Staff Publications

Staff Publications

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    'Staff publications' is the digital repository of Wageningen University & Research

    'Staff publications' contains references to publications authored by Wageningen University staff from 1976 onward.

    Publications authored by the staff of the Research Institutes are available from 1995 onwards.

    Full text documents are added when available. The database is updated daily and currently holds about 240,000 items, of which 72,000 in open access.

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Record number 400164
Title Risk & Hedging Behavior: The Role and Determinants of Latent Heterogeneity
Author(s) Pennings, J.M.E.; Garcia, P.
Source Journal of Financial Research 33 (2010)4. - ISSN 1475-6803 - p. 373 - 401.
Department(s) Marketing and Consumer Behaviour
Publication type Refereed Article in a scientific journal
Publication year 2010
Abstract The notion of heterogeneous behavior is well grounded in economic theory. Recently it has been shown in a hedging context that the influence of risk attitudes and risk perceptions varies for different segments using a generalized mixture regression model. Here, using recently developed individual risk-attitude measurement techniques and experimental and accounting data from investors with differing decision environments, we examine the determinants of the heterogeneity in hedging behavior in a concomitant mixture regression framework. Allowing for latent heterogeneity, we find that risk attitudes and risk perceptions do not influence behavior uniformly and that the heterogeneity is influenced by manager’s focus on shareholder value and the firm’s capital structure
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