Individual investors' transaction behavior: patterns, determinants, and market impacts of purchasing and selling decisions
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| Main Author: | |
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| Format: | Thesis Book |
| Language: | English |
| Published: |
2007
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIX, 207 S. graph. Darst. 21 cm |
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| 245 | 1 | 0 | |a Individual investors' transaction behavior |b patterns, determinants, and market impacts of purchasing and selling decisions |c Frank Welfens |
| 264 | 1 | |c 2007 | |
| 300 | |a XIX, 207 S. |b graph. Darst. |c 21 cm | ||
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| 502 | |a Mannheim, Univ., Diss., 2007 | ||
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| adam_text | vii
Contents
List of Figures xiii
List of Tables xv
List of Symbols xvii
Chapter 1 General Introduction 1
1.1 Motivation 1
1.2 Traditional Finance and Behavioral Finance 3
1.3 Overview on Important Behavioral Finance Aspects 5
1.3.1 The Disposition Effect 5
1.3.2 Reference Point Dependency 7
1.3.3 Follow on Purchase and Repurchase Behavior 9
1.3.4 The Momentum Effect 10
1.4 Main Research Questions and Outline of the Dissertation 12
1.4.1 Overview on Chapter 2 13
1.4.2 Overview on Chapter 3 14
viii Contents
1.4.3 Overview on Chapter 4 15
1.4.4 Overview on Chapter 5 16
1.4.5 Interdependencies between Chapters 2 to 5 17
Chapter 2 An Individual Level Analysis of the Disposition Effect:
Empirical and Experimental Evidence 19
2.1 Introduction 19
2.2 Related Literature and Hypotheses 22
2.3 Data 26
2.3.1 Field Data 26
2.3.2 Experimental Data 28
2.3.2.1 Task 1: Stock Market Design 28
2.3.2.2 Task 2: Housing Design 31
2.3.2.3 Procedure 33
2.4 Results 34
2.4.1 Definition of Variables 34
2.4.2 Disposition Effect on Aggregate 36
2.4.3 Individual Differences and Symmetry 39
2.4.4 Relative Stability within Tasks, across Tasks, and across Time 44
2.4.5 Learning 50
2.4.6 Determinants 53
2.5 Discussion 55
2.6 Appendix: Instructions 58
2.6.1 General Instructions 58
2.6.2 Task 1: Stock Market Design 59
Contents ix
2.6.3 Task 2: Housing Design 62
Chapter 3 Reference Point Formation over Time: A Weighting
Function Approach 65
3.1 Introduction 65
3.2 Related Literature and Hypotheses 70
3.3 An Information Weighting Model of Reference Point Formation 75
3.4 Experimental Design 78
3.4.1 Task 1: Elicitation of Reference Points 78
3.4.2 Task 2: Comparison of Two Price Paths 84
3.4.3 Questionnaire 88
3.4.4 Procedure 88
3.5 Results 89
3.5.1 Univariate Analysis 89
3.5.2 Multivariate Regression Analysis 96
3.5.3 Fitting the Information Weighting Function 98
3.5.4 Individual Differences 104
3.6 Discussion 108
3.7 Appendix: Instructions and Questionnaire 109
3.7.1 General Instructions 110
3.7.2 Task 1: Reference Point Elicitation 110
3.7.2.1 Treatment 1: Minimum Selling Price 110
3.7.2.2 Treatment 2: Feeling neither Happy nor Unhappy 111
3.7.2.3 Treatment 3: Compensation Payment 112
3.7.3 Task 2: Comparing Price Paths 113
x Contents
3.7.3.1 Treatment 1: More Willing to Sell 113
3.7.3.2 Treatment 2: More Happy to Sell 114
3.7.3.3 Treatment 3: More Willing to be Compensated for
Losing the Stock 114
3.7.4 Questionnaire 116
Chapter 4 The Follow on Purchase and Repurchase Behavior of
Individual Investors: An Experimental Investigation 119
4.1 Introduction 119
4.2 Related Literature, Competing Explanations, and Hypotheses 122
4.3 Experimental Design 127
4.3.1 Basic Design 127
4.3.2 Different Treatments 131
4.3.3 Questionnaire 132
4.3.4 Procedure 132
4.4 Results 133
4.4.1 Definition of Variables 133
4.4.2 Follow on Purchase Behavior 134
4.4.3 Repurchase Behavior 137
4.5 Conclusion 139
4.6 Appendix: Instructions and Questionnaire 142
4.6.1 Instructions for Treatment 1 142
4.6.2 Questionnaire 144
Contents xi
Chapter 5 How Do Markets React to Fundamental Shocks? An
Experimental Analysis on Underreaction and Momentum 147
5.1 Introduction 147
5.2 Related Literature and Hypotheses 149
5.3 Experimental Design 158
5.3.1 Basic Design 158
5.3.2 Different Treatments 161
5.3.3 Procedure 162
5.4 Results 163
5.4.1 Descriptive Statistics 164
5.4.2 Underreaction 166
5.4.3 Momentum 172
5.4.4 Underreaction and Momentum in High Disposition and
Low Disposition Markets 174
5.5 Discussion 180
5.6 Appendix: Instructions 182
Chapter 6 General Conclusion 187
References 191
xiii
List of Figures
Figure 1.1: Outline of the dissertation 12
Figure 2.1: Computer screen for stock market design 30
Figure 2.2: Computer screen for housing design 33
Figure 2.3: Distributions of PWR, PLR, and DE measures 39
Figure 2.4: Correlations between PWR and PLR measures (field) 42
Figure 2.5: Correlations between PWR and PLR measures (experiment) 43
Figure 3.1: Computer screen for task 1 81
Figure 3.2: Computer screen for task 2 86
Figure 3.3: Fitted cumulative information weighting functions for treatment 2 100
Figure 3.4: Fitted cumulative information weighting functions for treatments
1 and 3 102
Figure 3.5: Fitted Prelec (1998) functions 104
Figure 4.1: Event tree of price changes 128
Figure 4.2: Computer screen 130
Figure 5.1: Fundamental shocks and market reaction 151
xiv List of Figures
Figure 5.2: Computer screen 159
Figure 5.3: Course of the experiment 161
Figure 5.4: Average transaction prices preceding and succeeding the shock 167
Figure 5.5: Average transaction prices and market disposition
(sorting: ind. choice) 176
Figure 5.6: Average transaction prices and market disposition
(sorting: rounds 1 —4) 177
XV
List of Tables
Table 2.1: Descriptive statistics (field) 27
Table 2.2: Disposition effect on aggregate (experiment) 37
Table 2.3: Test for the equality of variances between PWR and PLR measures 40
Table 2.4: Correlations of PWR, PLR, and DE measures (field) 45
Table 2.5: Correlations of PWR, PLR, and DE measures within the first and
second parts of the stock market task (experiment) 47
Table 2.6: Correlations of PWR measures across tasks and time (experiment) 49
Table 2.7: Learning over time (field) 51
Table 2.8: Learning within tasks (experiment) 52
Table 2.9: Learning over time (experiment) 53
Table 2.10: Determinants of PWR, PLR, and DE measures (field) 54
Table 3.1: Price paths 83
Table 3.2: Comparisons 87
Table 3.3: Major reference point effects 90
Table 3.4: Minor reference point effects 94
xvi List of Tables
Table 3.5: Importance of price path properties 96
Table 3.6: Multivariate replication of univariate results 98
Table 3.7: Cluster analysis on price path properties 105
Table 3.8: Cluster analysis on information weighting function weights 107
Table 4.1: Follow on purchases and counterfactual thinking 135
Table 4.2: Repurchases and counterfactual thinking 138
Table 5.1: Trading volume and order placement 166
Table 5.2: Underreaction in transaction prices following gains and following
losses 171
Table 5.3: Momentum price drifts following gains and following losses 173
Table 5.4: Underreaction in high disposition and low disposition markets 178
Table 5.5: Momentum price drifts in high disposition and low disposition
markets 180
Table 6.1: Major findings and implications for research and practice 188
|
| adam_txt |
vii
Contents
List of Figures xiii
List of Tables xv
List of Symbols xvii
Chapter 1 General Introduction 1
1.1 Motivation 1
1.2 Traditional Finance and Behavioral Finance 3
1.3 Overview on Important Behavioral Finance Aspects 5
1.3.1 The Disposition Effect 5
1.3.2 Reference Point Dependency 7
1.3.3 Follow on Purchase and Repurchase Behavior 9
1.3.4 The Momentum Effect 10
1.4 Main Research Questions and Outline of the Dissertation 12
1.4.1 Overview on Chapter 2 13
1.4.2 Overview on Chapter 3 14
viii Contents
1.4.3 Overview on Chapter 4 15
1.4.4 Overview on Chapter 5 16
1.4.5 Interdependencies between Chapters 2 to 5 17
Chapter 2 An Individual Level Analysis of the Disposition Effect:
Empirical and Experimental Evidence 19
2.1 Introduction 19
2.2 Related Literature and Hypotheses 22
2.3 Data 26
2.3.1 Field Data 26
2.3.2 Experimental Data 28
2.3.2.1 Task 1: Stock Market Design 28
2.3.2.2 Task 2: Housing Design 31
2.3.2.3 Procedure 33
2.4 Results 34
2.4.1 Definition of Variables 34
2.4.2 Disposition Effect on Aggregate 36
2.4.3 Individual Differences and Symmetry 39
2.4.4 Relative Stability within Tasks, across Tasks, and across Time 44
2.4.5 Learning 50
2.4.6 Determinants 53
2.5 Discussion 55
2.6 Appendix: Instructions 58
2.6.1 General Instructions 58
2.6.2 Task 1: Stock Market Design 59
Contents ix
2.6.3 Task 2: Housing Design 62
Chapter 3 Reference Point Formation over Time: A Weighting
Function Approach 65
3.1 Introduction 65
3.2 Related Literature and Hypotheses 70
3.3 An Information Weighting Model of Reference Point Formation 75
3.4 Experimental Design 78
3.4.1 Task 1: Elicitation of Reference Points 78
3.4.2 Task 2: Comparison of Two Price Paths 84
3.4.3 Questionnaire 88
3.4.4 Procedure 88
3.5 Results 89
3.5.1 Univariate Analysis 89
3.5.2 Multivariate Regression Analysis 96
3.5.3 Fitting the Information Weighting Function 98
3.5.4 Individual Differences 104
3.6 Discussion 108
3.7 Appendix: Instructions and Questionnaire 109
3.7.1 General Instructions 110
3.7.2 Task 1: Reference Point Elicitation 110
3.7.2.1 Treatment 1: Minimum Selling Price 110
3.7.2.2 Treatment 2: Feeling neither Happy nor Unhappy 111
3.7.2.3 Treatment 3: Compensation Payment 112
3.7.3 Task 2: Comparing Price Paths 113
x Contents
3.7.3.1 Treatment 1: More Willing to Sell 113
3.7.3.2 Treatment 2: More Happy to Sell 114
3.7.3.3 Treatment 3: More Willing to be Compensated for
Losing the Stock 114
3.7.4 Questionnaire 116
Chapter 4 The Follow on Purchase and Repurchase Behavior of
Individual Investors: An Experimental Investigation 119
4.1 Introduction 119
4.2 Related Literature, Competing Explanations, and Hypotheses 122
4.3 Experimental Design 127
4.3.1 Basic Design 127
4.3.2 Different Treatments 131
4.3.3 Questionnaire 132
4.3.4 Procedure 132
4.4 Results 133
4.4.1 Definition of Variables 133
4.4.2 Follow on Purchase Behavior 134
4.4.3 Repurchase Behavior 137
4.5 Conclusion 139
4.6 Appendix: Instructions and Questionnaire 142
4.6.1 Instructions for Treatment 1 142
4.6.2 Questionnaire 144
Contents xi
Chapter 5 How Do Markets React to Fundamental Shocks? An
Experimental Analysis on Underreaction and Momentum 147
5.1 Introduction 147
5.2 Related Literature and Hypotheses 149
5.3 Experimental Design 158
5.3.1 Basic Design 158
5.3.2 Different Treatments 161
5.3.3 Procedure 162
5.4 Results 163
5.4.1 Descriptive Statistics 164
5.4.2 Underreaction 166
5.4.3 Momentum 172
5.4.4 Underreaction and Momentum in High Disposition and
Low Disposition Markets 174
5.5 Discussion 180
5.6 Appendix: Instructions 182
Chapter 6 General Conclusion 187
References 191
xiii
List of Figures
Figure 1.1: Outline of the dissertation 12
Figure 2.1: Computer screen for stock market design 30
Figure 2.2: Computer screen for housing design 33
Figure 2.3: Distributions of PWR, PLR, and DE measures 39
Figure 2.4: Correlations between PWR and PLR measures (field) 42
Figure 2.5: Correlations between PWR and PLR measures (experiment) 43
Figure 3.1: Computer screen for task 1 81
Figure 3.2: Computer screen for task 2 86
Figure 3.3: Fitted cumulative information weighting functions for treatment 2 100
Figure 3.4: Fitted cumulative information weighting functions for treatments
1 and 3 102
Figure 3.5: Fitted Prelec (1998) functions 104
Figure 4.1: Event tree of price changes 128
Figure 4.2: Computer screen 130
Figure 5.1: Fundamental shocks and market reaction 151
xiv List of Figures
Figure 5.2: Computer screen 159
Figure 5.3: Course of the experiment 161
Figure 5.4: Average transaction prices preceding and succeeding the shock 167
Figure 5.5: Average transaction prices and market disposition
(sorting: ind. choice) 176
Figure 5.6: Average transaction prices and market disposition
(sorting: rounds 1 —4) 177
XV
List of Tables
Table 2.1: Descriptive statistics (field) 27
Table 2.2: Disposition effect on aggregate (experiment) 37
Table 2.3: Test for the equality of variances between PWR and PLR measures 40
Table 2.4: Correlations of PWR, PLR, and DE measures (field) 45
Table 2.5: Correlations of PWR, PLR, and DE measures within the first and
second parts of the stock market task (experiment) 47
Table 2.6: Correlations of PWR measures across tasks and time (experiment) 49
Table 2.7: Learning over time (field) 51
Table 2.8: Learning within tasks (experiment) 52
Table 2.9: Learning over time (experiment) 53
Table 2.10: Determinants of PWR, PLR, and DE measures (field) 54
Table 3.1: Price paths 83
Table 3.2: Comparisons 87
Table 3.3: Major reference point effects 90
Table 3.4: Minor reference point effects 94
xvi List of Tables
Table 3.5: Importance of price path properties 96
Table 3.6: Multivariate replication of univariate results 98
Table 3.7: Cluster analysis on price path properties 105
Table 3.8: Cluster analysis on information weighting function weights 107
Table 4.1: Follow on purchases and counterfactual thinking 135
Table 4.2: Repurchases and counterfactual thinking 138
Table 5.1: Trading volume and order placement 166
Table 5.2: Underreaction in transaction prices following gains and following
losses 171
Table 5.3: Momentum price drifts following gains and following losses 173
Table 5.4: Underreaction in high disposition and low disposition markets 178
Table 5.5: Momentum price drifts in high disposition and low disposition
markets 180
Table 6.1: Major findings and implications for research and practice 188 |
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| ctrlnum | (OCoLC)255872589 (DE-599)DNB985345365 |
| dewey-full | 332.6 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.6 |
| dewey-search | 332.6 |
| dewey-sort | 3332.6 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Thesis Book |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| id | DE-604.BV022784250 |
| illustrated | Illustrated |
| index_date | 2024-07-02T18:37:25Z |
| indexdate | 2024-07-09T21:06:05Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-015989703 |
| oclc_num | 255872589 |
| open_access_boolean | |
| owner | DE-29 DE-355 DE-BY-UBR DE-384 DE-19 DE-BY-UBM DE-12 DE-739 DE-945 DE-188 |
| owner_facet | DE-29 DE-355 DE-BY-UBR DE-384 DE-19 DE-BY-UBM DE-12 DE-739 DE-945 DE-188 |
| physical | XIX, 207 S. graph. Darst. 21 cm |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| record_format | marc |
| spelling | Welfens, Frank 1978- Verfasser (DE-588)133280101 aut Individual investors' transaction behavior patterns, determinants, and market impacts of purchasing and selling decisions Frank Welfens 2007 XIX, 207 S. graph. Darst. 21 cm txt rdacontent n rdamedia nc rdacarrier Mannheim, Univ., Diss., 2007 Privater Anleger (DE-588)4389910-9 gnd rswk-swf Börse (DE-588)4007502-3 gnd rswk-swf Anlageverhalten (DE-588)4214003-1 gnd rswk-swf Kapitalanleger (DE-588)4163258-8 gnd rswk-swf Investor (DE-588)4336776-8 gnd rswk-swf Kapitalmarkt (DE-588)4029578-3 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Börse (DE-588)4007502-3 s Kapitalanleger (DE-588)4163258-8 s Investor (DE-588)4336776-8 s Anlageverhalten (DE-588)4214003-1 s DE-604 Kapitalmarkt (DE-588)4029578-3 s Privater Anleger (DE-588)4389910-9 s DE-188 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015989703&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Welfens, Frank 1978- Individual investors' transaction behavior patterns, determinants, and market impacts of purchasing and selling decisions Privater Anleger (DE-588)4389910-9 gnd Börse (DE-588)4007502-3 gnd Anlageverhalten (DE-588)4214003-1 gnd Kapitalanleger (DE-588)4163258-8 gnd Investor (DE-588)4336776-8 gnd Kapitalmarkt (DE-588)4029578-3 gnd |
| subject_GND | (DE-588)4389910-9 (DE-588)4007502-3 (DE-588)4214003-1 (DE-588)4163258-8 (DE-588)4336776-8 (DE-588)4029578-3 (DE-588)4113937-9 |
| title | Individual investors' transaction behavior patterns, determinants, and market impacts of purchasing and selling decisions |
| title_auth | Individual investors' transaction behavior patterns, determinants, and market impacts of purchasing and selling decisions |
| title_exact_search | Individual investors' transaction behavior patterns, determinants, and market impacts of purchasing and selling decisions |
| title_exact_search_txtP | Individual investors' transaction behavior patterns, determinants, and market impacts of purchasing and selling decisions |
| title_full | Individual investors' transaction behavior patterns, determinants, and market impacts of purchasing and selling decisions Frank Welfens |
| title_fullStr | Individual investors' transaction behavior patterns, determinants, and market impacts of purchasing and selling decisions Frank Welfens |
| title_full_unstemmed | Individual investors' transaction behavior patterns, determinants, and market impacts of purchasing and selling decisions Frank Welfens |
| title_short | Individual investors' transaction behavior |
| title_sort | individual investors transaction behavior patterns determinants and market impacts of purchasing and selling decisions |
| title_sub | patterns, determinants, and market impacts of purchasing and selling decisions |
| topic | Privater Anleger (DE-588)4389910-9 gnd Börse (DE-588)4007502-3 gnd Anlageverhalten (DE-588)4214003-1 gnd Kapitalanleger (DE-588)4163258-8 gnd Investor (DE-588)4336776-8 gnd Kapitalmarkt (DE-588)4029578-3 gnd |
| topic_facet | Privater Anleger Börse Anlageverhalten Kapitalanleger Investor Kapitalmarkt Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015989703&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT welfensfrank individualinvestorstransactionbehaviorpatternsdeterminantsandmarketimpactsofpurchasingandsellingdecisions |