TY - JOUR
T1 - Taking stock of stockbrokers
T2 - Exploring momentum versus contrarian investor strategies and profiles
AU - Morrin, Maureen
AU - Jacoby, Jacob
AU - Johar, Gita Venkataramani
AU - He, Xin
AU - Kuss, Alfred
AU - Mazursky, David
PY - 2002/9
Y1 - 2002/9
N2 - Two studies were conducted among professional security analysts to explore their patterns of decision making while managing investment portfolios. In study 1, a computer-based simulation, the analysts' styles differed markedly, with most exhibiting either a momentum or contrarian approach, as indicated by responses to portfolio stock price changes. Study 2 used a verbal protocol procedure and semi-structured depth interviews to probe the analysts' thought processes. Momentum and contrarian investors were found to differ on a number of dimensions including price expectations, age, experience, raw performance, risk propensity, cognitive style, knowledge calibration, and strategy adaptivity. Implications and limitations are discussed.
AB - Two studies were conducted among professional security analysts to explore their patterns of decision making while managing investment portfolios. In study 1, a computer-based simulation, the analysts' styles differed markedly, with most exhibiting either a momentum or contrarian approach, as indicated by responses to portfolio stock price changes. Study 2 used a verbal protocol procedure and semi-structured depth interviews to probe the analysts' thought processes. Momentum and contrarian investors were found to differ on a number of dimensions including price expectations, age, experience, raw performance, risk propensity, cognitive style, knowledge calibration, and strategy adaptivity. Implications and limitations are discussed.
UR - http://www.scopus.com/inward/record.url?scp=0036377394&partnerID=8YFLogxK
U2 - 10.1086/341570
DO - 10.1086/341570
M3 - ???researchoutput.researchoutputtypes.contributiontojournal.article???
AN - SCOPUS:0036377394
SN - 0093-5301
VL - 29
SP - 188
EP - 198
JO - Journal of Consumer Research
JF - Journal of Consumer Research
IS - 2
ER -