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

Journal article
Authors R. Schwaiger
Michael Kirchler
F. Lindner
U. Weitzel
Published in Journal of Economic Dynamics and Control
ISSN 0165-1889
Publication year 2019
Published at Centre for Finance
Department of Economics
Language en
Keywords Experimental finance, Financial professionals, Investor behavior, Investor satisfaction, Price expectations
Subject categories Economics and Business


We investigate determinants of price expectations and satisfaction levels of financial professionals and students. In experiments with 150 professionals and 576 students, we systematically vary price paths according to the final return (positive or negative) and the way in which the final return is achieved (upswing followed by downswing or vice versa). Professionals show the most optimistic price expectations and are most satisfied if assets fall in price first and then recover. In addition, professionals’ price expectations are highest after positive returns. Among students, qualitatively similar patterns emerge, but professionals’ price expectations are less prone to framing effects. © 2019 The Author(s)

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