Determinants of investor expectations and satisfaction. A study with financial professionals

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 in which 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. © 2019 The Author(s)

Kirchler, Michael,1977Gothenburg University,Göteborgs universitet,Centrum för finans,Institutionen för nationalekonomi med statistik,Centre for Finance,Department of Economics(Swepub:gu)xkirmi (author)
Lindner, F. (author)
Weitzel, U. (author)
Göteborgs universitetCentrum för finans (creator_code:org_t)

By the author/editor: Schwaiger, R.; Kirchler, Michae ...; Lindner, F.; Weitzel, U.

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