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1
Khelladi, Insaf. "Les déterminants de la décision d'achat d'actions de l'investisseur individuel : une analyse sous le prisme de la valeur perçue. Le cas de l’actionnaire individuel français." Thesis, Université Côte d'Azur (ComUE), 2018. http://www.theses.fr/2018AZUR0009.
Повний текст джерелаАнотація:
La constante baisse de l’actionnariat individuel en France est qualifiée d’énigme. Les ménages français participent faiblement aux marchés d’actions. Les entreprises éprouvent des difficultés à attirer de nouveaux investisseurs individuels, or l’actionnariat individuel est apprécié pour sa fidélité et son engagement. L’action est un produit financier et d’image qui offre une source de financement stable et durable pour les entreprises, les systèmes de retraite et les investissements à long terme. Les décisions financières et d’investissements sont nourries par la finance moderne et la finance comportementale. Bien que des contradictions existent sur leurs hypothèses fondatrices, ces courants partagent une même conception de la valeur intrinsèque d’un actif financier, une valeur objective déterminée essentiellement par les attributs monétaires du produit, limitant ainsi l’individu dans ses choix et décisions. Notre recherche explore le comportement de l’investisseur individuel en mobilisant le cadre conceptuel de la valeur perçue développé par la littérature en marketing. Nous proposons un modèle de comportement d’achat d’actions de l’investisseur individuel pour examiner les relations entre les attributs des actions et les bénéfices perçus. Ce modèle permet de comprendre le processus de formation de la valeur perçue de l’investisseur individuel qui détermine sa décision d’achat d’actions. Notre démarche exploratoire utilise une méthode mixte pour étudier le contexte de l’actionnaire individuel français détenteur d’actions en direct. Les résultats relèvent l’existence de familles d’attributs du produit action, d’une typologie de bénéfices perçus, et des liens entre attributs et bénéfices faisant ressortir des profils d’investisseurs individuels. Notre recherche éclaire davantage le processus de choix et de décision d’achat d’actions de l’investisseur individuel, et propose aux acteurs du marketing financier une segmentation des investisseurs individuels par les bénéfices perçus afin d’adapter leurs offres de produits et services financiers envers cette cibleThe constant decline of individual shareholders is a French puzzle. French households participate feebly in equity markets. Companies find it difficult to attract new individual investors, even though they are valued for their loyalty and commitment. A share is a financial and image products that provides a sustainable source of finance for businesses, retirement systems, and long-term investments. Financial and investment decisions are framed by modern finance and behavioral finance. Although they are contradictory on their founding assumptions, these streams share the same conception of the intrinsic value of a financial asset, an objective value determined essentially by the monetary attributes, thus limiting the individual in his choices and decisions. Our research explores the behavior of the individual investor through applying the conceptual framework of the perceived value developed by the marketing literature. We propose an individual investor's stock behavior model to examine the relationship between stock attributes and perceived benefits. This model allows understanding the process of the formation of the perceived value of the individual investor, which determines his decision to buy shares. Our exploratory approach uses a mixed method to study the context of the French individual shareholder holding registered shares. The results highlight the existence of families of shares’ attributes, a typology of perceived benefits, and links between attributes and benefits that exhibiting individual investor profiles. Our research sheds new light on the individual investor's decision-making and buying process, and offers financial marketers a segmentation of individual investors based on the perceived benefits, allowing them to tailor their financial products and services offerings towards this target
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Kivikoski, Lauri, and Robert Sandberg. "Individual investors' preferences regarding green bonds : A survey of Swedish investors." Thesis, Umeå universitet, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-165057.
Повний текст джерелаАнотація:
Green bonds are a type of bonds that are designated for investment projects that have a positive effect on the environment. Such projects could be preventing climate change by reducing emissions of greenhouse gases, increasing energy-efficiency, or improving waste management. Green bonds have risen considerably in issued volume in recent years. Sweden has been one of the forerunners in this development and the interest towards these products seems to be high among individual Swedish investors. Initially, investors in green bonds have been mainly financial institutions, but there are an increasing number of mutual funds, which are aimed for retail banking customers as well. Previous research in socially responsible investing has not paid attention to green bonds from the perspective of the private, individual investor. This study is aimed to study potential individual green bond investors in Sweden. The purpose of this study was to answer the research question of who the typical Swedish green bond investors are, based on demographic characters. As research sub-questions, the thesis also answered questions regarding perceived risk and return on green bonds, and the effect of environmental attitude and behaviour on potential green bond investments. The study was carried out as an Internet survey by means of a questionnaire directed to Swedish investors. In total, 66 respondents answered the survey, which was analysed by bivariate and multivariate methods. Among the demographic factors, two were found statistically significant, age, and parenthood. In this sample younger investors (age less than 39), were found to prefer investing in green bonds, compared to older investors. Secondly, the fact of being a non-parent turned out to be a distinctive feature of current and potential investors in green bonds. The results regarding the first research sub-question, showed that the individual investors do not perceive green bonds to be more or less risky or give more or less return than comparable conventional bonds. The second research sub-question regarding environmental attitude and behaviour, showed a significant difference between those who showed a strong pro-environmental behaviour, as opposed to those who showed a weaker pro-environmental behaviour. The conclusion about the influence of environmental attitudes was that it did not have an effect on potential green bond investments.
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Baechler, Guillaume. "Investor Behaviour Facing Risk : Neurofinance and Financial Crises." Thesis, Toulouse 1, 2016. http://www.theses.fr/2016TOU10022/document.
Повний текст джерелаАнотація:
Cette thèse étudie le comportement des investisseurs au travers de leur performance et de leurs attentes durant les crises financières de 2008-2011 et de leurs croyances. Elle se compose de trois chapitres. Dans le premier chapitre, nous faisons une revue de la littérature existante sur la performance des investisseurs individuels, leur biais comportementaux et leurs préférences. Nous montrons les principales lacunes en termes de performance des investisseurs individuels ainsi que leurs principaux biais comportementaux. Nous mettons également en lumière l’apport des neurosciences dans la compréhension du comportement des investisseurs individuels. Dans le deuxième chapitre, nous étudions l’impact des crises financières de 2008-2011 sur la performance des investisseurs individuels et leurs attentes à l’égard de leurs intermédiaires financiers dans quatre différents pays : Allemagne, Belgique, Luxembourg, France. Nous établissons également une comparaison en fonction du niveau de richesse des investisseurs à l’intérieur de chaque pays mais aussi globalement. Nos données proviennent de questionnaires distribués à des gestionnaires d’actifs dans les plus grandes banques des pays pris en considération ainsi que des données de marché historiques pour chacun de ces pays. Nous montrons que les investisseurs les plus fortunés sont les moins réfractaires à la prise de risque que ce soit avant ou après les crises financières, quel que soit le pays pris en considération. Nous remarquons aussi que ces derniers adoptent les stratégies d’investissement les moins conservatrices. Enfin nous notons un important changement des attentes des investisseurs par rapport à leurs intermédiaires financiers, demandant plus de transparence et un meilleur service clientèle, quel que soit le niveau de richesse. Nous montrons enfin que ces attentes peuvent être contradictoires notamment chez les investisseurs les moins fortunés. Dans le troisième chapitre, nous fournissons un test expérimental sur la formation des croyances chez les investisseurs individuels d’après le modèle de Brunnermeier et Parker (2005). Nous utilisons à cet effet une expérimentation avec deux loteries identiques exceptées leur skewness. Nous montrons que les participants à cette expérimentation ressentent des émotions par anticipation une fois qu’ils ont pris connaissance de la loterie à laquelle ils vont jouer. Ces émotions se forment à partir de la deuxième minute d’attente et restent stables jusqu’à ce qu’ils prennent connaissance de leurs gains. Par ailleurs, ces émotions par anticipation sont aussi fortes que celles ressenties une fois leurs gains connus. Enfin nous montrons que les sujets participants à la loterie avec une skewness positive présente moins de capacité d’auto régulation que les autres sujets. Les émotions qu’ils ressentent sont plus fortes et plus persistantes que chez les autresThis thesis studies the investors behaviour through their performance and their expectations during the 2008-2011 financial crises as well as their beliefs formation. It consists of three chapters. In the first chapter, we review the literature on individual investors performance, their behavioural biases and their preferences. We highlight their lack of performance on financial markets and their main behavioural biases. We also exhibit the contribution of neurosciences in the understanding of the investor’s brain. In the second chapter, we study the impacts of the 2008-2011 financial crises on individual investors returns and their expectations towards their financial intermediaries in four different countries: Belgium, France, Germany, Luxembourg. We also consider investors differences regarding their endowment, inside each country and globally. Our dataset is extracted from questionnaires administered to asset managers in the main banks in the countries considered as well as historical market data for each country. We show that wealthier investors are less risk averse and their level of risk aversion has not changed with financial crises whatever the country considered. Furthermore, these wealthier investors adopt less conservative investment strategies than retail ones. We notice an important shift regarding the investors’ expectations towards their financial intermediaries, since the crises they ask for more transparency and more client services. We also show that these expectations may be contradictory a bit in retail investors. In the third chapter, we provide an experimental test of investors beliefs formations according to Brunnermeier and Parker model (2005). For this purpose, we use a two identical lotteries design except in terms of skewness. We show that participants to this experiment feel anticipatory emotions once they have learned the lottery they will play. These emotions are formed from the second waiting minute and remain stable until they learn their gains. Besides, anticipatory emotions are as strong as emotions felt once the payoffs known. Finally, we demonstrate that subjects participating in the positively skewed lottery exhibit less self-regulation than other subjects. Hence, their emotions are stronger and more persistent
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Saénger, Jonathan, Sahlin Marcus, and Uhler Chris. "Adoption of Disruptive Technologies : Exploratory research into consumer attitude formation regarding Bitcoin adoption." Thesis, Linnéuniversitetet, Institutionen för marknadsföring (MF), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-104765.
Повний текст джерелаАнотація:
Attitudes are based on motivations and are formed in anticipation that the person will handle similar information at a later date. Attitudes are, therefore, necessary collections of pre-determined behavioral intents toward certain information (Solomon et al., 2016). Attitudes and their underlying functions form using a hierarchical structure where certain elements hold the primacy of effect over the remainder. These elements affect, behavior, and cognition as presented by Solomon and colleagues (Solomon et al., 2016). This study aims to explore how investors form attitudes towards the adoption of unfamiliar attitude objects, specifically when confronted with communications regarding Bitcoin adoption. The reason for this study is threefold; firstly, congruent academia has only conducted temperature checks on already established attitudes towards Bitcoin from diverse crowds in a spread of non-western cultures (Gagarina et al., 2019; Anser et al., 2020). Secondly, the aforementioned studies incorporated loosely defined sample groups. Understanding technology adoption, following the theories of Rogers (1995), requires that inaugural research is done on those who are most likely to adopt the technology. Lastly, congruent research has yet to tackle attitude formation on Bitcoin as an asset. Established research all commit to researching already established attitudes on a less niched sample (Gagarina et al., 2019; Yoo et al., 2020). The conclusion of said studies found thematic, contextual antecedents to why certain participants had certain attitudes. However, these studies do not explore the underlying hierarchy or function of said attitudes. To fill such a gap, a study following a deductive, exploratory nature was developed. Through thematic coding of qualitative interviews, this study contributes to the existing literature in two aspects: first, active Swedish investors rely on affective reasoning when faced with this particular unfamiliar attitude object. Second, such affective reasoning is most likely a result of participants defaulting to the grouping of information within the knowledge function, as no cognitive baseline (in the form of understanding price developments in Bitcoin) could be established. The general attitude formation followed an affective dominant, low-involvement hierarchy created through the knowledge function.
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Elias, Marc Brett. "The influence of corporate carbon disclosure on investor decisions and attitudes in South Africa." Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/25373.
Повний текст джерелаАнотація:
The purpose of this paper is to investigate and explore the influence that corporate carbon disclosure has on investor decision-‐making and associated attitudes. The researcher conducted semi-‐structured interviews with individual investors and institutional investors and fund managers operating in the South African environment in order to gain appropriate insights about their attitudes towards the place of carbon disclosure in the investment analyses. Additionally, semi-‐structured interviews were held with three prominent petroleum companies operating in the oil and gas industry in South Africa. The results of the research were categorised into four themes that emerged upon analysis of the research findings, namely: the evolution of commercial thinking in terms of carbon emissions and carbon disclosure; the relevance of disclosing carbon emissions and disclosure practices; the association of risk, sustainability and liquidity and investor time horizons; and the emerging market of socially-‐responsible investors. The researcher found that there is a positive impact on investor attitudes with regard to their investment decision-‐making as a result of the carbon disclosure of companies.Dissertation (MBA)--University of Pretoria, 2010.
Gordon Institute of Business Science (GIBS)
unrestricted
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Hudson, Sarah J. "Attitudes to investment risk amongst West Midland canal and railway company investors, 1760-1850." Thesis, University of Warwick, 2001. http://wrap.warwick.ac.uk/36407/.
Повний текст джерелаАнотація:
Attitudes to environmental and investment risk are examined to determine whether they were a defining characteristic of middle-class behaviour in the period 1760 to 1850. Approximately 6,000 investors in eleven canal companies and seven railway companies were investigated to determine whether evaluation and mitigation of investment risk is determined by socio-economic background and gender. Investment risk was defined as inadequate access to, and imperfect interpretation of, information. The effectiveness of information transfer through public and private spheres was examined and the effect of differential access to these information conduits, as a consequence of gender or socio-economic background, was investigated. Investors' response to the risk environment of early death, war and unpredictable economic cycles was examined. Each canal company and the group of railway companies was ranked according to the level of investment risk during both the construction and operating period, using a mix of quantitative and qualitative tests. The risk preferences of 'economic' and 'financial' investors were compared. The strategies used by each group of investor to mitigate risk were examined. The study provides new evidence of the effective transmission of national market sentiment by the 1770s, but reveals that the physical market in canal company shares remained local and continued its separate existence long after the institutionalised national market for railway shares was established. Perceptible differences in the risk assessment and risk mitigation strategies of different groups of investors were observed. This was attributed to differential access to information, which in turn was attributed to gender and social, political and religious affiliation. The study provides evidence that although differences in behaviour were observed amongst groups within the sample population, it shared common investment strategies and that attitudes to risk and risk mitigation should be considered as valid criteria for class differentiation.
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Soares, Ana Luísa. "Delineating efficient portfolios : can nonprofessional investors be efficient?" Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/20431.
Повний текст джерелаАнотація:
Mestrado em FinançasNa própria base da teoria financeira reside a teoria da tomada de decisões sob incerteza e risco. É crucial compreender como e por que razão as pessoas tomam decisões, bem como como as deviam tomar. Esta tese procura compreender melhor como os investidores não profissionais mas especialistas em finanças se comportam nos mercados financeiros e se tendem a escolha carteiras eficientes. Por isso, realizei uma experiência com uma amostra de alunos da pós-graduação de AF (29ª edição) para examinar como iriam calcular as suas carteiras entre uma seleção diversificada de ativos. Utilizando dados históricos, consegui calcular a Carteira Tangente e a Carteira de Variância Mínima com o objetivo de comparar com as Carteiras selecionadas pelos participantes. Os resultados sugerem que estes não são tendem a calcular a Carteira Tangente nem de escolher carteiras pertencentes à Fronteira Eficiente, não obstante o seu conhecimento técnico. Assim, na medida em que esta amostra representa investidores não profissionais que são especialistas em finanças, concluo que não se espera que esta classe de investidores tome decisões de investimento eficientes no sentido de Markowitz.
At the very foundation of financial theory lies the theory of decision-making under uncertainty and risk. Understanding how and why people make decisions, as well as how they should be making decisions, is crucial. This thesis seeks to better understand how nonprofessional investors who are experts in finance behave in the financial markets and if they tend to choose efficient portfolios. Therefore, I conducted an experience with students from the post graduation in Análise Financeira (29th Edition) to examine how they would compute their Portfolios among a diversified selection of assets. Using historical data, I was able to compute the tangency portfolio and the minimum variance portfolio in the Efficient Frontier with the aim of comparing with the Portfolios chosen by each student. I report that the great majority of respondents were not able to compute the Tangency Portfolio nor choose Portfolios belonging to the Efficient Frontier despite their technical knowledge. To the extent this sample represent experts on finance that are non-professional investors, I conclude that such class of investors are not expected to make efficient decisions in the Markowitz sense.
info:eu-repo/semantics/publishedVersion
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Forrester, David Edward Economics Australian School of Business UNSW. "Market probability density functions and investor risk aversion for the australia-us dollar exchange rate." Awarded by:University of New South Wales. School of Economics, 2006. http://handle.unsw.edu.au/1959.4/27199.
Повний текст джерелаАнотація:
This thesis models the Australian-US Dollar (AUD/USD) exchange rate with particular attention being paid to investor risk aversion. Accounting for investor risk aversion in AUD/USD exchange rate modelling is novel, so too is the method used to measure risk aversion in this thesis. Investor risk aversion is measured using a technique developed in Bliss and Panigirtzoglou (2004), which makes use of Probability Density Functions (PDFs) extracted from option markets. More conventional approaches use forward-market pricing or Uncovered Interest Parity. Several methods of estimating PDFs from option and spot markets are examined, with the estimations from currency spot-markets representing an original application of an arbitrage technique developed in Stutzer (1996) to the AUD/USD exchange rate. The option and spot-market PDFs are compared using their first four moments and if estimated judiciously, the spot-market PDFs are found to have similar shapes to the option-market PDFs. So in the absence of an AUD/USD exchange rate options market, spot-market PDFs can act as a reasonable substitute for option-market PDFs for the purpose of examining market sentiment. The Relative Risk Aversion (RRA) attached to the AUD/USD, the US Dollar-Japanese Yen, the US Dollar-Swiss Franc and the US-Canadian Dollar exchange rates is measured using the Bliss and Panigirtzoglou (2004) technique. Amongst these exchange rates, only the AUD/USD exchange rate demonstrates a significant level of investor RRA and only over a weekly forecast horizon. The Bliss and Panigirtzoglou (2004) technique is also used to approximate a time-varying risk premium for the AUD/USD exchange rate. This risk premium is added to the cointegrating vectors of fixed-price and asset monetary models of the AUD/USD exchange rate. An index of Australia???s export commodity prices is also added. The out-of-sample forecasting ability of these cointegrating vectors is tested relative to a random walk using an error-correction framework. While adding the time-varying risk premium improves this forecasting ability, adding export commodity prices does so by more. Further, including both the time-varying risk premium and export commodity prices in the cointegrating vectors reduces their forecasting ability. So the time-varying risk premium is important for AUD/USD exchange rate modelling, but not as important as export commodity prices.
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Hachenberg, Britta Eileen [Verfasser], Dirk [Akademischer Betreuer] Schiereck, and Carolin [Akademischer Betreuer] Bock. "Security Pricing in Reaction to Changes in Investor Attitudes, Governance and Regulation / Britta Eileen Hachenberg ; Dirk Schiereck, Carolin Bock." Darmstadt : Universitäts- und Landesbibliothek Darmstadt, 2018. http://d-nb.info/1167402413/34.
Повний текст джерела
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Hachenberg, Britta [Verfasser], Dirk [Akademischer Betreuer] Schiereck, and Carolin [Akademischer Betreuer] Bock. "Security Pricing in Reaction to Changes in Investor Attitudes, Governance and Regulation / Britta Eileen Hachenberg ; Dirk Schiereck, Carolin Bock." Darmstadt : Universitäts- und Landesbibliothek Darmstadt, 2018. http://d-nb.info/1167402413/34.
Повний текст джерела
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Haguet, Daniel. "Les déterminants de la décision d'achat des investisseurs individuels : l'exemple français." Thesis, Nice, 2016. http://www.theses.fr/2016NICE0003/document.
Повний текст джерелаАнотація:
L'étude est effectuée sur la base d'un échantillon de 13.000 clients d'un courtier en ligne et 1,3M de mouvements d'achats et de vente de valeurs mobilières durant le période Janvier 2006 - Juin 2008. Nous démontrons 1/ Grâce à des régressions linéaires, que les investisseurs individuels français présentent un comportement contrarian par rapport aux évolutions de l'indice domestique. Ils achètent quand le marché baisse et vendent quand le marché monte. Ce résultat est cohérent avec la littérature sur les "noise traders" et la liquidité du marché.2/ sous la forme de régressions logistiques, que la sophistication (approximée par l'utilisation du SRD) est un facteur d'accroissement de la décision d'achat.Ces résultats ouvrent des perspectives pour l'industrie financière et le développement de l'Education financière dans notre paysThis dissertation draws from a sample of 13 000 clients of an online broker and 1.3M movements of buys and sells from January 2006 to June 2008. The results show that:1/ By regressing the buys and sells to the returns of the domestic index (CAC 40), the french individual investors have a contrarian behavior. This result is in line with the existing literature on "noise traders" and the market liquidity.2/ Through logistic regression of the purchase decision, we show that sophistication (that we proxy with the use of the SRD), is a strong factor explaining the purchase decision.These results can bring insights to the financial industry and help to the development of the financial litteracy
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Magron, Camille-Eléonore. "Portfolio management by individual investors : a behavioral approach." Thesis, Strasbourg, 2014. http://www.theses.fr/2014STRAB007/document.
Повний текст джерелаАнотація:
Cette thèse est composée de quatre chapitres qui contribuent à une meilleure connaissance des comportements d’échange des investisseurs individuels et de leur performance. Dans le premier chapitre, nous réalisons la première étude consacrée aux performances de portefeuille des investisseurs individuels français. A partir d’une base de données de plus de 8 millions de transactions réalisées par 56 723 investisseurs, nous montrons que les investisseurs français affichent des rentabilités ajustées au risque négatives sur leurs portefeuilles et font des choix d’investissement pénalisants. De plus, nous mettons en évidence que les investisseurs les plus sophistiqués ne sont pas plus performants que leurs pairs.Dans le second chapitre, nous montrons que l’aspiration individuelle constitue un déterminant clé pour expliquer l’hétérogénéité des performances de portefeuille. Nous définissons les aspirations selon la Théorie Comportementale du Portefeuille. Les investisseurs qui ont de fortes aspirations détiennent des portefeuilles plus risqués, échangent plus fréquemment et diversifient moins que les investisseurs ayant de faibles aspirations. En contrôlant de la fréquence des échanges, de la diversification et des facteurs de risque habituels, nous montrons que les investisseurs ayant de fortes aspirations sous-performent les investisseurs ayant de faibles aspirations.Dans le troisième chapitre nous analysons les performances des investisseurs individuels via des mesures adaptées à leurs préférences. Lorsque leurs performances sont évaluées avec ces mesures plutôt qu’avec le ratio de Sharpe, une plus grande part des investisseurs bat l’indice de marché. Cette observation jette un regard nouveau sur les capacités de gestion des investisseurs individuels. Cependant, nous montrons que l’amélioration des performances est liée à la skewness des portefeuilles plutôt qu’à une sélection de titres pertinente.Dans le dernier chapitre, nous explorons les comportements de rachat des investisseurs individuels. Nous montrons que les investisseurs préfèrent racheter (1) les titres pour lesquels ils ont réalisé une plus-value lors de la vente (2) les titres dont le prix a diminué depuis la vente. Nos tests excluent les explications rationnelles et confirment que l’évitement du regret est à l’origine de tels comportements. Sur la base d’une analyse de survie, nous montrons que les investisseurs sophistiqués sont moins sujets à ces préférencesThis dissertation is composed of four chapters that make a substantial contribution to existing knowledge of the trading behavior and performance of individual investors. The first chapter provides the most extensive study of the trading performance of French individual investors to date. Based on a large database of nearly 8 million trades realized by56,723 investors, we show that French investors exhibit negative risk-adjusted returns on their portfolios, and make penalizing choices in their trades. We find that more sophisticated investors do not perform better than their peers, and we conclude that investors would gain more from applying a passive strategy. In the second chapter, we evidence that individual aspiration is a key determinant of existing heterogeneity in portfolio performance. We define aspirations according to the Behavioral Portfolio Theory. Investors who have high aspirations hold riskier portfolios, trade more frequently and diversify less than investors who have low aspirations. After controlling for turnover, diversification and usual risk factors, we find that investors with high aspirations underperform investors with low aspirations.In the third chapter we highlight alternative measures of performance that efficiently convey the real preferences of investors. When they are evaluated with these alternative measures rather than with the Sharpe ratio, a higher proportion of investors beat the market index. This observation challenges the global evidence that individual investors are poor portfolio managers. However, our evidence suggests that the improvement of an investor’s performance is linked to portfolio skewness rather than relevant stock selection.In the last chapter, we explore the repurchase behavior of individual investors. We find that French investors prefer to repurchase (1) stocks that have been sold for a gain and (2) stocks that have lost value since their sale. Our tests exclude rational explanations for these preferences and confirm our hypothesis that such patterns can be traced to the avoidance of regret in trades. We use survival analysis to demonstrate that sophisticated investors suffer less from there purchase preferences
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Orkut, Hava. "The behavior of French retail investors : issues within the MiFID directive." Thesis, Strasbourg, 2018. http://www.theses.fr/2018STRAB010/document.
Повний текст джерелаАнотація:
Nous étudions le comportement des investisseurs individuels sur les marchés financiers en combinant les réponses au questionnaire MiFID et les données bancaires de plus de 98,000 clients d’une grande banque Européenne. Tout d’abord, nous étudions la participation sur les marchés actions. Nous montrons que la tolérance au risque et les attitudes face aux pertes auto-évaluées des clients sont de forts prédicteurs de l’investissement en actions tout en contrôlant les déterminants classiques. Puis, dans le cadre de la comptabilité mentale, nous créons une typologie d’objectifs mentaux et montrons que les décisions financières des clients sont cohérentes avec leurs objectifs mentaux. Enfin, nous analysons le comportement des investisseurs détenant directement au moins une action étrangère. Nous montrons qu’ils détiennent des portefeuilles d’actions plus diversifiés que les investisseurs domestiques. Ces investisseurs sophistiqués sont plus tolérants au risque, moins sensibles aux pertes et plus instruits en matière financière mais sont sujets au biais nationalWe study retail investors’ behavior on financial markets by combining the MiFID questionnaire answers and banking records of more than 98,000 retail clients of a large European retail bank. First, we study stock market participation. We show that retail clients’ self-assessed risk tolerance and attitudes towards losses are strong drivers of stockholding while controlling for classical determinants. Second, under the mental accounting framework, we derive a typology of retail client mental goals and show that retail clients’ actual investment decisions are consistent with their mental goals. Finally, we analyze the behavior of investors directly holding at least one foreign individual stock. We show that they hold more diversified stock portfolios than domestic investors. These sophisticated investors are more risk tolerant, less sensitive to losses and more financially literate but are subject to the home bias
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McCormick, Cameron Anthony. "Get mad, stay mad : exploring stakeholder mobilization in the instance of corporate fraud and Ponzi schemes." Thesis, Lethbridge, Alta. : University of Lethbridge, Faculty of Management, c2011, 2011. http://hdl.handle.net/10133/3248.
Повний текст джерелаАнотація:
Using a multi-case study, three Ponzi schemes were investigated: Road2Gold, Bernie
Madoff’s empire, and the Earl Jones affair. This grounded study used an inductive
bottom-up methodology to observe and describe stakeholder mobilization in reaction to
corporate fraud. This research on stakeholder behaviour in Ponzi schemes articulates
new theory for describing stakeholder behaviour and possible determinants for successful
mobilization to action. The data presented here point to a useful distinction in the
stakeholders in a corporate fraud: reluctant and engaged stakeholders. Reluctant
stakeholders seek only interest-based ends, whereas engaged stakeholders have additional
identity and ideological goals shared by a mobilized group.viii, 85 leaves : ill. ; 29 cm
15
Gamel, Johannes [Verfasser], Klaus [Akademischer Betreuer] Menrad, Klaus [Gutachter] Menrad, and David [Gutachter] Wozabal. "Individual Investors and Socially Responsible Investments – Attitudes and Preferences in the Context of Wind Energy Investments / Johannes Gamel ; Gutachter: Klaus Menrad, David Wozabal ; Betreuer: Klaus Menrad." München : Universitätsbibliothek der TU München, 2018. http://d-nb.info/1159703493/34.
Повний текст джерела
16
Trabelsi, Dhoha. "Essais sur l'influence des aspects comportementaux et environnementaux sur les décisions des entreprises." Thesis, Lille 2, 2014. http://www.theses.fr/2014LIL20029/document.
Повний текст джерелаАнотація:
Cette thèse comporte quatre essais dont les deux premiers, s’appuyant sur les fondements théoriques de la finance comportementale de l’entreprise, montrent dans quelle mesure les sociétés françaises tirent avantage des erreurs de jugement systématiques des investisseurs. Nous étudions dans le premier essai les conséquences du biais de familiarité sur la structure du capital. En particulier, nous montrons que les entreprises associées à un sentiment de familiarité élevé, notamment parmi les petites capitalisations, ont un actionnariat individuel plus large. Ce résultat souligne l’intérêt économique pour l’entreprise d’augmenter sa visibilité et de consolider sa notoriété dans le temps. Le deuxième essai traite de la politique de dividende sous l’hypothèse des « catering incentives ». Il s’agit de tester si les entreprises sont davantage incitées à distribuer du dividende lorsque les titres payeurs se négocient avec une prime par rapport aux non-payeurs. Nous validons cette hypothèse et mettons en évidence que les dirigeants français font preuve d’un opportunisme court-termiste accru en cas de faible contrôle familial ou de forte participation institutionnelle dans le capital. Les deux derniers essais s’intéressent aux comportements décisionnels des entreprises face aux enjeux du changement climatique. Ils se situent dans un contexte international. Le troisième essai, notamment, teste la pertinence des stratégies d’éco-efficience, via la réduction des émissions de carbone, sur la performance financière à l’occasion d’opérations de fusions-acquisitions. Les résultats tranchent en faveur de la rationalité économique de ces stratégies et affirment la possibilité pour la firme d’envisager une relation gagnant-gagnant avec son environnement. Le quatrième essai, consacré à l’étude de la communication environnementale volontaire, démontre l’intérêt croissant des parties prenantes pour ce type d’information : les entreprises les plus exposées médiatiquement, les plus endettées et celles qui entrent dans le cadre des nouvelles réglementations environnementales sont les plus transparentes en matière de reporting environnemental. De plus, les entreprises les moins éco-efficientes tendent à communiquer davantage sur leur empreinte écologique, traduisant une recherche de légitimité auprès des parties prenantesThis thesis is composed of four essays. The first two essays draw on behavioral corporate finance and show to what extent French firms can take advantage of investors’ erroneous judgment. We first study the impact of the familiarity bias on ownership. We find that firms with higher notoriety level, mostly small-cap ones, have higher individual ownership. Second, we test the catering hypothesis in dividend policy, in that whether firms are more prone to pay dividend when payers trade at a premium relative to non-payers. The results validate this hypothesis and support short-term opportunistic behavior by French firms, especially when family control is low or institutional ownership is high. The last two essays examine the impact of climate change issues on firms’ decisions, in an international setting. Especially, the third essay demonstrates that eco-efficiency-based strategies significantly matters to the financial outcomes of mergers and acquisitions, which supports the economic rationality underlying carbon reduction investments, and claims for a win-win relationship between corporations and their environment. The fourth essay that deals with the environmental voluntary disclosure, emphasizes the increasing interest of stakeholders toward this kind of information: firms with higher exposure, higher leverage and those that are in the scope of regulators tend to be more transparent in terms of carbon reporting. Moreover, firms that are less eco-efficient show higher probability to report on their environmental performance, suggesting the search for legitimacy
17
Huang, Kun-Hsiang, and 黃琨翔. "The Study of the Effects of Investor´s Risk Attitude on Fund Investment and Asset Allocation." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/30658055512264897724.
Повний текст джерелаАнотація:
碩士朝陽科技大學
工業工程與管理系碩士班
96
With the development of economy in Taiwan, the individual wealth becomes two-peak distributed at present. Therefore, personal investment becomes more important issue. The fund investment has not only lower risk than stock investment, but also higher profit than certificate of deposit. Hence, the fund investment becomes more popular in Taiwan. In general, investors would like to choose the invest that has low risk but high profit. However, these two objects are conflict, but hardly achieve simultaneously. This study discusses the effect of the investor’s risk attitudes on the choice of fund by multi-objective decision model and sensitivity analysis. Moreover, the decisions of fund choosing and asset allocation for three different types of investors (i.e., risk-neutral, risk-aversion, and risk-seeking investors) have also been discussed and the results may help any investor on fund investment. This study found that the risk-neutral investors whose profit and risk utilities are linear prefer “Latin America burgeoning market equity fund” among the funds, since it had the highest utility according to the data observed in this study period. This fund was classified as high-profit and high-risk. The funds investing in developing countries may have very high return, but also accompany high risk. During this study period, the extreme high profit causes risk-neutral ignore the high risk behind this investment. Although, in general, risk-neutral investors are thought be as not risk-seeking and not risk-aversion. However, this study showed that risk-neutral investors will choose the fund with the greatest expect profit even it comes from a fund that has very small chance to gain extreme profit. Risk-aversion investors are defined as one whose utilities functions have lesser changes when the rate of return and annualized standard deviation of the fund increase. This research showed that “global (except U.S.A.) equity fund” has better profit in short-term investment, but “global short duration bond fund” can get the highest utility for risk-aversion investors according to the observed data. This result suggested that, for risk-aversion investors, the long-term investment on the worldwide, stable and low-risk fund would be a better choice. This study showed that the risk-seeking investors whose utilities functions have larger changes when the rate of return and annualized standard deviation of the fund increase put emphases on profit rather than the risk. The decision model showed that the utility of “Latin America burgeoning market equity fund” is highest for this type of investors. As descript previously, it may have much greater return in investing in developing country although it also accompanied very high risk. However, for risk-seeking investors, it was more important to gain high profit than to avoid risk. In fact, fund managers may decide the risk attitude of investors first before provide any investment suggestion. Multi-objective decision models for three different types of investors (e.g., risk-neutral, risk-aversion, and risk-seeking investors) were provided in this study, and found that the fund investment may be affected by the risk attitude of the investment and the time period of investment. It was general to gain profit in logh-term fund investment. Therefore, the investor should make a suitable choice based on his/her preference and risk attitude.
18
Li, Weng Lang, and 李光朗. "The Comparison and Analysis Among Personalities, Risk Perception,Risk Attitude, Adoption Behavior and Investment Performance in Offshore Mutual Funds on Domestic and Offshore Mutual Funds Investors and Stock Investor." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/92033117080723539254.
Повний текст джерелаАнотація:
碩士大葉大學
國際企業管理學系碩士在職專班
95
This study investigated into stock and mutual fund investors in Central Taiwan through a questionnaire survey and clustered the investors by personal characteristics, risk perception, and risk attitude, to analyze the relationships among the clusters and the effects on investment performance. Findings in the research were: 1. Investors’ personal characteristics had significantly positive effects on their risk attitude. 2. Investors’ personal characteristics had significantly negative effects on the performance of mutual fund investment but no significant effect on the performance of stock investment. 3. Investors’ personal characteristics had significantly negative effects on their adoption behavior. 4. Investors’ risk attitude had significantly positive effects on their adoption behavior. 5. Investors’ adoption behavior had significantly positive effects on the performance of mutual fund investment and significantly negative effects on the performance of stock investment. 6. Investors’ risk attitude had significantly positive effects on the performance of mutual fund investment and no significant effect on the performance of stock investment. 7. Investors’ risk perception had significantly negative effects on their risk attitude. 8. Investors’ risk perception had significantly negative effects on their adoption behavior. 9. Investors’ risk perception had significantly positive effects on the performance of mutual fund investment and significantly negative effects on the performance of stock investment. 10. Investors’ risk attitude and adoption behavior were the mediating variables in the correlation between personal characteristics and investment performance. 11. Investors’ risk attitude and adoption behavior were the mediating variables in the correlation between risk perception and investment performance.
19
Chen, Chun-Yen, and 陳俊言. "The Impact of Unusual Income on Investor's Risk Attitude-A Comparison of Investors in Taiwan and Mainland China." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/4w5f7j.
Повний текст джерелаАнотація:
博士中國文化大學
國際企業管理學系
102
Results of this research study demonstrate that investors risk attitudes in both Taiwan and Mainland China are influenced by unusual income. We find out that risk attitude of investors have been affected by unusual income, moreover, the relationship between the impact of unusual income and investors risk attitudes is positively correlated. Sample subjects are taken from employees and managerial staff working for multinational corporations that are publicly listed, profitable and have operations in both Taiwan and Mainland China. These selected multinationals also have to meet one of the following criteria, i.e., increased stock price after offering stock option plan, giving extra-paid bonuses to employees, or profit-sharing higher than its industry average. We issued 360 questionnaires, consisting of 204 valid respondents of which 107 were from Taiwan and 97 were from Mainland China. Through empirical analyses of the questionnaires, our results show that investors are influenced by unusual income and their risk behavior or risk attitudes tend to have high risk propensity and risk perception. When comparison was made on the impact of unusual income on investors risk attitude in both Taiwan and Mainland China, a moderately positive effect was observed on both groups. Furthermore, our results strongly indicate that the impact of unusual income on investor risk attitude in Mainland China is more pronounced than that of Taiwan, and investor risk attitude in Mainland China have a higher risk propensity.
20
Yen-HungLiu and 劉彥宏. "Institutional Investors’ Attitude to Co-branding Strategy Announcement." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/63603277323621496345.
Повний текст джерелаАнотація:
碩士國立成功大學
國際企業研究所
103
In this research, we focus on the relationship between firms co-branding strategies and trading behaviors of institutional investors. Using hand-collected data from 1996 to 2013, in empirical result, we find that there is a negative relationship between co-brand product strategies and institutional investors. Market value also is the important key element for institutional investors. In addition, we also find the negative firm age effect the institutional investors. Our findings suggest that firms’ managers should consider more clearly before introduce the co-brand strategies which may not attract institutional investors because the co-brand service strategies are more uncertainty compare to co-brand physical products.
21
Mei-Huei, Wu, and 吳美惠. "A Study of Investors Attitude Towards New Funds." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/5dph77.
Повний текст джерелаАнотація:
碩士輔仁大學
金融與國際企業學系金融碩士在職專班
107
To provide investors with more diversified and better investment targets, most investment companies will regard “investment trust raising new funds” as one of the important business tasks. This study aims to understand the attitudes and intention of general investment clients towards new funds. Hope to provide investment companies with more implications and practical suggestions for the planning of new funds through the empirical test. The method of this study is online survey, and the objects is the investors in the market. The effective samples are 206. The results of study are that the demographic variables affecting the variables of new funds indeed. The details as following: age affects the "attitude" of the new fund, age and residential area affect intention, monthly income and residential areas affect rate of return, gender and monthly income affect comparison, gender, monthly income and education level affects past experience, education level and residential area affect risk, Finally, "attitude", " rate of return ", "experience" and "comparison" will affect the intention.
22
Ali, Azwadi. "The mediating role of attitudes in using investor relations websites." Thesis, 2010. https://vuir.vu.edu.au/15980/.
Повний текст джерелаАнотація:
Public listed companies have been utilising their web presences to achieve many different goals including serving their Investor Relations (IR) functions. These functions can be regarded as effective when their intended users are satisfied with the information and facilities provided on companies’ IR websites. Many studies indicate that user behaviours such as adoption, purchase decision and repeat use are reliable surrogates for website effectiveness. While some studies focus on online IR attributes as necessary for IR websites, few studies examine investors’ perceptions and behavioural outcomes as a result of their uses of IR websites.
This study relies on the Dual Mediation Hypothesis (DMH) model which predicts investors’ behavioural intentions as the consequences of their perceptions of IR websites and companies’ brands, mediated by attitudes. This study validates the DMH model which has been commonly used in a product-purchase environment into an IR context.
23
Lee, Yi-ta, and 李奕達. "Investors' Risk Attitudes and their Investment Behaviors." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/95221144213074095009.
Повний текст джерелаАнотація:
碩士世新大學
財務金融學研究所(含碩專班)
99
In recent years along with the more investment information, more invested popularization and the increased national income, the fund investment has turned into popular trend in Taiwan. When funds climb to the peak, the financial crisis suddenly happened and destroyed dreams of fund investors. At this result, we understand that is important to risk control and research in questionnaire way to investigate investors of mutual fund by each variable of investors, then divides the investors into three risk ranks： conservative investors, steady investors and aggressive investors. From the empirical results of this study, we can more understand about Risk Attitudes and Investment Behaviors of Investors.
24
"Investors' perception toward online trading." 2001. http://library.cuhk.edu.hk/record=b5890564.
Повний текст джерелаАнотація:
by Chu Yin Yin, Hui Chi Wah.Thesis (M.B.A.)--Chinese University of Hong Kong, 2001.
Includes bibliographical references (leaves 65-66).
Chapter CHAPTER II --- INTRODUCTION --- p.1
What is On-line Trading? --- p.1
Real-time vs. Non-real-time Trading --- p.1
What is AMS/3? --- p.2
Electronic Commerce (e-commerce) --- p.3
Financial Institutions and the Internet --- p.3
The Pioneers --- p.4
Opening Up in Hong Kong --- p.5
Today's Online Investor --- p.6
A Variety of Services and Products --- p.6
On-line Stock Trading vs. Conventional Stock Trading --- p.6
Factual Differences --- p.7
Demographic Differences --- p.9
Impact of Information Technology on Financial Market --- p.10
Chapter CHAPTER II --- LITERATURE REVIEW --- p.15
Review of Past studies in Internet Trading --- p.15
Conceptual Framework: Theory of Reasoned Action --- p.16
Behavior Beliefs and Attitudes toward the Behavior --- p.17
Normative Beliefs and Subjective Norms --- p.17
Conceptual Model --- p.18
The Acceptance of Information Technology --- p.18
The Causal Relations Among Constructs --- p.20
Chapter CHAPTER III --- METHODOLOGY --- p.22
Overview --- p.22
The Research Design --- p.22
Sample And Sampling Procedures --- p.23
Operationalization of Perceived Constructs --- p.24
Operationalization of Intended Constructs --- p.27
Operationalization of Overall Comments --- p.27
Chapter CHAPTER IV --- RESEARCH MODEL --- p.29
Overview --- p.29
The Statistical Modeling --- p.29
Analysis on Perceived Constructs --- p.36
Analysis on Intended Constructs --- p.38
Chapter CHAPTER V --- Findings --- p.39
Analysis on Overall Comments --- p.39
Findings on Demographics --- p.39
Findings on Perceived Constructs --- p.40
Findings on Intended Constructs --- p.44
Findings on Overall Comments --- p.46
Chapter CHAPTER VI --- CONCLUSION --- p.48
APPENDIX 1 --- p.51
APPENDIX 2 --- p.57
APPENDIX 3 --- p.61
BIBLIOGRAPHY --- p.65
Books --- p.65
Periodicals --- p.55
ACKNOWLEDGEMENT
25
"Heterogeneous investors in stock market." Thesis, 2002. http://library.cuhk.edu.hk/record=b6073947.
Повний текст джерелаАнотація:
In the second part of the thesis, we investigate whether ownership structure has influence to long-term stock return. We use a risk adjustment method to make it possible to compare stock return in different terms, therefore, we can use GMM method to estimate the influence of ownership structure in a panel sample set. We find that, insider ownership and institutional ownership are all significantly favorable to long-term stock return. However, the quarterly insider ownership change and quarterly institutional ownership change do not show significant influence. We also use a Fama-MacBeth approach to compare the results from GMM estimation and we find that the results are similar.This thesis consists of two related parts. In the first part, we develop a method to extract insider ownership information from insider transaction reporting files and by combining it with quarterly institutions holding report data, we obtain quarterly ownership structure for most common stocks listed in CRSP tape. We use ownership structure and quarterly ownership change to analyze how insiders, large institutions and individual investors differ from each other in their holding preference to stock characteristics and trading behavior. We find that, these three kinds of investors have significant difference in holding preference to size, price, monthly turnover, previous 12-months return. They also show significant difference in trading behaviors. Basically, institutions are momentum trader, and are interested in "growth" stocks. Insiders are anti-momentum trader, they sell more when past return is higher and they more focus on "value" stocks.
Zhu, Honghui.
"September 2002."
Source: Dissertation Abstracts International, Volume: 64-11, Section: A, page: 4150.
Supervisors: Jia He; Xiaoqiang Cai.
Thesis (Ph.D.)--Chinese University of Hong Kong, 2002.
Includes bibliographical references (p. 94-101).
Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Abstracts in English and Chinese.
School code: 1307.
26
Hachenberg, Britta Eileen. "Security Pricing in Reaction to Changes in Investor Attitudes, Governance and Regulation." Phd thesis, 2018. https://tuprints.ulb.tu-darmstadt.de/7772/1/Hachenberg_Security_Pricing_Final.pdf.
Повний текст джерелаАнотація:
The financial crisis that began in the summer of 2007 changed many aspects of the financial world. On the one hand, governing regulatory bodies around the globe introduced rules and regulations, with the goal of preventing another financial crisis of similar dimensions. On the other hand, investors changed their investment style. Structured products, viewed as one of the causes of the recent financial crisis, suffered severely. At the same time the demand for sustainable and climate related products rises massively. This thesis analyses the pricing of a variety of instruments (Bonds, Stocks, CDS, ABS and CLOs) in the aftermath of the recent financial crisis. Special attention is drawn upon the impact of changes in investor attitudes and regulatory changes on the pricing of the analyzed financial instruments.
27
"A principal component approach to measuring investor sentiment in China." 2011. http://library.cuhk.edu.hk/record=b5894858.
Повний текст джерелаАнотація:
She, Yingni."August 2011."
Thesis (M.Phil.)--Chinese University of Hong Kong, 2011.
Includes bibliographical references (leaves 43-49).
Abstracts in English and Chinese.
Chapter 1. --- Introduction --- p.1
Chapter 2. --- Literature Review --- p.6
Chapter 2.1 --- Investor Sentiment Measures --- p.6
Chapter 2.2 --- Chinese Stock Market Overview --- p.13
Chapter 3. --- Chinese Investor Sentiment Measure --- p.16
Chapter 3.1 --- Data and Variables --- p.16
Chapter 3.2 --- Methodology --- p.21
Chapter 3.3 --- Empirical Results --- p.22
Chapter 3.4 --- Investor Sentiment Behavior --- p.24
Chapter 4. --- Threshold Autoregressive Model --- p.29
Chapter 4.1 --- Methodology --- p.29
Chapter 4.2 --- Estimated Results --- p.31
Chapter 4.3 --- Forecasting Performance --- p.36
Chapter 4.4 --- Trading Strategy --- p.38
Chapter 5. --- Conclusion --- p.41
References --- p.43
28
"Construction of financial risk: a study of the stock market investors and their communicative practices." 2015. http://repository.lib.cuhk.edu.hk/en/item/cuhk-1290649.
Повний текст джерелаАнотація:
This dissertation aims to develop a grounded theory explaining how Chinese stock investors construct risk through their communication practices. Many of the previous studies attribute the risk in the stock market to greedy or unprofessional investors who speculate in stocks. In order to explore this topic further, this dissertation applies a grounded theory approach to develop a detailed local case showing the communication practices of Shanghai investors with respect to stock investment. By examining how investors produce meanings of risk and the relevant risk positions, the dissertation explains why investors keep speculating in the stock market. It uses interviews with 35 investors, in-depth interviews with 12 investors, and on-site observations of four stock exchange halls, investors’ home and working places in Shanghai from 2012 to 2014. The findings show that the investors consider risk to be the uncertainties about the accuracy of the information and the speed by which it is obtained. Ideally, they would obtain public information, make sense of public information professionally, and then generate directional information on which they can base their stock trades. However, with the devaluation of public information due to the corrupt social system, investors are forced to communicate more accurate information in a private way to position themselves to have a privileged risk position, which produces certainties for them but uncertainty for others. The belief in professionalism is eroded through the surge in demand for insider information based on interpersonal relations (guanxi). Because of the lack of insurance and security when circulating information privately, investors have shifted away from long-term stock investments to speculate in stocks. Although the mechanism of stock speculation produces risk for almost all investors, they still produce and reproduce this mechanism. The reason for this is that these investors are trapped in a paradox of risk and security without realizing that their practices to produce security are in fact producing uncertainties for them.本論文研究上海的股票投資者是怎樣在傳播實踐中構建風險的意義的。很多研究將金融風險歸咎於投資者的貪婪或不專業的過度投機行為。為了進一步研究這一課題，本論文採取紮根理論的研究方法，構建一個詳實的關於上海投資者傳播實踐的案例。由此，本論文研究了當地投資者怎樣通過傳播實踐構建風險的意義以及不同的風險處境，並由此對投資者進行投機行為進行理論性的闡釋。本論文的數據收集時間為2012年至2014年，其中主要包括對4所上海的投資交易大廳的實地觀察，對35個投資者的訪談，以及12個深入訪談以及追踪觀察。研究發現，投資者將風險與對信息的正確性以及傳播速度的不確定性相關聯。理想狀態下，投資者通過獲取公共信息，專業解讀信息以將其轉化為導向性的信息，之後進行股票交易。然而，由於腐敗等問題，各類公共信息都產生了貶值，投資者被迫用更私人的方式傳播更準確的信息，以使自己能處於有利地位，並將對信息的確定性建立在其他投資者對信息的不確定性之上。專業主義被瓦解了，取而代之的是建立在人際關係之上的對內幕消息的傳播。投資者們也從專業的、長期的投資專為短期的投機。而那些處於不利地位的投資者所面臨的不確定性亦將反過來加諸於有利地位的投資者之上。儘管投機的體系將風險加諸於幾乎所有投資者之上，投資者仍繼續投機行為。本論文認為其原因是投資者被困於“風險矛盾”之中——投資者通過實踐來尋求保障，未曾意識到其實踐造成了自己乃至於經濟體系更大的風險。
Mao, Zhifei.
Thesis (Ph.D.)--Chinese University of Hong Kong, 2015.
Includes bibliographical references (leaves 203-222).
Abstracts also in Chinese.
Title from PDF title page (viewed on 15, September, 2016).
Detailed summary in vernacular field only.
29
Chang, Sze-Hsun, and 張四薰. "The Study of Psychology Process , Risk Attitude to Disposition Effect for Taiwan Investors." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/57141287630269682535.
Повний текст джерелаАнотація:
碩士國立臺北大學
企業管理學系
95
This study mainly investigates the variables influencing the populace investors’ decision-making behavior. Many variables influencing the investors’ disposition effect had been discussed in literatures. In this study, four variables have been proposed for the possible explanations of the populace investors’ disposition effect. Four variables are the overconfidence, the mental account, the self-control and the risk attitude. According to the hypothesized supposition relationship between each variable, a model correlating the populace investors’ deposition effect and the decision-making behavior was proposed. The correlation model was later used for the structural equation modeling. In one exercise, the overconfidence was hypothesized to be positively influences the deposition effect. The real diagnosis did not support the hypothesis but indicated the negative impact of the overconfidence on the populace investors’ deposition effect. In the other exercise, the hypothesis of the self-control negatively influencing the deposition effect was proved to be fault. The real diagnoses indicated that the self-control actually positively impacted the populace investors’ deposition effect. Additionally, the positive impacts of the overconfidence on the risk attitude, the overconfidence on the mental account, the self-control on the risk attitude, the self-control on the mental account, the mental account on the risk attitude and risk attitude on the deposition effect were diagnosed in this research. In this research, the scale was constructed with many observable and latent variables. The observed variables were examined via the confirmation factor analysis and the results sufficiently reflected the latent variables. Furthermore, the path analysis model describing the factors that influence the decision-making behavior of the populace investors was closely examined. The path analysis model was also capable of predicting the correlation among the major observable variables. All the results of examinations were shown to be statistically significant. The last but not the least, further explanations and discussions are proposed and future studies are also suggested.
30
Yen, Alex Ching-Chung. "Effects on investor judgments from expanded disclosures of non-financial intangibles information." Thesis, 2004. http://hdl.handle.net/2152/1460.
Повний текст джерела
31
Liu, Shuming doctor of finance. "Two essays on stock liquidity." 2008. http://hdl.handle.net/2152/17935.
Повний текст джерелаАнотація:
This dissertation consists of two empirical essays on investor behavior and liquidity variation. The results demonstrate the important role of investors in affecting liquidity. The first essay examines how the fluctuation in the aggregate stock market liquidity is related to investor sentiment. I find that the stock market is more liquid when investor sentiment is higher. This evidence is consistent with the theoretical prediction that higher investor sentiment increases stock market liquidity. The second essay investigates whether the cross-sectional differences in liquidity are affected by institutional ownership. I document that stocks with larger increases in the number of institutional investors are more liquid than other stocks. This result is consistent with the prediction that information competition among institutional investors increases stock liquidity.text
32
WANG, YU-JU, and 王鈺茹. "The Impact of Weather on the Investors’ Portfolio Choice and Risk Attitudes." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/wvsatm.
Повний текст джерелаАнотація:
碩士國立高雄應用科技大學
金融系金融資訊碩士班
104
This study uses four weather factors including temperature, humidity, cloud amount, and sunshine rate to analyze the impact of weather on the investors’ portfolio choice and risk attitudes. Furthermore, the seasonal effect is investigated to see whether the weather impact differs among summer, winter and normal seasons (spring and autumn). Stock portfolios are formed into quintiles based on beta, company size and P/E ratio. The difference between the investment weight on the top and bottom quintile portfolios are used to measure the impact of weather factors on the investors’ portfolio choice and their risk aversion degree. The empirical results show that weather factors have significant influence on the investor’s portfolio choices. Among the four factors the effect of temperature is most significant and consistent. Specifically, as temperature becomes higher, investors relatively invest less on the high beta, small size and low P/E portfolio, implying a higher degree of risk aversion. The impact of humidity and sunshine rate is similar to that of temperature while the impact of cloud amount is opposite to the temperature. It is further found that temperature and humidity have significant seasonal effect. In summer, as both weather factors increase, investors tend to invest more in the low-risk portfolio and exhibit higher degree of risk aversion. Besides, this impact is stronger than in the normal seasons. The influence of temperature is reversed in winter. The higher temperature in winter makes people feel warm and happy. Consequently investors invest more in the high-risk portfolio and their degree of risk aversion decreases as temperature increases in winter.
33
Xu, Jin doctor of finance. "Two essays on stock preference and performance of institutional investors." 2008. http://hdl.handle.net/2152/17918.
Повний текст джерелаАнотація:
Two essays on the stock preference and performance of institutional investors are included in the dissertation. In the first essay, I document that mutual fund managers and other institutional investors tend to hold stocks with higher betas. This effect holds even after precisely controlling for stocks’ risk characteristics such as size, book-to-market equity ratio and momentum. This is contrary to the widely accepted view that betas are no longer associated with expected returns. However, these results support my simple model where a fund manager’s payoff function depends on returns in excess of a benchmark. For the manager, on the one hand, he tends to load up with high beta stocks since he wants to co-move with the market and other factors as much as possible. On the other hand, the manager faces a trade-off between expected performance and the volatility of tracking error. My model thus shows that the manager prefers to choose higher beta than his benchmark, and that his beta choice has an optimal level which depends on his perceived factor returns and volatility. My empirical findings further confirm the model results. First, I show that the effect of managers holding higher beta stocks is robust to a number of alternative explanations including the effects of their liquidity selection or trading activities. Second, consistent with the model predictions of managers sticking close to their benchmarks during risky periods, I demonstrate that the average beta choice of mutual fund managers can predict future market volatility, even after controlling for other common volatility predictors, such as lagged volatility and implied volatility. The second essay is the first to explicitly address the performance of actively managed mutual funds conditioned on investor sentiment. Almost all fund size quintiles subsequently outperform the market when sentiment is low while all of them underperform the market when sentiment is high. This also holds true after adjusting the fund returns by various performance benchmarks. I further show that the impact of investor sentiment on fund performance is mostly due to small investor sentiment. These findings can partially validate the existence of actively managed mutual funds which underperform the market overall (Gruber 1996). In addition, when conditioning on investor sentiment, the pattern of decreasing returns to scale in mutual funds, recently documented in Chen, Hong, Huang, and Kubik (2004), is fully reversed when sentiment is high while the pattern persists and is more pronounced when sentiment is low. Further results suggest that smaller funds tend to hold smaller stocks, which is shown to drive the above patterns. I also document that smaller funds have more sentiment timing ability or feasibility than larger funds. These findings have many important implications including persistence of fund performance which may not exist under conventional performance measures.text
34
Watson, Patrick Wayne. "Political attitudes and activities of hard-money investors: Manifestations of the religious right." Thesis, 1990. http://hdl.handle.net/1911/13479.
Повний текст джерелаАнотація:
This thesis surveys subscribers to an investment newsletter to determine whether they comprise an interest group. Hypothetically, staunch conservatives and "New Christian Right" members were expected. The data provides limited support. Respondents are generally conservative with a significant number of libertarians. Committed Christian respondents are influenced by religion on social issues like abortion, but not on other issues like gun control. Respondents feel closer to conservative groups than liberal groups. They rely for their information on conservative publications, and watch network news programs several times a week. Conservatives have high approval of Reagan, but libertarians do not. Respondents are politically more active than the general population, but prefer private activity such as donations to public activity such as campaign work. There may be two distinct groups: conservative Christians and secular libertarians.
35
Lai, Chien-Chih, and 賴建志. "The Influence of Order Book Disclose Information on Different Risk Attitude Investors' Order-Submission Strategies." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/02290289160238549267.
Повний текст джерелаАнотація:
碩士國立勤益科技大學
企業管理系
100
The stock market started practicing that the new institution of disclose the best five trade quantity information in Taiwan, investors not only judge the market situation now but also determine active of order-submission and order-submission strategy by the best five trade quantity information. The purpose of this study is to disclose the best five stock exchange quantity information whether influence of different risk attitude individual investors or not. Besides, exploration of the order price clustering has a bearing on individual investors to cause front-running of raising the limit order price and lowering the limit order price. The study adopts questionnaire to conduct case investigation through SPSS software, where effectiveness questionnaires is 301. The result of the study is as the following. The study find disclose the stock exchange quantity information influence of different risk attitude individual investors, and different investors of household register had significantly different. Furthermore, the price clustering has a bearing on individual investors to cause front-running in Taiwan stock market. And it had significantly different on different career, year of investing the stock experience, different exchange times every month when the order the price cluster.
36
Hsu, Hui-Lin, and 許慧琳. "Investor Risk Attitudes and Decision-making Behavior in Financial Products from the Perspective of Behavioral Finance." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/18136923213206108994.
Повний текст джерелаАнотація:
博士國立高雄第一科技大學
管理研究所
98
This research combines with behavior finance and risk decision-making model to discuss the forming process of portfolio for investors. This study applied questionnaire investigation that including financial products, for example, stock, stock fund, investment insurance policy, structured notes, future and option. The interviewee is the investors of Taiwan. In the study structure, investors’ risk preference, experience and confidence are idiosyncrasies for exogenous parameters of model. These idiosyncrasies influence the expected return and portfolio through risk propensity and risk perception. In addition, this paper also examines the cognition difference for each financial product and mediator effect for latent variables in study model. This research utilizes the Structural Equation Model to carry on investment decision-making model and inference, the result of study finds, theory model and real example model are fit very well, but investor expected return does not influence the construction of portfolio. As to investors, the determinant is risk when they build portfolio. This result of study establishes a behavioral decision-making model for investment, by way of expecting to help investors understanding the irrational behavior, improving and constructing more rational portfolio. At the same time, the result of study will facilitate financial service organization to understand investors'' manner even more, apply to designing and marketing of the financial products.
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Yu, Bin. "Investors' reactions to manipulation of performance measures : evidence from US mutual funds." Phd thesis, 2011. http://hdl.handle.net/1885/149802.
Повний текст джерелаАнотація:
This thesis investigates how manipulation of fund performances affects fund flow in the US open-ended mutual fund industry. The flaws of conventional performance measures (CPMs) enable fund managers to artificially augment fund performance so as to attract more money. By comparing CPMs with manipulation proof performance measures (MPPM) introduced by Goezmann, Ingersoll, Spiegel, and Welch (2007), we verify that manipulation exists in the mutual fund industry. Using U.S. open-ended mutual fund data from 1991 to 2007, we classify the sample into manipulated and un-manipulated funds, and further demonstrate that individual investors, rather than institutional investors, are more prone to being deceived by manipulation behaviors and thus provide more money to manipulated funds. We start in Chapter 2 with the question of the best model for predicting fund flow. Using a US mutual fund sample as empirical evidence, we compare multiple models of predicting expected flow, and find that models considering a variety of regressors (e.g. past performance, fund size, age) outperform the models that only include lagged flow as the explanatory variable. We then generate the expected flow from the best predicting model, which together with total flow would be used when assessing the investors' reactions to manipulation. Chapter 3 examines whether fund performance measures are manipulated. We show that MPPM can help avoid manipulation, and there is a significant performance discrepancy between MPPM and CPMs when compared to the market. Hence we verify that there are performance manipulations in the mutual fund industry. In addition, we find that the manipulated funds are mainly funds with excess returns below the mean, and the manipulation on retail funds and new funds are more significant. Moreover, we find that after the new Morning Star Rating, which applies a similar intuition as MPPM, was popularized in 2002, the manipulations of performance significantly decreased. Given that CPMs can be manipulated, Chapter 4 investigates whether investors are deceived and provide more money to these funds. After controlling for endogeneity between fund flow and performance, we find that the manipulated funds attract significantly more money in comparison with a group of un-manipulated funds. Specifically, we show that in the retail sample, manipulations have a significantly positive effect on flows, whereas the effect is insignificant in the wholesale subsample. -- provided by Candidate.
38
Shen, Ding-Shiun, and 沈鼎勛. "The Impact of Sentiment on Investors' Attitudes Toward Stock Market - Evidence From the U.S." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/49290582016789192950.
Повний текст джерелаАнотація:
碩士國立交通大學
財務金融研究所
96
This paper applies psychological theories of attitude change under the ‘Elaboration Likelihood Model’ (ELM) structure proposed by Petty and Cacioppo (1981) to examine U.S. stock market. Firstly, it tests the relationship between initial market sentiment and subsequent attitudes of investors. Secondly, a variable called CROSS is proposed to detect the persistence of people’s attitudes. The results show that the power of sentiment generally could drive people’s minds and make them become more aggressive and risk-taking. Also, an abnormal return between 4.7 and 11.8 percent was found during the sample period under several characteristics being examined.
39
Wang, Chien-Sen, and 王建森. "The Investment Behavior and Performance of Professional Investors with Different Risk Attitudes-The Perspective of Overconfidence." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/87885274796660243424.
Повний текст джерелаАнотація:
碩士輔仁大學
金融與國際企業學系金融碩士班
100
Using the trading data of 758 professional investors from a financial controlling company I explore whether these professional investors are subject to overconfidence which is assumed to be detrimental to investors’ wealth. The results indicate that the return and turnover of these professional investors are positively correlated, implying that the active trading did not harm trading performance and that the overconfidence hypothesis is not supported herein. However, when trading turnover rate is replaced by frequency I find that trading frequency is negatively correlated with trading performance. This is consistent with the prediction of overconfidence. I find that the relation with bank is positively correlated with trading performance, implying that the investment advice rendered by the financial institutional is valuable and adds value to investors. Finally, the other individual attributes are not significantly related to trading performance. In a nutshell, the trading performance of these professional investors is crucially affected by the financial advisors.
40
shu-hui, kuo, and 郭淑慧. "The Analysis of Investor’s Attitude and Asset Allocation-A Financial Player Center of A Bank in Taiwan." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/78930658450922665778.
Повний текст джерелаАнотація:
碩士輔仁大學
管理學研究所
95
The study discusses the relation between the investor attribute and the property disposition risk relevance discusses correlation of research risk of attribute and the investment. The purpose of the research are as follows: 1.Takes four great investments strategies based on the efficient frontier in the investment study. 2.Correlation of compared with different risk attribute and the investment achievements. 3.Compared with investor's correlation of risk attribute and the investment achievements. The findings of the research are as follows: 1.The investor attribute can affect accepts the risk attribute suggestion the degree; The gender, education level certainly have not revealed by chance regarding the risk attribute the influence; The age, occupation and yearly income by chance have the conspicuously influence to the risk attribute. 2.The growth, the aggressive investing achieves better than Benchmark index performance in the various market. 3.The age is the key factor for investor to accept the property disposition.
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Ann-Jiang, Liu, and 劉安傑. "A Study on the Relationship among Risk Perception, Adoption Attitude, Adoption Behavior and Investment Performance in Offshore Mutual Funds on Investors Perspective." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/56597520299308075702.
Повний текст джерелаАнотація:
碩士大葉大學
國際企業管理學系碩士在職專班
94
This research used questionnaires method to investigate the research about offshore mutual funds on investors’ perspective. Discuss the relationships among risk perception, adoption attitude, adoption behavior and investment performance. The main results of this research show below. 1. Investors’ risk perception would positive influence to the adoption attitude. 2. Investors’ risk perception would positive influence to the adoption behavior. 3. Investors’ adoption attitude would positive influence to the adoption behavior. 4. Investors’ adoption attitude would positive influence to the investment performance. 5. Investors’ adoption behavior would positive influence to the investment performance. 6. Investors’ risk perception and adoption attitude would positive influence to the adoption behavior. 7. Investors’ adoption attitude and adoption behavior would positive influence to the investment performance. 8. From the results of linear structure model that there would have three paths between risk perception and investment performance, respectively: (1) risk perception→adoption attitude →investment performance; (2)risk perception→adoption behavior→ investment performance; (3)risk perception→ adoption attitude →adoption behavior→investment performance. So adoption attitude and adoption behavior would have mediator effects to the risk perception and investment performance.
42
Liu, Tao-Chung, and 劉道忠. "The Inconsistency between Investors'' Risk Attitude and Their Investment Portfolios - An Empirical Study on the Case Bank''s Customers from Wealth Management." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/11984591479067298897.
Повний текст джерелаАнотація:
碩士國立中興大學
高階經理人碩士在職專班
103
The interest rate spreads have been narrowing, which is the biggest difference between past and present financial environment. Since the United States implemented quantitative easing (QE), other countries, including Japan, China, Australia, New Zealand, the United Kingdom, and the European Union, have cut their interest rates and launched stimulus programs to prevent recession and deflation. Under the background, neither the banks nor the general public can simply rely on interest income to accumulate their income or wealth. As a result, Wealth Management has become a new trend. Previous Studies of investment behavior put emphasis on the analysis between customers’ risk attributes and their product suitability. According to the exception handling mechanism which the Financial Supervisory Commission (FSC) established in the “Wealth Management Procedure”, customer should sign a statement if he insists on investing a financial product or portfolio whose risk ranking is higher than his. Based on actual situation, banks have rights to refuse a subscription. A 2007 study discovered that there was about a quarter of investors whose risk attributes did not match that of the product they bought. After the bankruptcy of Lehman Brothers in 2008, with more and more structured notes complaint cases popping up, the authority has revised the “Wealth Management Procedure” regulation: to ensure the implementation of the confirmation process of the financial product suitability, banks must refuse a subscription when the products’ risk ranking is higher than the customers’. Supposedly, further research in this issue is no longer necessary, since the authority has revised the regulation. However, based on actual management experiences, researcher finds that such study is still needed. Therefore, the research will further discuss the inconsistent reasons between customers’ risk attributes and the risk ranking of financial products. The study uses Logistic Regression to analyze the questionnaire results. Case study of specific bank relationship managers and their customers is also used in this paper. The results show that the bank relationship managers’ characteristics, such as education background and whether graduated from Finance related departments, and also the customers’ characteristics, including education background, monthly income, family yearly income, and total asset, will make the customers’ risk attributes unmatched with the products’ risk ranking. This study aimed to provide pre-alerts to high risk relationship managers and Wealth Management customers for bank management, to reduce mis-selling, which can enhance customers’ satisfaction and create a win-win-win situation for customers, relationship managers, and banks, and to provide advices to the authority, banks, relationship managers, customers, and future researchers.
43
Lan, Chu Ya, and 朱雅蘭. "A Study of the Relationship among Investors’ Personality Traits, Risk Attitudes, and Psychological Biases—Evidences from Teachers of Changhua Elementary Schools." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/y45pdv.
Повний текст джерелаАнотація:
碩士大葉大學
企業管理學系碩士班
102
The prospect theory by Kahneman and Tversky (1979) initiated a behavioral model of decision-making under uncertainty. Over-confidence is one of the psychological biases committed by human beings as they are making investing decisions under uncertainty. This study is on the relationship among investors’ personality traits, risk attitudes, and psychological biases as taking the teachers of Changhua elementary schools into consideration. The results are as follows. 1. Psychological biases are significantly different with the respondents’ sex, age and working experience. 2. Teachers’ personal characteristics are related to their risk attitudes, and the risk attitudes are related with teachers’ psychological biases. 3. Risk attitudes are the bridges which mediates the relationship between teachers’ personal traits and their psychological biases.
44
HUANG, WEN-FENG, and 黃文鋒. "The Study of the Relationship between Investors Background, Hedge Attitude, Purchase Intention, and Satisfaction after the Financial Tsunami- The Case of Taipei Real Estate." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/5zd52a.
Повний текст джерелаАнотація:
碩士大葉大學
管理學院碩士在職專班
104
Financial crisis defeats real estate market, and the real estates investors are those who most influenced. Therefore our study aim to investigate that how impact on the real estate investors after the financial turmoil in Taipei. In this study, we take investors background variables, real estates edging attitude questionnaire, purchase house intention, investor satisfaction and investor purchase intention as questionnaires. In addition, we take reliability analysis, independent samples t-test, one-way ANOVA, Pearson correlation analysis and regression analysis to analyze the data. Results have shown that (1) There are several differences on satisfaction and purchase intention of the investors with different background, it is found that Male, older, married, and higher income families score higher than others. (2) Real estates edging attitude can significantly predicts investor satisfaction and investor purchase intention. (3) Purchasing factors of houses can significantly predicts investor satisfaction and investor purchase intention. The results of our study can be a reference and suggestion for practitioners and investors in real estate, and provide further researchers some information.
45
Lin, Ke-Cheng, and 林克晟. "Research on the Influence of Investor's Attitude, Subjective Standardization and Sales Talk on Search Intention and Purchase Intention - Taking Insurance Product Sales as an Example." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/2yg85g.
Повний текст джерелаАнотація:
碩士輔仁大學
資訊管理學系碩士班
107
Financial instruments, the general term for stocks, savings, funds, etc. used by investors in the process of investment and financial management. How to improve the degree of curiosity that investors see such information, find out the reasons for investors' influence, and gradually tap the investor's inner desire, whether interested in advertising content or want to know more financial product information, for sales The substantive behavior of financial goods is of great help. This study intends to establish a model of investor attitude, subjective norms, sales speech on search intentions and purchase intentions. The study used convenient sampling and collected 287 valid questionnaires. The research results are as follows： 1.Investors still have cognitive deficiencies in insurance-related knowledge. Therefore, the results of this study show that increasing the level of investor curious about insurance-related content will enhance investors' willingness to purchase. 2.The results of the study show that subjective norms have a significant positive impact on search intent, and that investors generally understand insurance-related content through friends and family, and are susceptible to a set of subjective thinking ideas from others, as before investing in insurance products. References also make investors curious about insurance-related content, thereby increasing their willingness to purchase. 3.In the investor's attitude, subjective norms, sales speech has a positive impact on the search intention, the average of the three questions in the sales speech is the lowest, indicating that the investor has a strong defense against sales speech, detailed analysis will find that Investors generally have higher values and more sensibility for the contents of non-investment and wealth management projects, such as health and care. Therefore, this study believes that the effect of sales speech situation is better, which can improve the curiosity of investors.
46
Chien-Hung, Lai, and 賴建宏. "The Analysis of the Investment Performance and the Satisfation of Managing Mo-ney; to the Investors of Offshore Mutual Funds and Investment LinkeIn-surance Produces in the Aspects of Investment Understanding,Risk Attitude and Purchase Decision Processe." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/65087806802666211656.
Повний текст джерелаАнотація:
碩士大葉大學
國際企業管理學系碩士在職專班
97
Taiwan's stock market in recent years, the overall investment environment in the poor, from 2006 to rigid cross-strait relations, the economic competitiveness of recession, rising oil prices; accelerate the pace of internationalization, the global investment environment is more closely by the markets change impacts, the interna-tional movement of funds quickly, operate, supply and demand are closely related, together with the stock market, the high proportion of personal investment, but due to a lack of investment analysis expertise, resulting in very severe stock market volatility, can not guarantee that the background of the expected profit , with the financial product innovation, the concept of public finance and investment matures, high-risk investment goods has been unable to meet the needs of the vast number of investors in overseas mutual fund investors are becoming the main financial instru-ments, investment-oriented policies, however the current investment policy is not only Fund to provide a complete platform in recent years, interest rates fall, market interest rates are low, 10-year government bonds less than 2 percent interest rates, bank deposit interest rates have been low, the same amount of insurance cover, us-ing the natural way to collect premiums, insurance costs, compared with low, the current investment-type insurance policies are all duty-free and more effect of asset protection, and how to make globalization allocation funds, individual investors how to cultivate a correct attitude towards risk, understanding of financial manage-ment knowledge to engage in investment decision-making and access to the pur-chase of a good investment performance and satisfaction by overseas mutual funds and investment-type insurance policy risk attitude of investors, financial awareness, purchase decision-making process, from the understanding of investment perform-ance and financial impact of satisfaction and relevance. The use of a questionnaire survey method and SPSS software package on the way to the application of statistical analysis of investor perception of financial management, risk attitudes, purchase decisions, the purchase of assessment, the purchase decision-making, investment performance and financial impact of between satisfaction and compare their differences. Variable dimensions of the study show that investment-oriented policies and overseas fund investors through the reliability analysis, ANOVA, logistic analysis, correlation analysis, discriminant analysis, regression analysis, path analysis, such as books, according to analysis, and descriptive statistical analysis and ANOVA ex-plore the demographic variables (gender, age, education level, occupation, monthly salary income, etc.) knowledge management, risk attitude, the purchase deci-sion-making process, investment performance and financial management of the re-lationship between satisfaction.
47
Sekścińska, Katarzyna. "Rola czynników sytuacyjnych, postawy wobec pieniędzy i narcyzmu nieklinicznego w objaśnieniu skłonności do inwestowania i podejmowania ryzykownych wyborów inwestycyjnych." Doctoral thesis, 2016. https://depotuw.ceon.pl/handle/item/1459.
Повний текст джерелаАнотація:
Problem podejmowania wyborów inwestycyjnych stanowi przedmiot zainteresowania badaczy od dawna. Poświęcono już wiele uwagi czynnikom wpływającym na zachowania inwestorów giełdowych, wciąż jednak niewiele jest badań próbujących wyjaśnić zachowania inwestycyjne zwykłych ludzi.Determinanty wyborów inwestycyjnych jednostki można podzielić według dwóch kryteriów, dzieląc je z jednej strony na specyficzne i niespecyficzne w kontekście finansów (finansowe i niefinansowe), zaś z drugiej na wewnętrzne (indywidualna charakterystyka jednostki np. cechy osobowości) oraz zewnętrzne (w tym między innymi sytuacyjne). Dotychczas przeprowadzane badania koncentrowały się zazwyczaj na jednej spośród wymienionych kategorii czynników. Ponadto wyniki badań dotyczących sytuacyjnych determinant wyborów inwestycyjnych nie zawsze były spójne, co mogło być konsekwencją nie różnicowania w badaniach czynników sytuacyjnych na finansowe i niefinansowe.Zdaniem autorki niniejszej pracy stworzenie pełnego portretu osoby podejmującej wybory inwestycyjne wymaga jednoczesnego uwzględniania czynników wewnętrznych i zewnętrznych oddziałujących na jednostkę, zwracając przy tym szczególną uwagę na to, czy analizowane determinanty są specyficzne w kontekście finansowym.Celem prezentowanych badań było uzupełnienie luki w istniejącej wiedzy dotyczącej
determinant wyborów inwestycyjnych dorosłych Polaków. Analizie poddano rolę czterech grup czynników. Były to: (1) wymiary postawy wobec pieniędzy (czynniki wewnętrzne jednostki, specyficzne w kontekście pieniędzy), (2) wymiary narcyzmu nieklinicznego –dotychczas nieuwzględniane w badaniach dotyczących wyborów inwestycyjnych (czynniki wewnętrzne jednostki, niespecyficzne w kontekście pieniędzy), (3) doświadczenie sukcesu
lub porażki w zadaniu finansowym poprzedzającym wybór inwestycyjny (czynniki zewnętrzne, specyficzne w kontekście pieniędzy), (4) doświadczenie sukcesu lub porażki w zadaniu niefinansowym poprzedzającym wybór inwestycyjny (czynniki zewnętrzne,
niespecyficzne w kontekście pieniędzy). Zrealizowano trzy badania. Pierwsze z nich (korelacyjne, N = 246) miało na celu sprawdzenie czy, i w jaki sposób postawa wobec pieniędzy i narcyzm niekliniczny objaśniają zmienność skłonności do inwestowania i ryzykownych wyborów inwestycyjnych. Badanie drugie (eksperymentalne, N = 259) sprawdzało wpływ doświadczenia sukcesu lub porażki w zadaniu specyficznym w kontekście pieniędzy 7 na skłonność do inwestowania i ryzykownych wyborów inwestycyjnych oraz moderacyjną
rolę postawy wobec pieniędzy i narcyzmu nieklinicznego. Badanie trzecie
(eksperymentalne, N = 271) realizowało analogiczny cel do tego ustalonego dla badania drugiego, jednak w sytuacji doświadczenia sukcesu lub porażki w zadaniu niespecyficznym w kontekście pieniędzy. Wyniki otrzymane w opisanych badaniach potwierdziły częściowo hipotezy stawiane w niniejszej pracy. Zarówno postawa wobec pieniędzy, jak i narcyzm niekliniczny okazały się istotnymi determinantami zmienności skłonności do inwestowania
i podejmowania ryzykownych wyborów inwestycyjnych. Wpływ doświadczenia sukcesu lub porażki na następujące po nim wybory inwestycyjne okazał się inny w zależności od rodzaju zadania, w którym zostało zdobyte doświadczenie. Doświadczenie sukcesu podnosi
względem doświadczenia neutralnego i negatywnego (porażki) skłonność do inwestowania ryzykownych wyborów inwestycyjnych, jeśli pochodzi z zadania finansowego, zaś, jeśli doświadczenie sukcesu zdobyto w zadaniu niefinansowym efekt jest odwrotny. Wskazano również moderacyjną rolę niektórych wymiarów postawy wobec pieniędzy i narcyzmu nieklinicznego w relacji doświadczenia i wyborów inwestycyjnych.Human investment decision-making is an area of research interest for a long time. Over the past few decades there has been a significant increase in research attention to psychological factors influencing investors stock market behavior. However, very little research has attempted to explore investment behavior of ordinary agents. Accordingly, the goal of this dissertation is to account for this research gap. Psychological determinants of investment choices can be divided according to two major criteria with four factors based on financial context(and respectively non-financial context), and personality traits (internal psychological individual characteristics and respectively external characteristics within situational factors). However, previous studies have focused mostly on psychological traits as predictors of experts’ investment behavior. Moreover, the results from research on investment choices have not always been consistent and typically explored some of the above four factors in isolation; for example, situational factors of financial behavior were not previously distinguished by type of investment behavior (financial and non-financial). Accordingly, in this dissertation I argue that, in order to gain an understanding of the non-experts investment choices, it is necessary to concurrently explore both internal and external factors influencing the decision-maker, taking into account the investment situational context (financial or non-financial).Furthermore, the employed research methods and statistical analysis explored the following factors: the dimensions of attitude towards money (decision-maker’s internal factors specific in terms of money), the dimensions of non-clinical narcissism (decision-maker’s internal factors, non-specific in terms of money), the experience of success and failure in a financial task, prior to the investment choice (external factors specific to the context of money), and the experience of success and failure in a financial task, prior to the non-financial investment choice (external factors, non-specific in terms of money).Three studies were conducted. The main aim of study one (analysis of associations, N=246) was to examine whether and how the investors’ attitude towards money and nonclinical narcissism explains the variability in respondents’ willingness to invest and preferences for risky investments. The second study (experimental design, N=259)examined the influence of the experience of success and failure in prior investment tasks on the propensity to invest and risky investment choices; as well as to establish 9 the moderation roles of the attitude towards money and non-clinical narcissism. The third study (experimental design, N=271) elaborated on the results from second study and further explored the impact of the experience of success and failure in prior non-specific (in terms of money) tasks on investment behavior. The results obtained in these three studies partially confirmed the proposed research hypotheses. The psychological attitude towards money and non-clinical narcissism, were significant predictors of respondents willingness to invest and take risky investment decisions. The results, also revealed that the influence of the experience of success and failure prior to the task on the subsequent investment choices turned out to be different depending on the type of task (financial and non-financial) in which the experience has been gained. Furthermore, the results revealed that with financial tasks the experience of success increases relative to the neutral and negative experiences, willingness to invest and risky investment choices. However, the opposite pattern of results emerged when the experience of success was gained in a specific non-financial task. In addition, the results showed and confirmed the moderation role of certain dimensions of attitude towards money and non-clinical narcissism in relation experience and investment choices.