The Impact of Heterogeneity in Risk Attitude on Investment Behavior: An Experimental Study of the Selection of WMPs in Commercial Banks

LIU Wei; ZUO Peng-fei; GAO Zhi-feng

Volume 34 Issue 4

May 2021

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2019 > 34(4): 60-71

LIU Wei, ZUO Peng-fei, GAO Zhi-feng. The Impact of Heterogeneity in Risk Attitude on Investment Behavior: An Experimental Study of the Selection of WMPs in Commercial Banks[J]. Journal of Guangdong University of Finance & Economics, 2019, 34(4): 60-71.

Citation:

LIU Wei, ZUO Peng-fei, GAO Zhi-feng. The Impact of Heterogeneity in Risk Attitude on Investment Behavior: An Experimental Study of the Selection of WMPs in Commercial Banks[J]. Journal of Guangdong University of Finance & Economics, 2019, 34(4): 60-71.

Citation:

LIU Wei, ZUO Peng-fei, GAO Zhi-feng. The Impact of Heterogeneity in Risk Attitude on Investment Behavior: An Experimental Study of the Selection of WMPs in Commercial Banks[J]. Journal of Guangdong University of Finance & Economics, 2019, 34(4): 60-71.

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The Impact of Heterogeneity in Risk Attitude on Investment Behavior: An Experimental Study of the Selection of WMPs in Commercial Banks

1.
School of Economics and Management, Weifang University, Weifang 261061, China
2.
Institute of Quantitative and Technical Economics, Chinese Academy of Social Sciences, Beijing 100732, China
3.
Food and Resource Economics Department, University of Florida, Gainesville 32607, USA

Received Date: 2019-03-13
Available Online: 2021-05-22
Publish Date: 2019-07-28

Abstract

Abstract

Based on the investment behavior of Wealth Management Products (WMPs) investigated with the method of Selection Experiment, this paper analyzes the different preferences of investors with heterogeneous risk attitudes and the mechanism of risk attitudes towards investors' choices. The results show that there are heterogeneities in investors' preferences for the three attributes of minimum amount, term and return type of WMPs, while there is no heterogeneity in preferences for issuing bank and Yield to Maturity; the investors with heterogeneous risk attitudes depend on the effect of different attributes of the securities to make their decisions. This paper empirically analyzes the investor behavior in the WMPs market, and also provides reference for the design of financial products.
- risk attitude,
- WMPs,
- investors,
- investment behavior,
- optional behavior,
- selection experiment,
- heterogeneity

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References(37)

References

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