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James A. Sundali
University of Nevada, Reno
27Publications
9H-index
685Citations
Publications 27
Newest
Published on Sep 1, 2018in Journal of Behavioral and Experimental Finance1.14
Dimitra Papadovasilaki1
Estimated H-index: 1
(Lake Forest College),
Federico Guerrero3
Estimated H-index: 3
(UNR: University of Nevada, Reno),
James A. Sundali9
Estimated H-index: 9
(UNR: University of Nevada, Reno)
Abstract In two experiments on sequential asset allocation decisions between a safe and a risky asset, we find that an early market crash leads subjects to invest less in a risky asset in later periods, a result that is mediated by gender. In the first experiment subjects who experience a market bust early in the investment lifecycle invest less in a risky asset compared to subjects who experience a market boom, even when the subjects receive the exact same return stream over twenty periods. In ...
Published on Apr 1, 2018in SAGE Open
Amanda Safford1
Estimated H-index: 1
(UNR: University of Nevada, Reno),
James A. Sundali9
Estimated H-index: 9
(UNR: University of Nevada, Reno),
Federico Guerrero3
Estimated H-index: 3
(UNR: University of Nevada, Reno)
Do people who lived through the depression take fewer financial risks because of the negative returns experienced? More generally, what is the importance of historical return streams on current investment decisions? This experiment tests this experience hypothesis and finds that subjects who experience a great crash hold, on average, 6% less of their assets in stocks than subjects who did not experience the crash, after controlling for gender, employment status, and financial literacy. Our resul...
Published on Jul 10, 2017in Review of Behavioral Finance
Rattaphon Wuthisatian1
Estimated H-index: 1
(Southern Oregon University),
Federico Guerrero3
Estimated H-index: 3
(UNR: University of Nevada, Reno),
James A. Sundali9
Estimated H-index: 9
(UNR: University of Nevada, Reno)
Purpose The purpose of this paper is to suggest that a fundamental cause of market booms and busts is that investor risk attitudes change during market booms. Specifically, the authors propose that an investor’s risk aversion falls as (s)he attempts to “keep up with the Joneses.” This paper studies changing risk attitudes induced by social interactions, and shows that risk-seeking behavior that is initially successful may induce copycat behavior and lead individuals in the same peer group to red...
Published on Nov 14, 2016
James A. Sundali9
Estimated H-index: 9
,
Darryl A. Seale17
Estimated H-index: 17
Published on Jun 8, 2015in Managerial Finance
Dimitra Papadovasilaki1
Estimated H-index: 1
(UNR: University of Nevada, Reno),
Federico Guerrero3
Estimated H-index: 3
(UNR: University of Nevada, Reno)
+ 1 AuthorsGregory R. Stone2
Estimated H-index: 2
(UNR: University of Nevada, Reno)
Purpose - – The purpose of this paper is to examine the influence of early investment experiences on subsequent portfolio allocation decisions in a laboratory setting. Design/methodology/approach - – In an experiment in which the task consisted of allocating a portfolio between a risky and riskless asset for 20 periods, two groups of subjects were confronted with either a market boom or bust in the initial four periods. Findings - – The findings suggest that after controlling for demographic cha...
Published on Jan 1, 2014in Judgment and Decision Making2.25
Alice Wieland4
Estimated H-index: 4
(UNR: University of Nevada, Reno),
James A. Sundali9
Estimated H-index: 9
+ 1 AuthorsRakesh K. Sarin27
Estimated H-index: 27
We explore different contexts and mechanisms that might promote or alleviate the gender effect in risk aversion. Our main result is that we do not find gender differences in risk aversion when the choice is framed as a willingness-to-accept (WTA) task. When the choice is framed as a willingness-to-pay (WTP) task, men are willing to pay more and thus exhibit lower risk aversion. However, when the choice is framed as a willingness to accept task, women will not accept less than men. These findings...
Published on Sep 21, 2012in Managerial Finance
James A. Sundali9
Estimated H-index: 9
(UNR: University of Nevada, Reno),
Gregory R. Stone2
Estimated H-index: 2
,
Federico Guerrero3
Estimated H-index: 3
Purpose - The purpose of this paper is to conduct a controlled experiment to examine the effect of goal setting and affect framed feedback on repeated asset allocation investment decisions. Design/methodology/approach - The design of the experiment is a 2×2 between subject design. Subjects allocated monies among four investments for 20 periods. One manipulation varied whether subjects received performance feedback in the form of a happy or sad face, while another manipulation varied whether subj...
Published on Jan 1, 2012in Judgment and Decision Making2.25
James A. Sundali9
Estimated H-index: 9
(UNR: University of Nevada, Reno),
Amanda Safford1
Estimated H-index: 1
(UNR: University of Nevada, Reno),
Rachel Croson46
Estimated H-index: 46
(University of Texas at Austin)
We examine how almost winning in roulette affects subsequent betting behavior. Our main finding is heterogeneity in gambler behavior with some gamblers less likely to bet on numbers that were near misses on the prior spin and other gamblers more likely to bet on near miss numbers. Using a unique data set from the game rapid roulette, we model the likelihood of a gambler betting on a near miss number while controlling for the favorite number bias and the likelihood of a number being a near miss. ...
Published on Jan 1, 2012
Federico Guerrero3
Estimated H-index: 3
,
Gregory R. Stone2
Estimated H-index: 2
,
James A. Sundali9
Estimated H-index: 9
We test for the presence of fear in an experiment in which subjects make portfolio allocation decisions with market returns from the Great Crash of 1929. Half the subjects make allocation decisions prior to the market crash while the other half make allocation decisions at the start of the crash. The results show that subjects who start the experiment with declining stock returns allocate 8% less to stocks than subjects who start the experiment with increasing stock returns. Risk aversion, hedgi...
Published on Jun 3, 2009in Journal of Behavioral Finance0.77
James A. Sundali9
Estimated H-index: 9
(UNR: University of Nevada, Reno),
Federico Guerrero3
Estimated H-index: 3
(UNR: University of Nevada, Reno)
The study reports the results of an asset allocation experiment in which subjects managed an endowment of money over a 20 "year" time period. While grounded in theory, the study takes an applied look at the ability of subjects to efficiently and effectively make asset allocation decisions similar to those found in 401(k) accounts. The main conclusions are as follows. First, efficient portfolios are more easily created when the set of assets to choose from is carefully constructed. Thus, financia...
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