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| Author: | Morrin, M. (et al.) |
| Title: | Taking stock of stockbrokers: Exploring momentum versus contrarian investor strategies and profiles |
| Journal: | Journal of Consumer Research
2002 : SEP, VOL. 29:2, p. 188-198 |
| Index terms: | Portfolio management Stock markets Decision making Brokerage Investment Strategy |
| Language: | eng |
| Abstract: | 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 semistructured depth interviews to probe the analysts' thought processes. Momentum and contrarian investors were found to differ on a number of dimensions incl. price expectations, age, experience, raw performance, risk propensity, etc. Implications and limitations are discussed. |
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