Asymmetric Learning from Financial Information

• 成果类型: Article
• 署名作者: Kuhnen, Camelia M.
• 署名单位: University of North Carolina; University of North Carolina Chapel Hill
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12223
• 发表日期: 2015
• 页码: 2029-2062
• 关键词: Risk-taking; acquisition; aversion; prices; MARKET; roles; MODEL; real

摘要

This study asks whether investors learn differently from gains versus losses. I find experimental evidence that indicates that being in the negative domain leads individuals to form overly pessimistic beliefs about available investment options. This pessimism bias is driven by people reacting more to low outcomes in the negative domain relative to the positive domain. Such asymmetric learning may help explain documented empirical patterns regarding the differential role of poor versus good economic conditions on investment behavior and household economic choices.