Daniel Grosshans|Stefan Zeisberger
All’s well that ends well? On the importance of how returns are achieved
University of Zurich|University of Zurich|Radboud University Nijmegen
demonstrate investor satisfaction investment behavior influenced substantially price path final investor return achieved series experiments analyze various different price paths investors satisfied assets first fall value recover least satisfied opposite pattern independent whether final return positive negative price paths systematically influence risk preferences return beliefs ultimately trading decisions results enable much holistic perspective wide range topics finance disposition effect risktaking behavior previous gains losses behavioral asset pricing