Determinants of Investors expectations and satisfaction. A study with financial 
professionals

Schwaiger, Rene; Kirchler, Michael; Lindner, Florian; Weitzel, Utz

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Determinants of Investors expectations and satisfaction. A study with financial professionals

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Lindner, Florian
Max Planck Institute for Research on Collective Goods, Max Planck Society;

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https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3265719
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https://doi.org/10.1016/j.jedc.2019.03.002
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Schwaiger, R., Kirchler, M., Lindner, F., & Weitzel, U. (2019). Determinants of Investors expectations and satisfaction. A study with financial professionals. Journal of Economic Dynamics and Control, 110: 103675.

Cite as: https://hdl.handle.net/21.11116/0000-0003-5CA3-E

Abstract

We investigate determinants of price expectations and satisfaction levels of financial professionals and students. In experiments with 150 professionals and 576 students, we systematically vary price paths according to the final return (positive or negative) and the way the final return is achieved (upswing followed by downswing or vice versa). Professionals show the most optimistic price expectations and are most satisfied if assets fall in price first and then recover. In addition, professionals' price expectations are highest after positive returns. Among students, qualitatively similar patterns emerge, but professionals' price expectations are less prone to framing effects.