Rankings and Risk‐Taking in the Finance Industry
通过实地实验和实验室实验，研究了排名激励如何影响金融专业人士和学生的投资决策，发现排名激励会增加表现不佳的专业人士的风险承担行为。
ABSTRACT Rankings are omnipresent in the finance industry, yet the literature is silent on how they impact financial professionals' behavior. Using lab‐in‐the‐field experiments with 657 professionals and lab experiments with 432 students, we investigate how rank incentives affect investment decisions. We find that both rank and tournament incentives increase risk‐taking among underperforming professionals, while only tournament incentives affect students. This rank effect is robust to the experimental frame (investment frame vs. abstract frame), to payoff consequences (own return vs. family return), to social identity priming (private identity vs. professional identity), and to professionals' gender (no gender differences among professionals).