
| dc.subject.stw | | Risiko | | en_US |
| dc.title | | Low risk and high return - how emotions shape expectations on the stock market | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 616611862 | | en_US |
| dc.relation.isreplacedby | | http://hdl.handle.net/10419/70122 | | - |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| dc.identifier.repec | | RePEc:zbw:cfrwps:0910 | | - |
| Appears in Collections: | | CFR Working Papers, Centre for Financial Research (CFR), Universität Köln
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