DETERMINANTS OF VENTURE INVESTMENT DECISIONS:A DUAL PROCESS PERSPECTIVE

摘要：

Venture investors often evaluate multiple entrepreneurial firms over a short period of time to determine how best to allocate their investments. We explore the effects of individual differences in dispositional affect and cognitive style on portfolio construction. Using data from a business plan competition, we find that investors who frequently experience positive emotions (high positive affectivity) develop a more concentrated portfolio, whereas investors who frequently experience negative emotions (high negative affectivity) develop a more diversified portfolio. Furthermore, the influence of dispositional affect on investment portfolio construction is moderated by an investors propensity to rely on affect or cognition in making investment decisions.

作者: Chien-Sheng Richard Chan Haemin Dennis Park

作者单位: HSBC School of BusinessPeking UniversityUniversity Town, Nanshan DistrictShenzhen, 518055 China Henry W.Bloch School of Business and Public Administration University of Missouri-Kansas City Kansas

会议类型: 国际会议

会议名称: 第四届创新与创业国际学术会议

会议地点: 北京

会议语种:英文

页码: 1-37

在线出版日期: 2011-07-01（万方平台首次上网日期，不代表论文的发表时间）