Do happy people make optimistic investors?

    Research output: Contribution to journalArticleResearchpeer-review

    33 Citations (Scopus)

    Abstract

    Do happy people predict future risk and return differently from unhappy people, or do individuals rely only on economic facts? We survey investors on their subjective sentiment-creating factors, return and risk expectations, and investment plans. We find that noneconomic factors systematically affect return and risk expectations, where the return effect is more profound. Investment plans are also affected by noneconomic factors. Sports results and general feelings significantly affect predictions. Sufferers from seasonal affective disorder have lower return expectations in the autumn than in other seasons, supporting the winter blues hypothesis.

    Original languageEnglish
    Pages (from-to)145-168
    Number of pages24
    JournalJournal of Financial and Quantitative Analysis
    Volume50
    Issue number1-2
    DOIs
    Publication statusPublished - 1 Apr 2015

    Cite this

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    title = "Do happy people make optimistic investors?",
    abstract = "Do happy people predict future risk and return differently from unhappy people, or do individuals rely only on economic facts? We survey investors on their subjective sentiment-creating factors, return and risk expectations, and investment plans. We find that noneconomic factors systematically affect return and risk expectations, where the return effect is more profound. Investment plans are also affected by noneconomic factors. Sports results and general feelings significantly affect predictions. Sufferers from seasonal affective disorder have lower return expectations in the autumn than in other seasons, supporting the winter blues hypothesis.",
    author = "Guy Kaplanski and Haim Levy and Veld, {Christianus Henricus} and Veld-Merkoulova, {Joulia Wiktorowna}",
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    language = "English",
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    Do happy people make optimistic investors? / Kaplanski, Guy; Levy, Haim; Veld, Christianus Henricus; Veld-Merkoulova, Joulia Wiktorowna.

    In: Journal of Financial and Quantitative Analysis, Vol. 50, No. 1-2, 01.04.2015, p. 145-168.

    Research output: Contribution to journalArticleResearchpeer-review

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