THE EFFECTS OF EMOTIONS ON RISK AVERSION BEHAVIOR
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https://doi.org/10.15637/jlecon.6.026Keywords:
Risk aversion, risky investment intention, fear,, hope,, sadness,, angerAbstract
This study investigates the effects of basic emotions like fear, sadness, anger, and hope on risk aversion and the intent to make a risky investment. The data used in the study in 2017 were obtained through convenience sampling. A relationship was found between fear and risk aversion and between risk aversion and the intent to make a risky investment. Both objective and subjective financial literacy affect the relationship between fear and risk aversion, while the latter significantly affects sadness. The study makes an important contribution to the literature on the effects of basic emotions on risky investment intent.
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References
Ajay, S., & Rahul, S. (2016). Financial literacy and its impact on investment behaviour for effective financial planning. International Journal of Research in Finance and Marketing, 6(8), 50–63
Aren, S. & Dinç, S. A. (2014). A literature review on financial literacy. Finansal Araştırmalar ve Çalışmalar Dergisi, 6 (11), 33–49
Aren, S., & Aydemir, S. D. (2015). The factors influencing given investment choices of individuals. Proceedings of the 4th International Conference on Leadership, Technology and Innovation Management, Istanbul, Turkey. Procedia - Social and Behavioral Sciences, November 20–22, 210, 126–135. doi: 10.1016/j.sbspro.2015.11.351.
Aren, S. & Zengin, A. N. (2016). Influence of Financial Literacy and Risk Perception on Choice of Investment’ 12th International Strategic Management Antalya, Türkiye, October 28–29 (instead of Podgorica, Montenegro July 21–23), 859–865. Procedia: Social and Behavioral Sciences, 235, 656–663
Bannier Christina, E., & Neubert, M. (2016). Gender differences in financial Risk taking: The role of financial literacy and Risk tolerance. Economics Letters, 145(August), 130–135
Carducci, B. J. & Wong Alan, S. (1998). Type A and Risk Taking in everyday Money matters. Journal of Business and Psychology, 12(3), 255–259
Camerer, C. F. (2013). Goals, methods, and progress in neuroeconomics. Annual Review of Economics, 5(1), 425–455. doi: 10.1146/annurev-economics-082012-123040.
Campos-Vazquez, R. M., & Cuilty, E. (2014). The role of emotions on Risk aversion: A prospect theory experiment. Journal of Behavioral and Experimental Economics, 50, 1–9. doi: 10.1016/j.socec.2014.01.001.
Carrión, O. B. (2012). Conceptualization of anger in English Pop Fiction stories. Praxis, 3(2), 1–29.
Chu, Z., Wang, Z., Xiao, J. J., & Zhang, W. (2017). Financial literacy, portfolio choice and financial well-being. Social Indicators Research, 132(2), 799–820. doi: 10.1007/s11205-016-1309-2
Conte, A., Levati, M. V., & Nardi, C. (2018). Risk preferences and the role of emotions. Economica, 85(338), 305–328. doi: 10.1111/ecca.12209.
Crişan, L. G., Pană, S., Vulturar, R., Heilman, R. M., Szekely, R., Drugă, B., . . . Miu, A. C. (2009). Genetic contributions of the serotonin transporter to social learning of fear and economic decision making. Social Cognitive and Affective Neuroscience, 4(4), 399–408. doi: 10.1093/scan/nsp019.
DeSteno, D., Petty, R. E., Wegener, D. T., & Rucker, D. D. (2000). Beyond valence in the perception of likelihood: The role of emotion specificity. Journal of Personality and Social Psychology, 78(3), 397–416. doi: 10.1037/0022-3514.78.3.397.
Dinç Aydemir, S., & Aren, S. (2017). Do the effects of individual factors on financial risk-taking behavior diversify with financial literacy? Kybernetes, 46(10), 1706–1734. doi: 10.1108/K-10-2016-0281.
Dohmen, T., Falk, A., Huffman, D., Sunde, U., Schupp, J., & Wagner, G. G. (2011). Individual Risk attitudes: Measurement, determinants, and behavioral consequences. Journal of the European Economic Association, 9(3), 522–550. doi: 10.1111/j.1542-4774.2011.01015.x
Durand, R. B., Newby, R., Peggs, L., & Siekierka, M. (2013). Personality. Journal of Behavioral Finance, 14(2), 116–133. doi: 10.1080/15427560.2013.791294
Eagly, A. H., & Wood, W. (1999). The origins of sex differences in human behavior: Evolved dispositions versus social roles. American Psychologist, 54(6), 408–423. doi: 10.1037/0003-066X.54.6.408.
Edwards, L., Rand, K. L., Lopez, S. J., & Snyder, C. R. (2007). Understanding hope: A review of measurement and construct validity research. In A. D. Ong & M. H. M. Van Dulmen (Eds.), Oxford handbook of methods in positive psychology (pp. 83–95). New York: Oxford University Press.
Eid, M., Diener, E. (2001). Norms for experiencing emotions in different cultures: Inter- and International differences. Journal of Personality and Social Psychology, 81(5), 869–885. doi: 10.1037/0022-3514.81.5.869
Ferrer, R. A., Maclay, A., Litvak, P. M., & Lerner, J. S. (2017). Revisiting the effects of anger on risk-taking: Empirical and meta-analytic evidence for differences between males and females. Journal of Behavioral Decision Making, 30(2), 516–526. doi: 10.1002/bdm.1971.
Foo, M.-D. (2011). Emotions and entrepreneurial opportunity evaluation. Entrepreneurship Theory and Practice, 35(2), 375–393. doi: 10.1111/j.1540-6520.2009.00357.x.
Grable, J. E. (2000). Financial Risk tolerance and additional factors that affect Risk taking in everyday Money matters. Journal of Business and Psychology, 14(4), 625–630. doi: 10.1023/A:1022994314982
Habib, M., Cassotti, M., Moutier, S., Houdé, O., & Borst, G. (2015). Fear and anger have opposite effects on Risk seeking in the gain frame. Frontiers in Psychology, 6(March), 253. doi: 10.3389/fpsyg.2015.00253.
Hayenhjelm, M. (2006). Out of the ashes: Hope and vulnerability as explanatory factors in individual Risk taking. Journal of Risk Research, 9(3), 189–204. doi: 10.1080/13669870500419537.
Herbert, J. (2018). Testosterone, cortisol and financial risk-taking. Frontiers in Behavioral Neuroscience, 12, 1–17. doi: 10.3389/fnbeh.2018.00101.
Hoffmann, A. O. I., Post, T., & Pennings, J. M. E. (2015). How investor perceptions drive ActualTrading and risk-taking behavior. Journal of Behavioral Finance, 16(1), 94–103. doi: 10.1080/15427560.2015.1000332.
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under Risk. Econometrica, 47(2), 263–291. doi: 10.2307/1914185
Kalabalık, Y., & Aren, S. (2018). The effects of demographic factors on the relationship between personality traits and financial Risk taking. Spring International Congress of Management, Economy and Policy, Istanbul, Turkiye, April 28–29, 2018 (pp. 256–267). ICOMEP’18.
Kugler, T., Connolly, T., & Ordóñez, L. D. (2012). Emotion, decision, and Risk: Betting on Gambles versus Betting on people. Journal of Behavioral Decision Making, 25(2), 123–134. doi: 10.1002/bdm.724.
Lee, C. J., & Andrade, E. B. (2015). Fear, excitement, and financial risk-taking. Cognition and Emotion, 29(1), 178–187. doi: 10.1080/02699931.2014.898611.
Leith, K. P., & Baumeister, R. F. (1996). Why do bad moods increase self-defeating behavior? Emotion, Risk taking, and Self-regulation. Journal of Personality and Social Psychology, 71(6), 1250–1267. doi: 10.1037/0022-3514.71.6.1250.
Lerner, J. S., & Keltner, D. (2001). Fear, anger, and Risk. Journal of Personality and Social Psychology, 81(1), 146–159. doi: 10.1037/0022-3514.81.1.146.
Lerner, J. S., Li, Y., Valdesolo, P., & Kassam, K. S. (2015). Emotion and decision making. Annual Review of Psychology, 66(1), 799–823. doi: 10.1146/annurev-psych-010213-115043.
Letkiewicz, J. C., & Fox, J. J. (2014). Conscientiousness, financial literacy, and asset accumulation of young adults. Journal of Consumer Affairs, 48(2), 274–300. doi: 10.1111/joca.12040
Li, Y. (2011). Emotions and new Venture judgment in China. Asia Pacific Journal of Management, 28(2), 277–298. doi: 10.1007/s10490-009-9145-4.
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. doi: 10.1257/jel.52.1.5
Machin, M. A., & Sankey, K. S. (2008). Relationship between young drivers’ personality characteristics, Risk perceptions, and driving behaviour. Accident Analysis and Prevention, 40(2), 541–547. doi: 10.1016/j.aap.2007.08.010
Meşe, K., & Aren, S. (2018). Finansal Okuryazarlık ve kişilik Özelliklerinin Riskli yatırım Niyeti üzerine etkisi [The influence of financial literacy and personality traits on risky investment intentions ICOMEP2018-Spring International Congress of Management, Economy and policy, Istanbul/TURKIYE], April 28–29, 2018, 54–558.
Murgea, A. (2016). Seasonal affective disorder and the Romanian stock market. Economic Research-Ekonomska Istrazivanja, 29(1), 177–192. doi: 10.1080/1331677X.2016.1164924.
Akhtar, M. N., Rehman, K., & Hunjra, A. I. (2011). Determinants of short-term Invesment decision-making. Actual Problems of Economics, 11(11), 356–363
Nguyen, Y., & Noussair, C. N. (2014). Risk aversion and emotions. Pacific Economic Review, 19(3), 296–312. doi: 10.1111/1468-0106.12067.
Nicholson, N., Soane, E., Fenton‐O'Creevy, M., & Willman, P. (2005). Personality and Domain- Specific Risk Taking. Journal of Risk Research, 8(2), 157–176
Park, S. & Lee, J. H. (2011). How cognitive reappraisal of anger influences risk-taking behavior, social behavior and personality. Social Behavior and Personality: an international journal, 39(3), 411–418.
Raghunathan, R., & Pham, M. T. (1999). All negative moods are not equal: Motivational influences of anxiety and sadness on decision making. Organizational Behavior and Human Decision Processes, 79(1), 56–77. doi: 10.1006/obhd.1999.2838.
Reimann, M., Nenkov, G. Y., Macinnis, D., & Morrin, M. (2014). The role of hope in financial Risk seeking. Journal of Experimental Psychology: Applied, 20(4), 349–364. doi: 10.1037/xap0000027.
Robb Cliff, A., & Woodyard Ann, S. (2011). Financial knowledge and best practice behavior. Journal of Financial Counseling and Planning, 22(1), 60–70
Scheibehenne, B., & Von Helversen, B. (2015). Selecting decision strategies: The differential role of affect. Cognition and Emotion, 29(1), 158–167. doi: 10.1080/02699931.2014.896318.
Schoemaker, P. J. H. (1993). Determinants of risk-taking: Behavioral and economic views. Journal of Risk and Uncertainty, 6(1), 49–73. doi: 10.1007/BF01065350
Sjöberg, L., & Engelberg, E. (2009). Attitudes to economic Risk taking, sensation seeking and values of business students specializing in finance. Journal of Behavioral Finance, 10(1), 33–43. doi: 10.1080/15427560902728712
Snyder, C. R., Harris, C., Anderson, J. R., Holleran, S. A., Irving, L. M., Sigmon, S. T., . . . Harney, P. (1991). The will and the ways: Development and validation of an individual-differences measure of hope. Journal of Personality and Social Psychology, 60(4), 570–585. doi: 10.1037/0022-3514.60.4.570.
Soane, E., & Chmiel, N. (2005). Are Risk Preferences consistent? Personality and Individual Differences, 38(8), 1781–1791. doi: 10.1016/j.paid.2004.10.005
Stone, E. R., Bruine de Bruin, W., Wilkins, A. M., Boker, E. M., & MacDonald Gibson, J. (2017). Designing graphs to communicate risks: Understanding how the choice of graphical format influences decision making. Risk Analysis, 37(4), 612–628. doi: 10.1111/risa.12660.
Szasz, P. L., Hofmann, S. G., Heilman, R. M., & Curtiss, J. (2016). Effect of regulating anger and sadness on decision-making. Cognitive Behaviour Therapy, 45(6), 479–495. doi: 10.1080/16506073.2016.1203354.
Tauni, M. Z., Rao, Z., Fang, H., & Gao, M. (2017). Does investor personality moderate the relationship between information sources and trading behavior? Evidence from Chinese stock market. Managerial Finance, 43(5), 545–566. doi: 10.1108/MF-08-2015-0231
Wang, A. (2009). Interplay of investors’ financial knowledge and Risk taking. Journal of Behavioral Finance, 10(4), 204–213. doi: 10.1080/15427560903369292
Aren, S. & Dinç, S. A. (2014). A literature review on financial literacy. Finansal Araştırmalar ve Çalışmalar Dergisi, 6 (11), 33–49
Aren, S., & Aydemir, S. D. (2015). The factors influencing given investment choices of individuals. Proceedings of the 4th International Conference on Leadership, Technology and Innovation Management, Istanbul, Turkey. Procedia - Social and Behavioral Sciences, November 20–22, 210, 126–135. doi: 10.1016/j.sbspro.2015.11.351.
Aren, S. & Zengin, A. N. (2016). Influence of Financial Literacy and Risk Perception on Choice of Investment’ 12th International Strategic Management Antalya, Türkiye, October 28–29 (instead of Podgorica, Montenegro July 21–23), 859–865. Procedia: Social and Behavioral Sciences, 235, 656–663
Bannier Christina, E., & Neubert, M. (2016). Gender differences in financial Risk taking: The role of financial literacy and Risk tolerance. Economics Letters, 145(August), 130–135
Carducci, B. J. & Wong Alan, S. (1998). Type A and Risk Taking in everyday Money matters. Journal of Business and Psychology, 12(3), 255–259
Camerer, C. F. (2013). Goals, methods, and progress in neuroeconomics. Annual Review of Economics, 5(1), 425–455. doi: 10.1146/annurev-economics-082012-123040.
Campos-Vazquez, R. M., & Cuilty, E. (2014). The role of emotions on Risk aversion: A prospect theory experiment. Journal of Behavioral and Experimental Economics, 50, 1–9. doi: 10.1016/j.socec.2014.01.001.
Carrión, O. B. (2012). Conceptualization of anger in English Pop Fiction stories. Praxis, 3(2), 1–29.
Chu, Z., Wang, Z., Xiao, J. J., & Zhang, W. (2017). Financial literacy, portfolio choice and financial well-being. Social Indicators Research, 132(2), 799–820. doi: 10.1007/s11205-016-1309-2
Conte, A., Levati, M. V., & Nardi, C. (2018). Risk preferences and the role of emotions. Economica, 85(338), 305–328. doi: 10.1111/ecca.12209.
Crişan, L. G., Pană, S., Vulturar, R., Heilman, R. M., Szekely, R., Drugă, B., . . . Miu, A. C. (2009). Genetic contributions of the serotonin transporter to social learning of fear and economic decision making. Social Cognitive and Affective Neuroscience, 4(4), 399–408. doi: 10.1093/scan/nsp019.
DeSteno, D., Petty, R. E., Wegener, D. T., & Rucker, D. D. (2000). Beyond valence in the perception of likelihood: The role of emotion specificity. Journal of Personality and Social Psychology, 78(3), 397–416. doi: 10.1037/0022-3514.78.3.397.
Dinç Aydemir, S., & Aren, S. (2017). Do the effects of individual factors on financial risk-taking behavior diversify with financial literacy? Kybernetes, 46(10), 1706–1734. doi: 10.1108/K-10-2016-0281.
Dohmen, T., Falk, A., Huffman, D., Sunde, U., Schupp, J., & Wagner, G. G. (2011). Individual Risk attitudes: Measurement, determinants, and behavioral consequences. Journal of the European Economic Association, 9(3), 522–550. doi: 10.1111/j.1542-4774.2011.01015.x
Durand, R. B., Newby, R., Peggs, L., & Siekierka, M. (2013). Personality. Journal of Behavioral Finance, 14(2), 116–133. doi: 10.1080/15427560.2013.791294
Eagly, A. H., & Wood, W. (1999). The origins of sex differences in human behavior: Evolved dispositions versus social roles. American Psychologist, 54(6), 408–423. doi: 10.1037/0003-066X.54.6.408.
Edwards, L., Rand, K. L., Lopez, S. J., & Snyder, C. R. (2007). Understanding hope: A review of measurement and construct validity research. In A. D. Ong & M. H. M. Van Dulmen (Eds.), Oxford handbook of methods in positive psychology (pp. 83–95). New York: Oxford University Press.
Eid, M., Diener, E. (2001). Norms for experiencing emotions in different cultures: Inter- and International differences. Journal of Personality and Social Psychology, 81(5), 869–885. doi: 10.1037/0022-3514.81.5.869
Ferrer, R. A., Maclay, A., Litvak, P. M., & Lerner, J. S. (2017). Revisiting the effects of anger on risk-taking: Empirical and meta-analytic evidence for differences between males and females. Journal of Behavioral Decision Making, 30(2), 516–526. doi: 10.1002/bdm.1971.
Foo, M.-D. (2011). Emotions and entrepreneurial opportunity evaluation. Entrepreneurship Theory and Practice, 35(2), 375–393. doi: 10.1111/j.1540-6520.2009.00357.x.
Grable, J. E. (2000). Financial Risk tolerance and additional factors that affect Risk taking in everyday Money matters. Journal of Business and Psychology, 14(4), 625–630. doi: 10.1023/A:1022994314982
Habib, M., Cassotti, M., Moutier, S., Houdé, O., & Borst, G. (2015). Fear and anger have opposite effects on Risk seeking in the gain frame. Frontiers in Psychology, 6(March), 253. doi: 10.3389/fpsyg.2015.00253.
Hayenhjelm, M. (2006). Out of the ashes: Hope and vulnerability as explanatory factors in individual Risk taking. Journal of Risk Research, 9(3), 189–204. doi: 10.1080/13669870500419537.
Herbert, J. (2018). Testosterone, cortisol and financial risk-taking. Frontiers in Behavioral Neuroscience, 12, 1–17. doi: 10.3389/fnbeh.2018.00101.
Hoffmann, A. O. I., Post, T., & Pennings, J. M. E. (2015). How investor perceptions drive ActualTrading and risk-taking behavior. Journal of Behavioral Finance, 16(1), 94–103. doi: 10.1080/15427560.2015.1000332.
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under Risk. Econometrica, 47(2), 263–291. doi: 10.2307/1914185
Kalabalık, Y., & Aren, S. (2018). The effects of demographic factors on the relationship between personality traits and financial Risk taking. Spring International Congress of Management, Economy and Policy, Istanbul, Turkiye, April 28–29, 2018 (pp. 256–267). ICOMEP’18.
Kugler, T., Connolly, T., & Ordóñez, L. D. (2012). Emotion, decision, and Risk: Betting on Gambles versus Betting on people. Journal of Behavioral Decision Making, 25(2), 123–134. doi: 10.1002/bdm.724.
Lee, C. J., & Andrade, E. B. (2015). Fear, excitement, and financial risk-taking. Cognition and Emotion, 29(1), 178–187. doi: 10.1080/02699931.2014.898611.
Leith, K. P., & Baumeister, R. F. (1996). Why do bad moods increase self-defeating behavior? Emotion, Risk taking, and Self-regulation. Journal of Personality and Social Psychology, 71(6), 1250–1267. doi: 10.1037/0022-3514.71.6.1250.
Lerner, J. S., & Keltner, D. (2001). Fear, anger, and Risk. Journal of Personality and Social Psychology, 81(1), 146–159. doi: 10.1037/0022-3514.81.1.146.
Lerner, J. S., Li, Y., Valdesolo, P., & Kassam, K. S. (2015). Emotion and decision making. Annual Review of Psychology, 66(1), 799–823. doi: 10.1146/annurev-psych-010213-115043.
Letkiewicz, J. C., & Fox, J. J. (2014). Conscientiousness, financial literacy, and asset accumulation of young adults. Journal of Consumer Affairs, 48(2), 274–300. doi: 10.1111/joca.12040
Li, Y. (2011). Emotions and new Venture judgment in China. Asia Pacific Journal of Management, 28(2), 277–298. doi: 10.1007/s10490-009-9145-4.
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. doi: 10.1257/jel.52.1.5
Machin, M. A., & Sankey, K. S. (2008). Relationship between young drivers’ personality characteristics, Risk perceptions, and driving behaviour. Accident Analysis and Prevention, 40(2), 541–547. doi: 10.1016/j.aap.2007.08.010
Meşe, K., & Aren, S. (2018). Finansal Okuryazarlık ve kişilik Özelliklerinin Riskli yatırım Niyeti üzerine etkisi [The influence of financial literacy and personality traits on risky investment intentions ICOMEP2018-Spring International Congress of Management, Economy and policy, Istanbul/TURKIYE], April 28–29, 2018, 54–558.
Murgea, A. (2016). Seasonal affective disorder and the Romanian stock market. Economic Research-Ekonomska Istrazivanja, 29(1), 177–192. doi: 10.1080/1331677X.2016.1164924.
Akhtar, M. N., Rehman, K., & Hunjra, A. I. (2011). Determinants of short-term Invesment decision-making. Actual Problems of Economics, 11(11), 356–363
Nguyen, Y., & Noussair, C. N. (2014). Risk aversion and emotions. Pacific Economic Review, 19(3), 296–312. doi: 10.1111/1468-0106.12067.
Nicholson, N., Soane, E., Fenton‐O'Creevy, M., & Willman, P. (2005). Personality and Domain- Specific Risk Taking. Journal of Risk Research, 8(2), 157–176
Park, S. & Lee, J. H. (2011). How cognitive reappraisal of anger influences risk-taking behavior, social behavior and personality. Social Behavior and Personality: an international journal, 39(3), 411–418.
Raghunathan, R., & Pham, M. T. (1999). All negative moods are not equal: Motivational influences of anxiety and sadness on decision making. Organizational Behavior and Human Decision Processes, 79(1), 56–77. doi: 10.1006/obhd.1999.2838.
Reimann, M., Nenkov, G. Y., Macinnis, D., & Morrin, M. (2014). The role of hope in financial Risk seeking. Journal of Experimental Psychology: Applied, 20(4), 349–364. doi: 10.1037/xap0000027.
Robb Cliff, A., & Woodyard Ann, S. (2011). Financial knowledge and best practice behavior. Journal of Financial Counseling and Planning, 22(1), 60–70
Scheibehenne, B., & Von Helversen, B. (2015). Selecting decision strategies: The differential role of affect. Cognition and Emotion, 29(1), 158–167. doi: 10.1080/02699931.2014.896318.
Schoemaker, P. J. H. (1993). Determinants of risk-taking: Behavioral and economic views. Journal of Risk and Uncertainty, 6(1), 49–73. doi: 10.1007/BF01065350
Sjöberg, L., & Engelberg, E. (2009). Attitudes to economic Risk taking, sensation seeking and values of business students specializing in finance. Journal of Behavioral Finance, 10(1), 33–43. doi: 10.1080/15427560902728712
Snyder, C. R., Harris, C., Anderson, J. R., Holleran, S. A., Irving, L. M., Sigmon, S. T., . . . Harney, P. (1991). The will and the ways: Development and validation of an individual-differences measure of hope. Journal of Personality and Social Psychology, 60(4), 570–585. doi: 10.1037/0022-3514.60.4.570.
Soane, E., & Chmiel, N. (2005). Are Risk Preferences consistent? Personality and Individual Differences, 38(8), 1781–1791. doi: 10.1016/j.paid.2004.10.005
Stone, E. R., Bruine de Bruin, W., Wilkins, A. M., Boker, E. M., & MacDonald Gibson, J. (2017). Designing graphs to communicate risks: Understanding how the choice of graphical format influences decision making. Risk Analysis, 37(4), 612–628. doi: 10.1111/risa.12660.
Szasz, P. L., Hofmann, S. G., Heilman, R. M., & Curtiss, J. (2016). Effect of regulating anger and sadness on decision-making. Cognitive Behaviour Therapy, 45(6), 479–495. doi: 10.1080/16506073.2016.1203354.
Tauni, M. Z., Rao, Z., Fang, H., & Gao, M. (2017). Does investor personality moderate the relationship between information sources and trading behavior? Evidence from Chinese stock market. Managerial Finance, 43(5), 545–566. doi: 10.1108/MF-08-2015-0231
Wang, A. (2009). Interplay of investors’ financial knowledge and Risk taking. Journal of Behavioral Finance, 10(4), 204–213. doi: 10.1080/15427560903369292
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2019-10-29
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KÖTEN, A. B., & AREN, S. (2019). THE EFFECTS OF EMOTIONS ON RISK AVERSION BEHAVIOR. JOURNAL OF LIFE ECONOMICS, 6(4), 541–436. https://doi.org/10.15637/jlecon.6.026
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