Preferences for maximum daily returns

Gespeichert in:

Autor*in:	Baars, Maren - 1991- [verfasserIn] Mohrschladt, Hannes - 1992- [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2024

Schlagwörter:	Choice experiment MAX effect MAX preferences Retail investors

Übergeordnetes Werk:	Enthalten in: Journal of economic behavior & organization - Amsterdam [u.a.] : Elsevier, 1980, 220(2024) vom: Apr., Seite 343-353
Übergeordnetes Werk:	volume:220 ; year:2024 ; month:04 ; pages:343-353

Links:	Link aufrufen Link aufrufen

DOI / URN:	10.1016/j.jebo.2024.02.004

Katalog-ID:	189191474X

Internformat


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allfields	10.1016/j.jebo.2024.02.004 doi (DE-627)189191474X (DE-599)KXP189191474X DE-627 ger DE-627 rda eng Baars, Maren 1991- verfasserin (DE-588)1230077332 (DE-627)1752422279 aut Preferences for maximum daily returns Maren Baars, Hannes Mohrschladt 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Choice experiment (dpeaa)DE-206 MAX effect (dpeaa)DE-206 MAX preferences (dpeaa)DE-206 Retail investors (dpeaa)DE-206 Mohrschladt, Hannes 1992- verfasserin (DE-588)1179861981 (DE-627)1662907532 (DE-576)518401995 aut Enthalten in Journal of economic behavior & organization Amsterdam [u.a.] : Elsevier, 1980 220(2024) vom: Apr., Seite 343-353 Online-Ressource (DE-627)253781825 (DE-600)1460618-5 (DE-576)072794445 1879-1751 nnns volume:220 year:2024 month:04 pages:343-353 https://www.sciencedirect.com/science/article/pii/S0167268124000428/pdfft?md5=49aaf89c1abe26ba4f4700d21cd6df4f&pid=1-s2.0-S0167268124000428-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.jebo.2024.02.004 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 220 2024 4 343-353 26 01 0206 4540537881 x1z 20-06-24 2403 01 DE-LFER 454825417X 00 --%%-- --%%-- n --%%-- l01 09-07-24 2403 01 DE-LFER https://doi.org/10.1016/j.jebo.2024.02.004 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S0167268124000428/pdfft?md5=49aaf89c1abe26ba4f4700d21cd6df4f&pid=1-s2.0-S0167268124000428-main.pdf 26 00 DE-206 Previous research shows that individual investors are attracted to stocks with high maximum daily returns in the previous month (MAX). We examine the underlying sources of this preference. In a discrete choice investment experiment, subjects prefer high-MAX stocks only if these stocks are speculative with a comparably high level of return volatility. However, after controlling for volatility, subjects no longer favor high-MAX stocks. Hence, individuals do not prefer higher maximum daily returns per se. We find additional support for these findings in the aggregate trading patterns of Robinhood retail investors.
spelling	10.1016/j.jebo.2024.02.004 doi (DE-627)189191474X (DE-599)KXP189191474X DE-627 ger DE-627 rda eng Baars, Maren 1991- verfasserin (DE-588)1230077332 (DE-627)1752422279 aut Preferences for maximum daily returns Maren Baars, Hannes Mohrschladt 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Choice experiment (dpeaa)DE-206 MAX effect (dpeaa)DE-206 MAX preferences (dpeaa)DE-206 Retail investors (dpeaa)DE-206 Mohrschladt, Hannes 1992- verfasserin (DE-588)1179861981 (DE-627)1662907532 (DE-576)518401995 aut Enthalten in Journal of economic behavior & organization Amsterdam [u.a.] : Elsevier, 1980 220(2024) vom: Apr., Seite 343-353 Online-Ressource (DE-627)253781825 (DE-600)1460618-5 (DE-576)072794445 1879-1751 nnns volume:220 year:2024 month:04 pages:343-353 https://www.sciencedirect.com/science/article/pii/S0167268124000428/pdfft?md5=49aaf89c1abe26ba4f4700d21cd6df4f&pid=1-s2.0-S0167268124000428-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.jebo.2024.02.004 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 220 2024 4 343-353 26 01 0206 4540537881 x1z 20-06-24 2403 01 DE-LFER 454825417X 00 --%%-- --%%-- n --%%-- l01 09-07-24 2403 01 DE-LFER https://doi.org/10.1016/j.jebo.2024.02.004 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S0167268124000428/pdfft?md5=49aaf89c1abe26ba4f4700d21cd6df4f&pid=1-s2.0-S0167268124000428-main.pdf 26 00 DE-206 Previous research shows that individual investors are attracted to stocks with high maximum daily returns in the previous month (MAX). We examine the underlying sources of this preference. In a discrete choice investment experiment, subjects prefer high-MAX stocks only if these stocks are speculative with a comparably high level of return volatility. However, after controlling for volatility, subjects no longer favor high-MAX stocks. Hence, individuals do not prefer higher maximum daily returns per se. We find additional support for these findings in the aggregate trading patterns of Robinhood retail investors.
allfields_unstemmed	10.1016/j.jebo.2024.02.004 doi (DE-627)189191474X (DE-599)KXP189191474X DE-627 ger DE-627 rda eng Baars, Maren 1991- verfasserin (DE-588)1230077332 (DE-627)1752422279 aut Preferences for maximum daily returns Maren Baars, Hannes Mohrschladt 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Choice experiment (dpeaa)DE-206 MAX effect (dpeaa)DE-206 MAX preferences (dpeaa)DE-206 Retail investors (dpeaa)DE-206 Mohrschladt, Hannes 1992- verfasserin (DE-588)1179861981 (DE-627)1662907532 (DE-576)518401995 aut Enthalten in Journal of economic behavior & organization Amsterdam [u.a.] : Elsevier, 1980 220(2024) vom: Apr., Seite 343-353 Online-Ressource (DE-627)253781825 (DE-600)1460618-5 (DE-576)072794445 1879-1751 nnns volume:220 year:2024 month:04 pages:343-353 https://www.sciencedirect.com/science/article/pii/S0167268124000428/pdfft?md5=49aaf89c1abe26ba4f4700d21cd6df4f&pid=1-s2.0-S0167268124000428-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.jebo.2024.02.004 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 220 2024 4 343-353 26 01 0206 4540537881 x1z 20-06-24 2403 01 DE-LFER 454825417X 00 --%%-- --%%-- n --%%-- l01 09-07-24 2403 01 DE-LFER https://doi.org/10.1016/j.jebo.2024.02.004 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S0167268124000428/pdfft?md5=49aaf89c1abe26ba4f4700d21cd6df4f&pid=1-s2.0-S0167268124000428-main.pdf 26 00 DE-206 Previous research shows that individual investors are attracted to stocks with high maximum daily returns in the previous month (MAX). We examine the underlying sources of this preference. In a discrete choice investment experiment, subjects prefer high-MAX stocks only if these stocks are speculative with a comparably high level of return volatility. However, after controlling for volatility, subjects no longer favor high-MAX stocks. Hence, individuals do not prefer higher maximum daily returns per se. We find additional support for these findings in the aggregate trading patterns of Robinhood retail investors.
allfieldsGer	10.1016/j.jebo.2024.02.004 doi (DE-627)189191474X (DE-599)KXP189191474X DE-627 ger DE-627 rda eng Baars, Maren 1991- verfasserin (DE-588)1230077332 (DE-627)1752422279 aut Preferences for maximum daily returns Maren Baars, Hannes Mohrschladt 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Choice experiment (dpeaa)DE-206 MAX effect (dpeaa)DE-206 MAX preferences (dpeaa)DE-206 Retail investors (dpeaa)DE-206 Mohrschladt, Hannes 1992- verfasserin (DE-588)1179861981 (DE-627)1662907532 (DE-576)518401995 aut Enthalten in Journal of economic behavior & organization Amsterdam [u.a.] : Elsevier, 1980 220(2024) vom: Apr., Seite 343-353 Online-Ressource (DE-627)253781825 (DE-600)1460618-5 (DE-576)072794445 1879-1751 nnns volume:220 year:2024 month:04 pages:343-353 https://www.sciencedirect.com/science/article/pii/S0167268124000428/pdfft?md5=49aaf89c1abe26ba4f4700d21cd6df4f&pid=1-s2.0-S0167268124000428-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.jebo.2024.02.004 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 220 2024 4 343-353 26 01 0206 4540537881 x1z 20-06-24 2403 01 DE-LFER 454825417X 00 --%%-- --%%-- n --%%-- l01 09-07-24 2403 01 DE-LFER https://doi.org/10.1016/j.jebo.2024.02.004 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S0167268124000428/pdfft?md5=49aaf89c1abe26ba4f4700d21cd6df4f&pid=1-s2.0-S0167268124000428-main.pdf 26 00 DE-206 Previous research shows that individual investors are attracted to stocks with high maximum daily returns in the previous month (MAX). We examine the underlying sources of this preference. In a discrete choice investment experiment, subjects prefer high-MAX stocks only if these stocks are speculative with a comparably high level of return volatility. However, after controlling for volatility, subjects no longer favor high-MAX stocks. Hence, individuals do not prefer higher maximum daily returns per se. We find additional support for these findings in the aggregate trading patterns of Robinhood retail investors.
allfieldsSound	10.1016/j.jebo.2024.02.004 doi (DE-627)189191474X (DE-599)KXP189191474X DE-627 ger DE-627 rda eng Baars, Maren 1991- verfasserin (DE-588)1230077332 (DE-627)1752422279 aut Preferences for maximum daily returns Maren Baars, Hannes Mohrschladt 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Choice experiment (dpeaa)DE-206 MAX effect (dpeaa)DE-206 MAX preferences (dpeaa)DE-206 Retail investors (dpeaa)DE-206 Mohrschladt, Hannes 1992- verfasserin (DE-588)1179861981 (DE-627)1662907532 (DE-576)518401995 aut Enthalten in Journal of economic behavior & organization Amsterdam [u.a.] : Elsevier, 1980 220(2024) vom: Apr., Seite 343-353 Online-Ressource (DE-627)253781825 (DE-600)1460618-5 (DE-576)072794445 1879-1751 nnns volume:220 year:2024 month:04 pages:343-353 https://www.sciencedirect.com/science/article/pii/S0167268124000428/pdfft?md5=49aaf89c1abe26ba4f4700d21cd6df4f&pid=1-s2.0-S0167268124000428-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.jebo.2024.02.004 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 220 2024 4 343-353 26 01 0206 4540537881 x1z 20-06-24 2403 01 DE-LFER 454825417X 00 --%%-- --%%-- n --%%-- l01 09-07-24 2403 01 DE-LFER https://doi.org/10.1016/j.jebo.2024.02.004 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S0167268124000428/pdfft?md5=49aaf89c1abe26ba4f4700d21cd6df4f&pid=1-s2.0-S0167268124000428-main.pdf 26 00 DE-206 Previous research shows that individual investors are attracted to stocks with high maximum daily returns in the previous month (MAX). We examine the underlying sources of this preference. In a discrete choice investment experiment, subjects prefer high-MAX stocks only if these stocks are speculative with a comparably high level of return volatility. However, after controlling for volatility, subjects no longer favor high-MAX stocks. Hence, individuals do not prefer higher maximum daily returns per se. We find additional support for these findings in the aggregate trading patterns of Robinhood retail investors.
language	English
source	Enthalten in Journal of economic behavior & organization 220(2024) vom: Apr., Seite 343-353 volume:220 year:2024 month:04 pages:343-353
sourceStr	Enthalten in Journal of economic behavior & organization 220(2024) vom: Apr., Seite 343-353 volume:220 year:2024 month:04 pages:343-353
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topic_facet	Choice experiment MAX effect MAX preferences Retail investors
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container_title	Journal of economic behavior & organization
authorswithroles_txt_mv	Baars, Maren @@aut@@ Mohrschladt, Hannes @@aut@@
publishDateDaySort_date	2024-04-01T00:00:00Z
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topic_title	26 00 DE-206 Previous research shows that individual investors are attracted to stocks with high maximum daily returns in the previous month (MAX). We examine the underlying sources of this preference. In a discrete choice investment experiment, subjects prefer high-MAX stocks only if these stocks are speculative with a comparably high level of return volatility. However, after controlling for volatility, subjects no longer favor high-MAX stocks. Hence, individuals do not prefer higher maximum daily returns per se. We find additional support for these findings in the aggregate trading patterns of Robinhood retail investors Preferences for maximum daily returns Maren Baars, Hannes Mohrschladt Choice experiment (dpeaa)DE-206 MAX effect (dpeaa)DE-206 MAX preferences (dpeaa)DE-206 Retail investors (dpeaa)DE-206
topic	misc Choice experiment misc MAX effect misc MAX preferences misc Retail investors
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title_short	Preferences for maximum daily returns
url	https://www.sciencedirect.com/science/article/pii/S0167268124000428/pdfft?md5=49aaf89c1abe26ba4f4700d21cd6df4f&pid=1-s2.0-S0167268124000428-main.pdf https://doi.org/10.1016/j.jebo.2024.02.004
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"><subfield code="2">26</subfield><subfield code="1">01</subfield><subfield code="x">0206</subfield><subfield code="b">4540537881</subfield><subfield code="y">x1z</subfield><subfield code="z">20-06-24</subfield></datafield><datafield tag="980" ind1=" " ind2=" "><subfield code="2">2403</subfield><subfield code="1">01</subfield><subfield code="x">DE-LFER</subfield><subfield code="b">454825417X</subfield><subfield code="c">00</subfield><subfield code="f">--%%--</subfield><subfield code="d">--%%--</subfield><subfield code="e">n</subfield><subfield code="j">--%%--</subfield><subfield code="y">l01</subfield><subfield code="z">09-07-24</subfield></datafield><datafield tag="981" ind1=" " ind2=" "><subfield code="2">2403</subfield><subfield code="1">01</subfield><subfield code="x">DE-LFER</subfield><subfield code="r">https://doi.org/10.1016/j.jebo.2024.02.004</subfield></datafield><datafield tag="981" ind1=" " ind2=" "><subfield code="2">2403</subfield><subfield code="1">01</subfield><subfield code="x">DE-LFER</subfield><subfield code="r">https://www.sciencedirect.com/science/article/pii/S0167268124000428/pdfft?md5=49aaf89c1abe26ba4f4700d21cd6df4f&pid=1-s2.0-S0167268124000428-main.pdf</subfield></datafield><datafield tag="982" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">Previous research shows that individual investors are attracted to stocks with high maximum daily returns in the previous month (MAX). We examine the underlying sources of this preference. In a discrete choice investment experiment, subjects prefer high-MAX stocks only if these stocks are speculative with a comparably high level of return volatility. However, after controlling for volatility, subjects no longer favor high-MAX stocks. Hence, individuals do not prefer higher maximum daily returns per se. We find additional support for these findings in the aggregate trading patterns of Robinhood retail investors.</subfield></datafield></record></collection>
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