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The higher you fly, the harder you try not to fall: An analysis of the risk taking behavior in social trading

Scheckenbach, Isabel ; Wimmer, Maximilian ; Dorfleitner, Gregor




Abstract

In this article, we study the risk taking behavior under convex incentives in an innovative online trading setting. In particular, we empirically analyze how an infinite investment horizon and valuable outside options affect risk taking behavior. We find that traders choose the absolute and relative risk of the trading strategy depending on the proximity to the high-water mark (HWM), which ...

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