DETERMINANTS OF THE POSSIBILITIES BY INVESTORS' RISK-TAKING: EMPIRICAL EVIDENCE FROM VIETNAM

Toan Luu Duc Huynh ； Trung Chi Le ； Wing-Keung Wong

《Advances in Investment Analysis and Portfolio Management》 9期 (2019/12) Pp. 253-283

https://doi.org/10.6291/AIAPM.201912_9.0009

摘要

This paper focuses on determining the factors influencing investors' risk-taking through empirical evidence from Vietnam. This study investigates risk perception, expected return and herding behavior, and other determinants such as historical volatility and subjective financial risk attitude; according to previous studies, these are the main components affecting risk-taking behavior among investors. Overconfidence (better than average, miscalibration, and excessive optimism) is also taken into consideration. We employ pooled-ordinary least squares (pooled-OLS) and quantile regression to overcome the shortage of research models in this field. In addition, we demonstrate how risk-taking behavior can be affected by those factors with the application of measures across four different investment channels. This study suggests implications for investors who wish to control risk.

關鍵字

Risk Perception ； Risk Preference ； Overconfidence ； Herding ； Risk-Taking

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