| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP16373
|
| DP16373 Experience Effects in Finance: Foundations, Applications, and Future Directions |
| Ulrike M. Malmendier
|
| 发表日期 | 2021-07-19
|
| 出版年 | 2021
|
| 语种 | 英语
|
| 摘要 | This article establishes four key findings of the growing literature on experience effects in finance: (1) the long-lasting imprint of past experiences on beliefs and risk taking, (2) recency effects, (3) the domain-specificity of experience effects, and (4) imperviousness to information that is not experience-based. I first discuss the neuroscientific foundations of experience-based learning and sketch a simple model of its role in the stock market based on Malmendier et al. (2020a,b). I then distill the empirical findings on experience effects in stock-market investment, trade dynamics, and international capital flows, highlighting these four key features. Finally, I contrast models of belief formation that rely on "learned information" with models accounting for the neuroscience evidence on synaptic tagging and memory formation, and provide directions for future research. |
| 主题 | Financial Economics
; International Macroeconomics and Finance
; International Trade and Regional Economics
|
| 关键词 | Experience effects
beliefs
Recency
Domain specificity
Information
Stock-market participation
Trade dynamics
International capital flows
|
| URL | https://cepr.org/publications/dp16373
|
| 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/545336
|
推荐引用方式
GB/T 7714 |
Ulrike M. Malmendier. DP16373 Experience Effects in Finance: Foundations, Applications, and Future Directions. 2021.
|
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