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  Beyond Information: Disclosure, Distracted Attention, and Investor Behavior

Hillenbrand, A., & Schmelzer, A. (2015). Beyond Information: Disclosure, Distracted Attention, and Investor Behavior.

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Item Permalink: http://hdl.handle.net/11858/00-001M-0000-0029-3ABC-6 Version Permalink: http://hdl.handle.net/21.11116/0000-0002-AEEA-3
Genre: Paper

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 Creators:
Hillenbrand, Adrian1, Author              
Schmelzer, André1, Author
Affiliations:
1Max Planck Institute for Research on Collective Goods, Max Planck Society, ou_2173688              

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Free keywords: Portfolio choice, experiment, disclosure, mean-variance theory, attention
 JEL: C91 - Laboratory, Individual Behavior
 JEL: D03 - Behavioral Microeconomics: Underlying Principles
 JEL: D14 - Household Saving; Personal Finance
 JEL: D18 - Consumer Protection
 JEL: D84 - Expectations; Speculations
 Abstract: Financial disclosure documents provide investors with product details to facilitate informed investment decisions. We investigate whether the appearance – the visual frame – of disclosure documents impacts risk and return expectations and investment behavior. In our experiment, subjects decide about investments into real-life mutual funds. We nd that subjects expect a smaller return variance, invest more and gather less correct information if visual distractors are present in the visual frame. Results are in line with the distracted attention mechanism and suggest that disclosure policies should take the visual frame into account.

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 Dates: 2015
 Publication Status: Published in print
 Pages: 47
 Publishing info: Bonn : Max Planck Institute for Research on Collective Goods
 Table of Contents: -
 Rev. Method: -
 Identifiers: Other: 2015/20
 Degree: -

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