Kamstra, Mark J.; Kramer, Lisa A.; Levi, Maurice D.; … - Institut für Finanzmarktforschung, Wirtschafts- und … - 2013
categories (e.g., equities vs. money funds) increasingly reflects the sentiment or risk aversion of the general population. In … risk aversion of individual investors. Specifically, we find that aggregate investor flow data reveals an investor … changing risk aversion on financial markets relies on seasonal patterns in asset returns, we provide the first direct trade …