{"id":"https://openalex.org/W2619710176","doi":null,"title":"Is Buying more Forward-Looking than Selling? The Role of Beliefs in Investment Decisions","display_name":"Is Buying more Forward-Looking than Selling? The Role of Beliefs in Investment Decisions","publication_year":2018,"publication_date":"2018-02-22","ids":{"openalex":"https://openalex.org/W2619710176","mag":"2619710176"},"language":"en","primary_location":{"id":"mag:2619710176","doi":null,"is_oa":true,"landing_page_url":"https://www.zora.uzh.ch/id/eprint/137298/1/delivery.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4306401281","display_name":"Zurich Open Repository and Archive (University of Zurich)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I202697423","host_organization_name":"University of Zurich","host_organization_lineage":["https://openalex.org/I202697423"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Zurich Open Repository and Archive (University of Zurich)","raw_type":null},"volume":null,"type":"article","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://www.zora.uzh.ch/id/eprint/137298/1/delivery.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5062846155","display_name":"Daniel Grosshans","orcid":"https://orcid.org/0000-0002-4182-1900","observed_orcids":["https://orcid.org/0000-0002-4182-1900"]},"institutions":[{"id":"https://openalex.org/I202697423","display_name":"University of Zurich","ror":"https://ror.org/02crff812","country_code":"CH","type":"education","lineage":["https://openalex.org/I202697423"]}],"countries":["CH"],"is_corresponding":false,"raw_author_name":"Daniel Grosshans","raw_affiliation_strings":["University of Zurich - Department of Banking and Finance"],"raw_orcid":"https://orcid.org/0000-0002-4182-1900","affiliations":[{"raw_affiliation_string":"University of Zurich - Department of Banking and Finance","institution_ids":["https://openalex.org/I202697423"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5054002144","display_name":"Ferdinand Langnickel","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I202697423","display_name":"University of Zurich","ror":"https://ror.org/02crff812","country_code":"CH","type":"education","lineage":["https://openalex.org/I202697423"]}],"countries":["CH"],"is_corresponding":false,"raw_author_name":"Ferdinand Langnickel","raw_affiliation_strings":["University of Zurich - Department of Banking and Finance"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Zurich - Department of Banking and Finance","institution_ids":["https://openalex.org/I202697423"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5053704688","display_name":"Stefan Zeisberger","orcid":"https://orcid.org/0000-0002-8412-622X","observed_orcids":["https://orcid.org/0000-0002-8412-622X"]},"institutions":[{"id":"https://openalex.org/I145872427","display_name":"Radboud University Nijmegen","ror":"https://ror.org/016xsfp80","country_code":"NL","type":"education","lineage":["https://openalex.org/I145872427"]},{"id":"https://openalex.org/I202697423","display_name":"University of Zurich","ror":"https://ror.org/02crff812","country_code":"CH","type":"education","lineage":["https://openalex.org/I202697423"]}],"countries":["CH","NL"],"is_corresponding":false,"raw_author_name":"Stefan Zeisberger","raw_affiliation_strings":["Radboud University, Institute for Management Research","University of Zurich, Department of Banking and Finance"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Radboud University, Institute for Management Research","institution_ids":["https://openalex.org/I145872427"]},{"raw_affiliation_string":"University of Zurich, Department of Banking and Finance","institution_ids":["https://openalex.org/I202697423"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.3797,"has_fulltext":false,"cited_by_count":3,"citation_normalized_percentile":{"value":0.5734127,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":87,"max":93},"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.9067000150680542,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.9067000150680542,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.07919999957084656,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10646","display_name":"Experimental Behavioral Economics Studies","score":0.010300000198185444,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/investment-decisions","display_name":"investment decision-making","score":0.8220000267028809},{"id":"https://openalex.org/keywords/investor-behavior","display_name":"investor behavior","score":0.45899999141693115},{"id":"https://openalex.org/keywords/wealth-effects","display_name":"wealth effects","score":0.6050000190734863},{"id":"https://openalex.org/keywords/behavioral-finance","display_name":"behavioral finance","score":0.5699999928474426}],"concepts":[{"id":"https://openalex.org/C2778865806","wikidata":"https://www.wikidata.org/wiki/Q6060850","display_name":"Investment decisions","level":3,"score":0.6672685742378235},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.6068705320358276},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5183849930763245},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.3394222855567932},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3377265930175781},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3377223014831543},{"id":"https://openalex.org/C109574028","wikidata":"https://www.wikidata.org/wiki/Q647525","display_name":"Behavioral economics","level":2,"score":0.20899158716201782},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0518132746219635},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"mag:2619710176","doi":null,"is_oa":true,"landing_page_url":"https://www.zora.uzh.ch/id/eprint/137298/1/delivery.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4306401281","display_name":"Zurich Open Repository and Archive (University of Zurich)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I202697423","host_organization_name":"University of Zurich","host_organization_lineage":["https://openalex.org/I202697423"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Zurich Open Repository and Archive (University of Zurich)","raw_type":null}],"best_oa_location":{"id":"mag:2619710176","doi":null,"is_oa":true,"landing_page_url":"https://www.zora.uzh.ch/id/eprint/137298/1/delivery.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4306401281","display_name":"Zurich Open Repository and Archive (University of Zurich)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I202697423","host_organization_name":"University of Zurich","host_organization_lineage":["https://openalex.org/I202697423"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Zurich Open Repository and Archive (University of Zurich)","raw_type":null},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W2945810148","https://openalex.org/W7216406868","https://openalex.org/W4238308967","https://openalex.org/W2604514049","https://openalex.org/W1497733814","https://openalex.org/W4242558270","https://openalex.org/W6913029857","https://openalex.org/W2965574984","https://openalex.org/W4247439267","https://openalex.org/W109440227"],"abstract_inverted_index":{"We":[0],"provide":[1],"evidence":[2],"that":[3,18,42],"people":[4],"do":[5],"not":[6],"consistently":[7],"incorporate":[8],"their":[9],"beliefs":[10,60],"into":[11],"investment":[12],"decisions.":[13,63],"Our":[14],"experimental":[15],"findings":[16],"indicate":[17],"selling":[19,30,69,96],"is":[20,46],"considerably":[21],"less":[22],"belief-driven":[23],"than":[24],"buying.":[25],"This":[26],"difference":[27],"stems":[28],"from":[29],"decisions":[31,51,70,90,97],"in":[32,73,80],"the":[33,43],"presence":[34],"of":[35],"paper":[36,53],"losses":[37],"for":[38,52,68],"which":[39],"we":[40,94],"observe":[41],"belief":[44,66],"sensitivity":[45,67],"reduced":[47],"by":[48],"half.":[49],"Selling":[50],"gains,":[54],"however,":[55],"are":[56,78],"as":[57,61],"sensitive":[58],"to":[59,98],"buying":[62,89],"The":[64],"lower":[65,86],"holds":[71],"also":[72],"settings":[74],"where":[75],"investors\u2019":[76,92],"accounts":[77],"neutralized":[79],"each":[81],"period,":[82],"albeit":[83],"with":[84],"a":[85,100],"magnitude.":[87],"While":[88],"increase":[91],"wealth":[93],"find":[95],"have":[99],"negative":[101],"effect.":[102]},"counts_by_year":[{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":1}],"updated_date":"2025-10-10T17:16:08.811792","created_date":"2017-06-05T00:00:00"}