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https://doi.org/10.21256/zhaw-30304| Publication type: | Article in scientific journal |
| Type of review: | Peer review (publication) |
| Title: | Investment motives and performance expectations of impact investors |
| Authors: | Bachmann, Kremena Meyer, Julia Krauss, Annette |
| et. al: | No |
| DOI: | 10.1016/j.jbef.2024.100911 10.21256/zhaw-30304 |
| Published in: | Journal of Behavioral and Experimental Finance |
| Volume(Issue): | 42 |
| Issue: | 100911 |
| Issue Date: | 11-Mar-2024 |
| Publisher / Ed. Institution: | Elsevier |
| ISSN: | 2214-6350 2214-6369 |
| Language: | English |
| Subjects: | Nonfinancial motive; Expectation; Wishful thinking; Halo effect; Impact investing |
| Subject (DDC): | 332.6: Investment |
| Abstract: | Using a unique sample of retail impact investors, this study evaluates how investors deal with the challenge of aligning their financial and their nonfinancial goals. We find that investors with stronger nonfinancial motives are more likely to expect the overperformance of an impact investment and the underperformance of traditional equity and bond investments than investors with weaker nonfinancial motives. This cross-asset relationship between nonfinancial motives and expected performance indicates that investors form expectations that fit with the investment decisions that their nonfinancial motives are likely to motivate. We also find that after experiencing losses, investors with stronger nonfinancial motives are less likely to revise their expectation that the impact investment will underperform and more likely to expect that the impact investment will overperform than other investors. Our findings provide further evidence that preferences can affect expectations, and challenge conclusions drawn from observed behavior regarding investors’ willingness to pay for impact. |
| URI: | https://digitalcollection.zhaw.ch/handle/11475/30304 |
| Fulltext version: | Published version |
| License (according to publishing contract): | CC BY 4.0: Attribution 4.0 International |
| Departement: | School of Management and Law |
| Organisational Unit: | Institute for Financial Management (IFI) |
| Appears in collections: | Publikationen School of Management and Law |
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| 2024_Bachmann-etal_Investment-motives-performance-expectations-impact-investors.pdf | 677.15 kB | Adobe PDF |  View/Open |
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Bachmann, K., Meyer, J., & Krauss, A. (2024). Investment motives and performance expectations of impact investors. Journal of Behavioral and Experimental Finance, 42(100911). https://doi.org/10.1016/j.jbef.2024.100911
Bachmann, K., Meyer, J. and Krauss, A. (2024) ‘Investment motives and performance expectations of impact investors’, Journal of Behavioral and Experimental Finance, 42(100911). Available at: https://doi.org/10.1016/j.jbef.2024.100911.
K. Bachmann, J. Meyer, and A. Krauss, “Investment motives and performance expectations of impact investors,” Journal of Behavioral and Experimental Finance, vol. 42, no. 100911, Mar. 2024, doi: 10.1016/j.jbef.2024.100911.
BACHMANN, Kremena, Julia MEYER und Annette KRAUSS, 2024. Investment motives and performance expectations of impact investors. Journal of Behavioral and Experimental Finance. 11 März 2024. Bd. 42, Nr. 100911. DOI 10.1016/j.jbef.2024.100911
Bachmann, Kremena, Julia Meyer, and Annette Krauss. 2024. “Investment Motives and Performance Expectations of Impact Investors.” Journal of Behavioral and Experimental Finance 42 (100911). https://doi.org/10.1016/j.jbef.2024.100911.
Bachmann, Kremena, et al. “Investment Motives and Performance Expectations of Impact Investors.” Journal of Behavioral and Experimental Finance, vol. 42, no. 100911, Mar. 2024, https://doi.org/10.1016/j.jbef.2024.100911.
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