References (47)



Investor Happiness

Christoph Merkle

University of Mannheim - Department of Banking and Finance

Daniel P. Egan

Betterment.com; Barclays Wealth

Greg B Davies

Barclays; University of Oxford - Said Business School

January 22, 2014

We study investor happiness in a panel survey of brokerage clients at a UK bank. When investors anticipate future happiness, they set their aspirations according to personal portfolio risk, objectives, investment horizon, con dence, and other individual characteristics. They are accurate in their forecasts, only rarely are investors unhappy with outcomes they predicted they would be happy with, and vice versa. However, determinants of experienced happiness only partially correspond to the ones found for anticipated happiness. In particular, relative performance plays an important role investors do not anticipate. Having outperformed other people contributes to investor happiness, as does active trading success.

Number of Pages in PDF File: 44

Keywords: Happiness, Expectation, Experience, Individual Investors

JEL Classification: G02, G11

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Date posted: September 26, 2013 ; Last revised: January 22, 2014

Suggested Citation

Merkle, Christoph and Egan, Daniel P. and Davies, Greg B, Investor Happiness (January 22, 2014). Available at SSRN: http://ssrn.com/abstract=2326374 or http://dx.doi.org/10.2139/ssrn.2326374

Contact Information

Christoph Merkle (Contact Author)
University of Mannheim - Department of Banking and Finance ( email )
L5, 2
Mannheim, 68131
0049-621-181-1531 (Phone)
0049-621-181-1534 (Fax)
Daniel P. Egan
Betterment.com ( email )
61 West 23rd St
New York, NY 10009
United States
3479314897 (Phone)
Barclays Wealth ( email )
1, Churchill Place
London, London E14 5Hp
United Kingdom
Greg B Davies
Barclays ( email )
1 Churchill Place
London, London E14 5HP
United Kingdom
HOME PAGE: http://www.investmentphilosophy.com
University of Oxford - Said Business School ( email )
Park End Street
Oxford, OX1 1HP
Great Britain
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References:  47

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