Martin Weber|Elke U. Weber|Alen Nosi?
Who takes Risks When and Why: Determinants of Changes in Investor Risk Taking*
University of Mannheim|University of Mannheim|University of Mannheim
september 08 june 09 period significant market events surveyed uk onlinebrokerage customers 3month intervals willingness take risk 3month expectations returns risks market portfolio selfreported risk attitude unique dataset allowed us analyze variables changed time whether changes risk taking related changes expectations andor risk attitudes risk taking changed substantially period return risk expectations numeric assessments return risk expectations weakly correlated corresponding subjective judgments consistent riskasfeelings hypothesis changes risk taking associated changes subjective expectations market portfolio risk returns less changes numeric expectations