Saving for a Rainy Day... or a Trip to the Bahamas? How the Framing of Investment Communication Impacts Retail Investors
通过2×2准实验，研究投资沟通的动机（保护vs.实现）和时间框架（短期vs.长期）如何影响散户投资者的参与意愿，发现“短期实现”框架吸引高风险偏好者，而负面金融态度阻碍长期投资参与。
Abstract Little is known to date regarding how the framing of investment communication impacts retail investor propensity to engage with financial products. To explore this lacuna, we apply insights from regulatory focus theory and construal level theory, and we vary investment communications in terms of the motivation (protect vs. achieve) and the time horizon (distant vs. near) presented in a 2 × 2 quasi‐experimental design. We also include an analysis of investor characteristics and find that communication of ‘short‐term achieve’ investments attracts particularly risk‐tolerant and sensation‐seeking individuals, posing questions of responsibility towards potentially vulnerable groups. We also find that negative attitudes towards finance may be troublesome, as they can stop individuals from engaging with ‘long‐term’ investment products. Positive attitudes towards finance, in contrast, lead investors to engage with ‘protect’ products of both ‘short‐’ and ‘long‐term’ horizon, highlighting benefits for individuals and society from interventions aimed at financial education and exposure. The study concludes by discussing insights for the literature and practitioners from the application of new theory and new data to the management of investment communications.