Determinants of investor expectations and satisfaction. A study with financial professionals

Rene Schwaiger, Michael Kirchler*, Florian Lindner, Utz Weitzel

*Corresponding author for this work

Research output: Contribution to JournalArticleAcademicpeer-review


We investigate determinants of price expectations and satisfaction levels of financial professionals and students. In experiments with 150 professionals and 576 students, we systematically vary price paths according to the final return (positive or negative) and the way in which the final return is achieved (upswing followed by downswing or vice versa). Professionals show the most optimistic price expectations and are most satisfied if assets fall in price first and then recover. In addition, professionals’ price expectations are highest after positive returns. Among students, qualitatively similar patterns emerge, but professionals’ price expectations are less prone to framing effects.

Original languageEnglish
Article number103675
JournalJournal of Economic Dynamics and Control
Publication statusPublished - 2020


  • Experimental finance
  • Financial professionals
  • Investor behavior
  • Investor satisfaction
  • Price expectations

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