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 416860
Title Individual Investor Perceptions, Behavior, and Performance During the Financial Crisis
Author(s) Hoffmann, A.O.I.; Pennings, J.M.E.; Post, T.
Event 18th Annual Meeting of the German Finance Association (DGF), University of Regensburg, Germany, 2011-09-30/2011-10-01
Department(s) Marketing and Consumer Behaviour
WASS
Publication type Contribution in proceedings
Publication year 2011
Abstract We study how during the financial crisis individual investor perceptions change, impact trading and risk-taking behavior, and explain performance. Based on monthly survey data and matching brokerage records from April 2008 to March 2009, we find that successful investors had higher return expectations and higher risk aversion. Furthermore, they traded less, took less risk, and had lower buy-sell ratios. Investors who outperformed during the height of the crisis (September–October 2008) also performed better before. Afterward, however, they became less risk averse, were no longer less likely to trade, and no longer outperformed, suggesting that their success made them overconfident
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