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Fast and Slow Investments in Asset Markets: Influences on Risk Taking

Journal article
Authors Tommy Gärling
Dawei Fang
Martin Holmén
Patrik Michaelsen
Published in Journal of Behavioral Finance
ISSN 1542-7560
Publication year 2020
Published at Department of Psychology
Centre for Finance
Department of Economics
Language en
Keywords Financial risk taking, Mutual fund industry, Performance evaluation
Subject categories Psychology (excluding Applied Psychology), Psychology, Economics, Economics and Business


© 2020, © 2020 The Author(s). Published with license by Taylor & Francis Group, LLC. The aim is to investigate whether elevated risk taking in asset market experiments driven by rank-based performance incentives decrease if removing a time limit on choices and minimizing complexity of strategic optimization. In a scenario experiment, business school students (n = 123) acting as investment managers in a fund company make investments at self-paced rates. The results show that investments are influenced by rank-based compensations implemented as a relative comparison standard but not that risk taking is elevated. The motive to minimize losses relative to others appear to counteract risk taking, particularly if poor performance is penalized by reducing the fixed income.

Page Manager: Webmaster|Last update: 9/11/2012

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