Hoffmann, Arvid O.I.; Post, Thomas; Pennings, Joost M.E. - In: Journal of Banking & Finance 37 (2013) 1, pp. 60-74
Combining monthly survey data with matching trading records, we examine how individual investor perceptions change and drive trading and risk-taking behavior during the 2008–2009 financial crisis. We find that investor perceptions fluctuate significantly during the crisis, with risk tolerance...