haku: @indexterm rate of return / yhteensä: 621
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| Tekijä: | Kaustia, M. Laukkanen, H. Puttonen, V. |
| Otsikko: | Should good stocks have high prices or high returns? |
| Lehti: | Financial Analysts' Journal
2009 : MAY-JUN, VOL. 65:3, p. 1-8 |
| Asiasana: | stocks prices investment portfolio management risk rate of return |
| Vapaa asiasana: | advisor-client relationships |
| Kieli: | eng |
| Tiivistelmä: | Using a design involving a between-subjects experimental manipulation, this paper investigates over 740 Finnish financial advisers about requiring a risk premium in one mode and about expected returns in the other mode. Company-level risk factors (e.g. leverage) caused an increased return requirement in the first mode but led to lower return expectations in the second one. Sensitivity to the form of the question uncovered an inconsistency in the advisers' perception of risk and return. Advisers seemed to associate safe stocks with relatively lower discount rates but also with higher return expectations. This inconsistency may contribute to the overpricing and subsequent inferiour performance of glamour stocks. Giving consistent advice is a necessary condition for providing valuable client service. |
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