香港科技大学副教授Kasper Meisner Nielsen：一朝被蛇咬，十年怕井绳：在金融危机余波中的股票市场信任
【主讲人】Kasper Meisner Nielsen，副教授，香港科技大学
We use the financial crisis of 2007-9 to show how negative personal experiences with poor financial advice affect future investment decisions. Negative personal experiences are derived from individuals who invested in their primary retail bank and suffered significant losses when the bank subsequently defaulted. To disentangle the effect of the personal experience from the confounding wealth and macroeconomic shock, our identification strategy relies on beneficiaries’ decision to keep unexpected inheritances of stocks. We find that individuals are 24% less likely to keep inherited stocks if they have suffered a significant investment loss due to the default of their retail bank. More notably we find that macroeconomic shocks have much of a less pronounced effect on investment decisions than first-hand experiences.