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Individual Investor Decision-Making.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Individual Investor Decision-Making.
Author:	Thornton, Joshua.
Published:	Ann Arbor : ProQuest Dissertations & Theses, 2022
Description:	71 p.
Notes:	Source: Dissertations Abstracts International, Volume: 84-01, Section: B.
Notes:	Advisor: Hirshleifer, David.
Contained By:	Dissertations Abstracts International84-01B.
Subject:	Finance.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=29210979
ISBN:	9798834040293

Individual Investor Decision-Making.
Thornton, Joshua.

Individual Investor Decision-Making. - Ann Arbor : ProQuest Dissertations & Theses, 2022 - 71 p.

Source: Dissertations Abstracts International, Volume: 84-01, Section: B.

Thesis (Ph.D.)--University of California, Irvine, 2022.

This item must not be sold to any third party vendors.

Chapter 1: I provide causal evidence that neighborhood financial expectations affect individual financial expectations. I instrument for neighborhood financial expectations with average financial expectations of neighbors’ nonlocal family members. Consistent with social interaction driving this effect, I show that social individuals are more influenced by neighborhood financial expectations. Additionally, I provide evidence that individuals who expect their financial situation to improve are less likely to save. This suggests that surveyed expectations reflect actual expectations and that individuals act in accordance with their expectations. Finally, I show that individuals who take neighborhood expectations into account form more accurate expectations.Chapter 2: Evidence from psychology literature confirms the long-held intuition that mood affects judgment. Specifically, individuals who are in a negative mood are more likely to think critically and avoid heuristic processing. This paper uses two proxies for mood, weather and media pessimism, to show that investors make better selling decisions when they are feeling sad. A one-unit increase in cloudiness leads to 1.54% 3-factor alpha improvement at a 4-month horizon. The disposition effect, which decreases in magnitude when investors are in a negative mood, provides an explanation for these results.

ISBN: 9798834040293Subjects--Topical Terms:

183252
Finance.
Subjects--Index Terms:

Asset pricing

Individual Investor Decision-Making.
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260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2022
300 $a 71 p.
500 $a Source: Dissertations Abstracts International, Volume: 84-01, Section: B.
500 $a Advisor: Hirshleifer, David.
502 $a Thesis (Ph.D.)--University of California, Irvine, 2022.
506 $a This item must not be sold to any third party vendors.
520 $a Chapter 1: I provide causal evidence that neighborhood financial expectations affect individual financial expectations. I instrument for neighborhood financial expectations with average financial expectations of neighbors’ nonlocal family members. Consistent with social interaction driving this effect, I show that social individuals are more influenced by neighborhood financial expectations. Additionally, I provide evidence that individuals who expect their financial situation to improve are less likely to save. This suggests that surveyed expectations reflect actual expectations and that individuals act in accordance with their expectations. Finally, I show that individuals who take neighborhood expectations into account form more accurate expectations.Chapter 2: Evidence from psychology literature confirms the long-held intuition that mood affects judgment. Specifically, individuals who are in a negative mood are more likely to think critically and avoid heuristic processing. This paper uses two proxies for mood, weather and media pessimism, to show that investors make better selling decisions when they are feeling sad. A one-unit increase in cloudiness leads to 1.54% 3-factor alpha improvement at a 4-month horizon. The disposition effect, which decreases in magnitude when investors are in a negative mood, provides an explanation for these results.
590 $a School code: 0030.
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650 4 $a Behavioral sciences. $3 766163
653 $a Asset pricing
653 $a Behavioral finance
653 $a Expectations
653 $a Household finance
653 $a Investments
653 $a Social finance
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690 $a 0602
710 2 $a University of California, Irvine. $b Management - Ph.D.. $3 942458
773 0 $t Dissertations Abstracts International $g 84-01B.
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