| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6046 |
| DP6046 What Do Independent Directors Know? Evidence from Their Trading | |
| Paola Sapienza; Enrichetta Ravina | |
| 发表日期 | 2007-01-21 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | From the viewpoint of the independence axiom of expected utility theory, an interesting empirical dynamic choice problem involves the presence of a 'global risk', that is, a chance of losing everything whichever safe or risky option is chosen. In this experimental study, participants have to allocate real money between a safe and a risky project. Treatment variable is the particular decision stage at which a global risk is resolved: (i) before the investment decision; (ii) after the investment decision but before the resolution of the investment risk; (iii) after the resolution of the investment risk. The baseline treatment is without global risk. Our goal is to investigate the isolation effect and the principle of timing independence under the different timing options of the global risk. In addition, we examine the role played by anticipated and experienced emotions in the choice problem. Main findings are a violation of the isolation effect, and support for the principle of timing independence. Although behaviour across the different global risk cases is approximately the same, we observe clear differences in people's affective responses. This may be responsible for the conflicting results observed in earlier experiments. Dependent on the timing of the global risk different combinations of anticipated and experienced emotions influence decision making. |
| 主题 | Industrial Organization |
| 关键词 | Anxiety Background risk Emotions Global risk investment Laboratory experiment Regret |
| URL | https://cepr.org/publications/dp6046 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534896 |
| 推荐引用方式 GB/T 7714 | Paola Sapienza,Enrichetta Ravina. DP6046 What Do Independent Directors Know? Evidence from Their Trading. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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