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dc.contributor.authorBachmann, Kremena-
dc.date.accessioned2021-07-09T07:12:45Z-
dc.date.available2021-07-09T07:12:45Z-
dc.date.issued2021-
dc.identifier.urihttps://digitalcollection.zhaw.ch/handle/11475/22792-
dc.description.abstractThis paper analyses experimentally whether investors making active choices learn differently from new information than other investors and whether these differences in learning cause differences in the subsequent investment risk taking. The results show that the lack of an active choice reduces the self-serving bias in learning from adverse information. This is evident in the way investors holding risky assets update their beliefs about the prospects of their investments after losses. These investors are more willing to revise their expectations if they did not have actively decided the size of the risk exposure but followed the decision of a manager. The differences in learning from adverse information cause differences in the subsequent risk taking behaviour of risk takers after losses. Eliminating the active choice of risk takers causes an active risk reduction after losses, while a significant part of the effect is caused by difference in the way an active choice affects learning from adverse information. These findings suggest that there is a beliefs channel associated with self serving needs that explain a significant amount of puzzling differences in the trading behaviour of investors with a different involvement in the investment decision process with important implications for personal investment decision behaviour and financial advisors.de_CH
dc.language.isoende_CH
dc.rightsLicence according to publishing contractde_CH
dc.subjectDisposition effectde_CH
dc.subjectEmotionde_CH
dc.subjectLearningde_CH
dc.subjectSelf-serving biasde_CH
dc.subject.ddc332.6: Investitionde_CH
dc.titleActive choice, beliefs updating and subsequent risk takingde_CH
dc.typeKonferenz: Paperde_CH
dcterms.typeTextde_CH
zhaw.departementSchool of Management and Lawde_CH
zhaw.organisationalunitInstitut für Wealth & Asset Management (IWA)de_CH
zhaw.conference.details2021 Behavioural Finance Working Group Conference, London, United Kingdom, 10-11 June 2021de_CH
zhaw.funding.euNode_CH
zhaw.originated.zhawYesde_CH
zhaw.publication.statuspublishedVersionde_CH
zhaw.publication.reviewPeer review (Publikation)de_CH
zhaw.author.additionalNode_CH
zhaw.display.portraitYesde_CH
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Bachmann, K. (2021). Active choice, beliefs updating and subsequent risk taking. 2021 Behavioural Finance Working Group Conference, London, United Kingdom, 10-11 June 2021.
Bachmann, K. (2021) ‘Active choice, beliefs updating and subsequent risk taking’, in 2021 Behavioural Finance Working Group Conference, London, United Kingdom, 10-11 June 2021.
K. Bachmann, “Active choice, beliefs updating and subsequent risk taking,” in 2021 Behavioural Finance Working Group Conference, London, United Kingdom, 10-11 June 2021, 2021.
BACHMANN, Kremena, 2021. Active choice, beliefs updating and subsequent risk taking. In: 2021 Behavioural Finance Working Group Conference, London, United Kingdom, 10-11 June 2021. Conference paper. 2021
Bachmann, Kremena. 2021. “Active Choice, Beliefs Updating and Subsequent Risk Taking.” Conference paper. In 2021 Behavioural Finance Working Group Conference, London, United Kingdom, 10-11 June 2021.
Bachmann, Kremena. “Active Choice, Beliefs Updating and Subsequent Risk Taking.” 2021 Behavioural Finance Working Group Conference, London, United Kingdom, 10-11 June 2021, 2021.


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