Publication: All's Well That Ends Well? On the Importance of How Returns Are Achieved
All's Well That Ends Well? On the Importance of How Returns Are Achieved
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Grosshans, D., & Zeisberger, S. (2018). All’s Well That Ends Well? On the Importance of How Returns Are Achieved. Journal of Banking and Finance, 87, 397–410. https://doi.org/10.1016/j.jbankfin.2017.09.021
Abstract
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We demonstrate that investor satisfaction and investment behavior are influenced substantially by the price path by which the final investor return is achieved. In a series of experiments, we analyze various different price paths. Investors are most satisfied if their assets first fall in value and then recover, and they are least satisfied with the opposite pattern, independent of whether the final return is positive or negative. Price paths systematically influence risk preferences, return beliefs, and ultimately trading decisions.
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- Grosshans, Daniel
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Grosshans, D., & Zeisberger, S. (2018). All’s Well That Ends Well? On the Importance of How Returns Are Achieved. Journal of Banking and Finance, 87, 397–410. https://doi.org/10.1016/j.jbankfin.2017.09.021
