Nonprofessional Investor Judgments: Linking Dependent Measures to Constructs
调查非专业投资者判断研究中常用因变量测量的构念效度，通过因子分析发现这些测量实际捕捉了三个核心因子：未来业绩预期、整体感知和投资风险评估，并为未来研究提供选择、分析和报告建议。
ABSTRACT There is limited evidence on the construct validity of the dependent measures commonly used in the literature on nonprofessional investor judgments. In this paper, we first survey the literature to understand the types of dependent measures typically used by researchers. We then conduct factor analyses to uncover linkages between dependent measures and the constructs underlying these nonprofessional investor judgments. Our results suggest that, while the wide variety of dependent measures can appear on their face to represent many nuanced economic constructs, these measures capture three distinct factors. These factors relate to nonprofessional investors’ (1) expectations regarding future firm performance and value, (2) holistic perceptions of the firm, and (3) evaluations of the risk associated with investing in the firm. Next, we provide recommendations for selecting, analyzing, and reporting dependent measures in future research. Finally, we provide directions for future research to further our understanding of the judgments made by investors.