Chinese Characteristics of Financial Risk Attitude and Behavioral Investing
The People”s Republic of China is experiencing tremendous economic and social changes during its capitalist transformation.A key phenomenon in this context derives from the fact that strong economic growth has accelerated the rapid accumulation of monetary wealth,now permitting extensive investment activities.These developments are shaped by cultural norms and values as well.Several scholars have identified a specific economic culture based on Confucian values as an explanatory approach for the historical specificity of China”s economic development.Major research conducted recently on this subject highlights cultural influences on economic decision-making and financial behavior with a particular focus on the assessment of risk.In financial institutions,common practices to understand individual financial risk attitudes are techniques of risk scoring and risk profiling.However,to date,these practices do not consider cultural imprint.Main aim of this paper is the quantitative exploration of cultural influences on financial risk assessment in China.A non-parametric partial least squares approach evaluates the reliability and validity of the developed structural equation model.The underlying data derives from a set of surveys (n>200) with individual investors in Shanghai.This paper presents first results of the influence of Chinese cultural-values on individual financial risk attitude,behavioral investing,and asset class perception.
Cultural-Values Decision-Making Portfolio Choice Risk Attitude Risk Perception
BERKE Jens
Senior Manager Procurement Lufthansa German Airlines Frankfurt 60546,Germany
国内会议
深圳
英文
609-621
2014-07-23（万方平台首次上网日期，不代表论文的发表时间）