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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 412329
Title How Severe Was the Impact of the Financial Crisis on Individual Investor Perceptions and Behavior?
Author(s) Hoffmann, A.; Post, T.; Pennings, J.M.E.
Source Maastricht : Netspar (Netspar discussion paper DP 10/2011-087)
Department(s) Marketing and Consumer Behaviour
Publication type Research report
Publication year 2011
Abstract Abstract: Based on a unique combination of monthly survey data and matching trading records, we examine how individual investor perceptions change and drive trading and risk-taking behavior during the 2007–2009 financial crisis. Investor perceptions fluctuate significantly, with risk tolerance and risk perceptions being less volatile than return expectations. At the onset of the crisis, return expectations and risk tolerance sharply decline, while risk perceptions strongly increase. Towards the end of the crisis, these survey variables recover. We find substantial swings in trading and risk-taking behavior that are driven by changes in perceptions. As perceptions recover, trading and risk-taking behavior also return to pre-crisis levels. Although the crisis temporarily depresses individual investor perceptions and substantially changes their behavior, the impact of the crisis is not particularly long-lasting. Keywords: Investor Perceptions, Investor Behavior, Investor Performance, Financial Crisis
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