Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/207065 
Year of Publication: 
2018
Series/Report no.: 
Working Papers in Economics and Statistics No. 2018-17
Publisher: 
University of Innsbruck, Research Platform Empirical and Experimental Economics (eeecon), Innsbruck
Abstract: 
We investigate determinants of price expectations and satisfaction levels of financial professionals and students. In experiments with 150 professionals and 576 students, we systematically vary price paths according to the final return (positive or negative) and the way the final return is achieved (upswing followed by downswing or vice versa). Professionals show the most optimistic price expectations and are most satisfied if assets fall in price first and then recover. In addition, professionals' price expectations are highest after positive returns. Among students, qualitatively similar patterns emerge, but professionals' price expectations are less prone to framing effects.
Subjects: 
Investor satisfaction
price expectations
financial professionals
experimental finance
investor behavior
JEL: 
G02
G11
D03
C93
Document Type: 
Working Paper

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