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The influence of risk and return perception on financial risk taking

Projektart und Laufzeit

FFF-Förderprojekt, Juni 2011 bis Februar 2014 (abgeschlossen)

Koordinator

Lehrstuhl für Finance

Forschungsschwerpunkt

Wealth Management

Forschungsgebiet/e

Banking and Finance

Beschreibung

We will investigate the role of risk taking in the human decision making process within the context of investments. A lot of theoretical and experimental research has been conducted in the last 50 years.
However, the role of the subjective perception of risk and return was mostly ignored. That has changed towards the end of the previous century, when psychological models and ideas have been introduced
to economics and finance.
Recent literature suggests that perception plays an important role in taking risky decisions. We want to study possible influence factors that change our perception of return and risk. For quite some time it was suspected that changes in risk taking behaviour are mainly due to changes in the the risk attidude of humans. This seems logical if that risk return situation itself has not changed.
However, studies have shown that even the change of investment behaviour in the recent financial crisis, where investors fled from more risky investments like stocks into more secure investments like bonds could mainly be explained by a change in risk perception, but not in risk attitude.
We will add to the ongoing discussion by examining factors of influence on perception and risk attitude with empirical, experimental and theoretical contributions to the scientific literature. Moreover we want to transfer our results to students at the University of Liechtenstein as well as to the local financial center.
Following this project, we will try to establish a cooperation with a local bank using the results gained here. As this project is joint work with professor Huber from the University of Innsbruck it will strengthen the scientific network of the University of Liechtenstein.

Wirkungen in Wissenschaft, Wirtschaft und Gesellschaft

This project adds substantially to the understanding of customers' risk taking behaviour in the investment process and is therefore important and interesting for the local financial center of Liechtenstein. The practical implications of our primary academic findings are useful for improving the advisory process as well as product development because of its positive impact on understanding the client.

Liechtensteinbezug

Die Definition und Wahrnehmung von Risiko sowie dessen Kommunikation sind wesentliche Treiber der Risikobereitschaft von Investoren. Nach Abschluss des Forschungsprojekts ist die Umsetzung der Erkenntnisse mit einem FL-Finanzdienstleister geplant.

Schlagworte

Finanzwissenschaft

Förderer

  • Forschungsförderungsfonds der Universität Liechtenstein

Partner

Publikationen

  • Stöckl, S., Hanke, M., & Angerer, M. (2017). PRIX - A risk index for global private investors. Journal of Risk Finance, 18(2), 214-231. (ABDC: C; ABS: 1; VHB: B)

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  • Stöckl, S., Hanke, M., & Angerer, M. (2013). PRIX - A Risk Index for Global Private Investors. Paper presented at the 20th Forecasting Financial Markets 2013, Hannover (Germany).

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  • Stöckl, S., Hanke, M., & Angerer, M. (2013). PRIX - A Risk Index for Global Private Investors. Paper presented at the Finance & Economics Conference 2013, Frankfurt (Germany).

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  • Stöckl, S., Hanke, M., & Angerer, M. (2013). PRIX - A Risk Index for Global Private Investors. Paper presented at the 8th EEEcon Workshop 2013, Innsbruck (Austria).

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  • Stöckl, S., Hanke, M., & Angerer, M. (2013). PRIX - A Risk Index for Global Private Investors. Paper presented at the World Finance & Banking Symposium 2013, Bejing (China).

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  • Angerer Martin. (2014, ). Der Psychologie der Anleger auf der Spur. Der Monat, 85, 16-17.

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  • Angerer Martin. (2012, 29.09.2012). Finanztheorie im Erklärungsnotstand. Volksblatt, p.9 - 10.

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