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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/62715

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/62715

Title:	The house money effect on investment risk taking: Evidence from Taiwan
Authors:	周行一 Hsu,Yuan-Lin;Chow,Edward H.
Contributors:	財管系
Keywords:	Behavioral finance;House money effect;Risk taking;Reference points
Date:	2013.01
Issue Date:	2013-12-19 11:56:12 (UTC+8)
Abstract:	This paper investigates the effect of house money on the risk taking behavior of individual investors. When gains are more substantial, individuals tend to take greater risk. The house money effect seems to decline over time because the propensity for risk taking following gains is diminished with time. This study shows that when evaluating investment gains, the reference points for investors are adapted over time, with the current salient reference point being the highest stock price attained at a given time in the past. The empirical evidence suggests that the house money effect is actually discernible in the real world financial markets and not just in artificial laboratory experiments.
Relation:	Pacific-Basin Finance Journal, 21(1), 1102-1115
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1016/j.pacfin.2012.08.005
DOI:	10.1016/j.pacfin.2012.08.005
Appears in Collections:	[財務管理學系] 期刊論文

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