Volatility shocks and investment behavior
通过田野实验研究波动性冲击如何影响金融专业人士和学生的风险承担、风险感知和预测，发现专业人士的投资与股价变化负相关，而学生的风险感知更关注负收益频率。
We investigate how volatility shocks affect investors risk-taking, risk perception and forecasts. We run artefactual field experiments with two participant pools (finance professionals and students), differing in (i) the direction of the shock (down, up, or a neutral case) and (ii) the presentation format of the time series (prices or returns). Professionals investments are negatively associated with the price change and performance of the stock and their perceived risk increases to a similar extent following shocks of all directions. Students risk perception, in contrast, is more closely related to the frequency of negative returns rather than an increase in volatility.