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Moment Risks: Investment for Self and for a Firm
Decision Analysis ( IF 1.703 ) Pub Date : 2018-12-01 , DOI: 10.1287/deca.2018.0372
François Desmoulins-Lebeault 1 , Luc Meunier 2
Affiliation  

Extreme risk taking by agents has been the subject of intense scrutiny since the 2007 financial crisis. Many have alleged that investing for a firm led to preferences for more risk taking. To test this claim, we submitted a questionnaire to a sample of 715 business school students, testing for investment preferences when investing for self and for a firm over the first four moments of the distribution of returns. We find evidence of standard deviation aversion, skewness seeking, and kurtosis seeking when investing for self. The overall kurtosis seeking of our sample as a whole is mainly driven by standard deviation lovers, skewness seekers, and males. When investing for a firm, we do not see more risk taking but rather a shift toward neutrality of preferences for standard deviation and kurtosis, which is congruent with the risk-as-feelings hypothesis. Our study also underlines the impact of financial expertise in the reduction of risk taking, both when investing for self and for the firm.

中文翻译:

片刻风险:为自身和企业投资

自2007年金融危机以来,代理商的极端冒险行为一直受到严格审查。许多人声称对一家公司进行投资会导致他们倾向于冒险。为了检验这一说法,我们向715名商学院学生的样本进行了问卷调查,测试了在回报分配的前四个时刻为个人和公司进行投资时的投资偏好。我们发现自我投资时存在标准偏差规避,寻求偏度和峰度的证据。我们样本的总体峰度寻求主要是由标准差爱好者,偏度寻求者和男性推动的。在投资公司时,我们不会冒险冒险,而是会转向偏向于标准差和峰度的偏好,这与“风险即假说”假设是一致的。我们的研究还强调了财务专业知识在降低风险承担方面的影响,无论是为自身还是为公司进行投资。
更新日期:2018-12-01
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