Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/184985 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
Working Papers in Economics and Statistics No. 2018-07
Verlag: 
University of Innsbruck, Research Platform Empirical and Experimental Economics (eeecon), Innsbruck
Zusammenfassung: 
Two aspects of social context are central to the finance industry: (i) financial professionals make investment decisions for customers and (ii) social competition/rankings are a pervasive feature. We link both lines of literature to investigate professionals' risk-taking behavior when investing funds for clients. We run online and lab-in-the-field experiments with 965 financial professionals and collect survey evidence from 1,349 respondents. We find that rankings drive professionals' investment behavior: those lagging behind increase risk-taking, but this effect disappears as soon as professionals' incentives are flat. Moreover, we show that professionals' preferences for high rank are stronger than for the general population.
Schlagwörter: 
experimental finance
behavioral finance
social competition
rank incentives
financial professionals
delegated decision making
investment game
lab-in-the-field experiment
JEL: 
G02
G11
D03
C93
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
8.44 MB





Publikationen in EconStor sind urheberrechtlich geschützt.