behavioral finance phd thesis

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The role of risk in investment behaviour and the manifestation of behavioural biases by individual investors

Suhobokov, Alexander (2021) The role of risk in investment behaviour and the manifestation of behavioural biases by individual investors. PhD thesis, University of Glasgow.

I use a novel dataset based on 8,000 retail clients of a large brokerage house over four years to evaluate if individual investors take decisions according to one of the dominating decision-making theories – traditional Expected Utility Theory or behavioural Prospect Theory. Another key question of my research is the role of affect in judgements and its impact on investment results and behaviour. The thesis includes three related empirical chapters. In the first empirical chapter, I explore how (ir)rational are retail investors and what are the boundaries of their rationality proxied with the relation between realised risk and return. In the second empirical chapter, I examine how the correlation between risk and return for the same group of investors varies in Live trading environment versus virtual Contest environment highlighting the role of emotions in correlation dynamics. In the third empirical chapter, I keep the emphasis on comparing Live and Contest investment settings, but now I evaluate the impact of emotions on profitability and various manifestations of risk behaviour. My research contributes to the academic literature in the domain of finance and investments that is trying to establish the positioning and the role of emotional account in the judgement and decision-making of economic agents. I provide empirical evidence that feelings have a substantial impact on investment results and risk behaviour of individual traders. The empirical nature of my analysis involving a large group of private investors grants significant support to prior findings that predominantly developed using neuro-physiological, interview-type and experimental methodologies. Besides, I present empirical support for the long-lasting debate concerning traditional and behavioural financial theories. Analysing the relation between risk and return, I manage to validate that investors in my sample manifest all behavioural patterns implied by Prospect Theory: they are risk-averse in the gains domain, risk-seeking in the losses domain and exposed to the loss aversion bias.

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Essays on behavioral finance and corporate finance

• Research Group: Finance
• Center Ph. D. Students

Research output : Thesis › Doctoral Thesis

Access to Document

• 10.26116/dd2e-g320
• TiU_220207_CeNTER_proefschrift Lingbo Shen_digitaal Final published version, 1.32 MB

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• Corporate Finance Keyphrases 100%
• Executive Keyphrases 100%
• Behavioral Finance Keyphrases 100%
• Behavioural Finance Economics, Econometrics and Finance 100%
• Performance Difference Keyphrases 33%
• Conference Calls Keyphrases 33%
• Crisis Time Keyphrases 33%
• COVID-19 Pandemic Crisis Keyphrases 33%

T1 - Essays on behavioral finance and corporate finance

AU - Shen, Lingbo

N2 - This Ph.D. dissertation consists of three independent chapters in behavioral finance and corporate finance. The first chapter examines whether and how ethnicity similarity between analysts and executives affect their interactions in conference calls. The second chapter investigates firms' demand for inventor executives, executives with innovation experience, around firms' IPOs. The last chapter studies teams and individual analysts performance differences during the COVID-19 pandemic crisis time.

AB - This Ph.D. dissertation consists of three independent chapters in behavioral finance and corporate finance. The first chapter examines whether and how ethnicity similarity between analysts and executives affect their interactions in conference calls. The second chapter investigates firms' demand for inventor executives, executives with innovation experience, around firms' IPOs. The last chapter studies teams and individual analysts performance differences during the COVID-19 pandemic crisis time.

U2 - 10.26116/dd2e-g320

DO - 10.26116/dd2e-g320

M3 - Doctoral Thesis

SN - 978 90 5668 683 3

T3 - CentER Dissertation Series

PB - CentER, Center for Economic Research

CY - Tilburg

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• Behavioral Finance & Financial Stability →

Malcolm P. Baker

Marco Di Maggio

Robin Greenwood

Samuel G. Hanson

Victoria Ivashina

David S. Scharfstein

Andrei Shleifer

Erik Stafford

Jeremy C. Stein

Lawrence Summers

Adi Sunderam

Luis M. Viceira

Post doctoral.

Doctoral Students

Michael Blank

Spencer Kwon

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Richard H. Thaler

Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics

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Richard H. Thaler is the 2017 recipient of the Nobel Memorial Prize in Economic Sciences for his contributions to behavioral economics. Thaler studies behavioral economics and finance as well as the psychology of decision-making which lies in the gap between economics and psychology. He investigates the implications of relaxing the standard economic assumption that everyone in the economy is rational and selfish, instead entertaining the possibility that some of the agents in the economy are sometimes human.

Thaler is the co-author (with Cass R. Sunstein) of the global best seller Nudge (2008) in which the concepts of behavioral economics are used to tackle many of society’s major problems. In 2015 he published Misbehaving: The Making of Behavioral Economics. He has authored or edited four other books: Quasi-Rational Economics, The Winner's Curse: Paradoxes and Anomalies of Economic Life, and Advances in Behavioral Finance (editor) Volumes I and II. He has published numerous articles in prominent journals such as the American Economics Review, the Journal of Finance and the Journal of Political Economy.

Thaler is a member of the National Academy of Science, the American Academy of Arts and Sciences, a Fellow of the American Finance Association and the Econometrics Society, and in 2015 served as the President of the American Economic Association.

Before joining the University of Chicago faculty in 1995 Thaler taught at the University of Rochester and Cornell as well as visiting stints at The University of British Columbia, the Sloan School of Management at MIT, the Russell Sage Foundation and the Center for Advanced Study in Behavioral Sciences at Stanford.

Originally from New Jersey, Thaler attended Case Western Reserve University where he received a bachelor's degree in 1967. Soon after, he attended the University of Rochester where he received a master's degree in 1970 and a PhD in 1974. He joined the Chicago Booth faculty in 1995.

Behavioral economics and finance; the psychology of decision making.

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Get Insights from Richard H. Thaler in Chicago Booth Review

How irrational are we.

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Korolyov, Moscow Oblast

Korolyov or Korolev is an industrial city in Moscow Oblast, Russia, well known as the cradle of Soviet and Russian space exploration. As of the 2010 Census, its population was 183,402, the largest as a science city. As of 2018, the population is more than 222,000 people. It was known as Kaliningrad from 1938 to 1996 and served as the leading Soviet center for production of anti-tank and air-defense guns. In 1946, in the aftermath of World War II, the artillery plant was reconstructed for production of rockets, launch vehicles, and spacecraft, under the guidance of Russian scientist and academician Sergei Korolev, who envisioned, consolidated and guided the activities of many people in the Soviet space-exploration program. The plant later became known as the RKK Energia; when the Vostok space vehicle was being developed, this research center was designated as NII-88 or POB 989.

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Wikipedia https://en.wikipedia.org/wiki/Korolyov,_Moscow_Oblast

Coordinates 55°55'13.763" N 37°49'57.464" E

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Russian Company JSC «ROLF»

Brief profile.

active Commercial

Facts to Consider

There are enforcement proceedings in the bailiff database

The manager is also a CEO in 3 organizations.

The organization's securities are traded on the Moscow Exchange.

The organization has registered trademarks

show 2 more positive facts

Complete Profile

• 1. General Information
• 2. Registration in the Russian Federation
• 3. Company's Activities
• 4. Legal Address
• 5. Branches and representative offices
• 6. Owners, Founders of the Entity
• 7. JSC «ROLF» CEO
• 8. Entities Founded by Company
• 9. Company Finance
• 10. Timeline of key events
• 11. Latest Changes in the Unified State Register of Legal Entities (USRLE)

General Information

Full name of the organization: JOINT-STOCK COMPANY «ROLF»

TIN: 5047254063

KPP: 504701001

PSRN: 1215000076279

Location: 141410, Moscow Oblast, Khimki, sh. Leningradskoe, vld. 21

Line of business: Retail sale of cars and light motor vehicles in specialized stores (OKVED code 45.11.2)

Organization status: Commercial, active

Form of incorporation: Non-public joint-stock companies (code 12267 according to OKOPF)

Registration in the Russian Federation

The organization JOINT-STOCK COMPANY «ROLF» was registered in the Unified State Register of Legal Entities 3 years ago 27 July 2021.

The average age of legal entities for the type of activity 45.11.2 "Retail sale of cars and light motor vehicles in specialized stores" is 11 years. This organization is younger.

The tax authority where the legal entity is registered: Mezhraionnaia inspektsiia Federalnoi nalogovoi sluzhby №13 po Moskovskoi oblasti (inspection code – 5047).

Registration with the Pension Fund: registration number 060050060472 dated 30 July 2021.

Registration with the Social Insurance Fund: registration number 504302267450431 dated 28 July 2021.

Company's Activities

The main activity of the organization is Retail sale of cars and light motor vehicles in specialized stores (OKVED code 45.11.2).

Additionally, the organization listed the following activities:

JSC «ROLF» holds license entitling to carry out the following activities:

The organization has 18 registered trademarks: 507818 , 537786 , 537787 , 537788 , 537789 , 913869 , 913870 , 913871 , 913872 , 913873 , 913874 , 928196 , 928197 , 989469 , 993766 , 1014809 , 1014810 , 1014870 .

The organization is included in the Roskomnadzor registry as a personal data processing operator .

Legal Address

JSC «ROLF» is registered at 141410, Moscow Oblast, Khimki, sh. Leningradskoe, vld. 21. ( show on a map )

There are no other active organizations at the current legal address. However, the following organizations were previously registered here: OOO "ROLF" (liquidated 07/27/2021)

Branches and representative offices

• Moscow Oblast, Krasnogorsk, d. Putilkovo, km Mkad 71, str. 16A, et. podvalnyi pomeshch. XIII kom. , (of. ) 17 (SEVERO-ZAPAD)
• Moscow Oblast, Mytishchi, p. Veshki, proezd Avtomobilnyi (Tpz Altufevo Ter. ), str. 2A/3 (VESHKI)
• Moscow Oblast, Vidnoe, p. Razvilka, proezd Proektiruemyi N5537, zd. 17 (ZVEZDA STOLITSY KASHIRKA)
• Moscow Oblast, g.o. Leninskii, d. Blizhnie Prudishchi, ter. Mkad, km 27-i, vld. 9, et. 2 kom. 40 (IUGO-VOSTOK)
• Moscow, km Mkad 40-i (P Sosenskoe), vld. 1 str. 2, et. 2 kom. 46 (IALR IASENEVO)
• OOO "KONTEINER LAB"
• GSK "DNEPR-3"
• OOO "VIDZHETIK"
• LIMITED LIABILITY COMPANY"ROLF-CITY" (liquidated 01/16/2012)
• Moscow Oblast, Mytishchi, p. Veshki, km Mkad 85 (Tpz Altufevo Ter. ), str. 3A, et. 2 kom. (OFIC) 3 (SEVER)
• Moscow, km Mkad 40-i (P Sosenskoe), vld. 1 str. 2, et. 2 kom. 28 (IASENEVO)

Owners, Founders of the Entity

Since the organization is a joint-stock company, the list of shareholders is not contained in the Unified State Register of Legal Entities. To obtain an extract from the register of shareholders, you should contact the registrar AO "REESTR"

The legal predecessor of JSC «ROLF»: OOO "ROLF" (liquidated 07/27/2021)

JSC «ROLF» CEO

The head of the organization (a person who has the right to act on behalf of a legal entity without a power of attorney) since 26 March 2024 is general manager Antonov Roman Petrovich (TIN: 616116477540).

Antonov Roman Petrovich is the head of 3 more organizations

• JSC "AUTOTECH"
• JSC MODERN PAYMENT SOLUTIONS
• OOO "UDACHA"

Also Antonov Roman Petrovich is a founder of 2 organizations:

• ANO GANDBOLNYI KLUB "ROSTOV-DON"
• LLC "PROGRESS"
• (general manager from 12/22/2023 until 03/26/2024 * )
• (general manager from 07/27/2021 until 12/22/2023 * )

Entities Founded by Company

JSC «ROLF» also acts as a managing organization in:

• OOO "ROLF ESTEIT SANKT-PETERBURG" (Saint Petersburg)
• OOO "ROLF MOTORS" (Moscow, p. Sosenskoe, p. Gazoprovod)
• ROLF TECH LLC (Moscow)

Previously the organization was listed as a founder in:

• OOO "ROLF ESTEIT SANKT-PETERBURG" (Saint Petersburg; 99%; 64.5 million RUB) - until 07/31/2024
• OOO "ROLF MOTORS" (Moscow, p. Sosenskoe, p. Gazoprovod; 99%; 5.4 million RUB) - until 08/01/2024

Company Finance

The Authorized capital of JSC «ROLF» is 6.6 billion RUB.

In 2023, the organization received the revenue of 235 billion RUB, which is 73.9 billion RUB, or by 46 %, more than a year ago.

As of December 31, 2023, the organization's total assets were 68.1 billion RUB This is 4.1 billion RUB (by 6.3 %) more than a year earlier.

The net assets of JSC «ROLF» as of 12/31/2023 totaled 24.8 billion RUB.

The JSC «ROLF»’s operation in 2023 resulted in the profit of 4.7 billion RUB. This is by 51.2 % less than in 2022.

The organization is not subject to special taxation regimes (operates under a common regime).

The organization had no tax arrears as of 05/10/2024.

Enforcement proceedings

In relation to a legal entity, the database of the Federal Bailiff Service contains the following enforcement proceedings as of 09/04/2024:

Timeline of key events

Latest changes in the unified state register of legal entities (usrle).

• 06/11/2024 . Correction of mistakes made by the applicant.
• 03/26/2024 . State registration of changes made to the constituent documents of a legal entity related to changes in information about a legal entity contained in the Unified State Register of Legal Entities, based on an application.
• 02/15/2024 . Change of information about a legal entity contained in the Unified State Register of Legal Entities.
• 12/22/2023 . Change of information about a legal entity contained in the Unified State Register of Legal Entities.
• 11/02/2023 . Changes to the information contained in the Unified State Register of Legal Entities in connection with the renaming (resubordination) of address objects.
• 12/03/2022 . Changes to the information contained in the Unified State Register of Legal Entities in connection with the renaming (resubordination) of address objects.
• 10/07/2022 . State registration of changes made to the constituent documents of a legal entity related to changes in information about a legal entity contained in the Unified State Register of Legal Entities, based on an application.
• 07/06/2022 . Submission of information about the registration of a legal entity with the tax authority at the location of the branch/representative office.
• 06/28/2022 . Submission of information about the registration of a legal entity with the tax authority at the location of the branch/representative office.
• 06/10/2022 . Change of information about a legal entity contained in the Unified State Register of Legal Entities.

* The date of change in the Unified State Register of Legal Entities is shown (may be different from the actual date).

The data presented on this page have been obtained from official sources: the Unified State Register of Legal Entities (USRLE), the State Information Resource for Financial Statements, the website of the Federal Tax Service (FTS), the Ministry of Finance and the Federal State Statistics Service.

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