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Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
CFR Working Paper No. 09-10 [rev.]
Verlag: 
University of Cologne, Centre for Financial Research (CFR), Cologne
Zusammenfassung: 
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.
Schlagwörter: 
affective attitudes
risk and return expectations
behavioral finance
affect heuristic
JEL: 
D80
G02
G11
Dokumentart: 
Working Paper

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