Using Demographic and Lifestyle Analysis to Segment Individual Investors

Warren, William E.; Stevens, Robert E.; McConkey, C. William

doi:10.2469/faj.v46.n2.74

Cited by 53 publications

(50 citation statements)

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“…A los expertos se les facilitó una lista inicial de 70 ítems, que fue confeccionada con ítems empleados en estudios anteriores entre los que se consideraron los de Baker y Haslem (1973), Clark-Murphy y Soutar (2004), Fundación de Estudios Financieros (2003), Lease, Lewellen y Schlarbaum (1974), Nagy y Obenberger (1994), Potter (1971), Rogers y Grant (1998), Warren, Stevens, y McConkey (1990), El cuestionario ININBE quedó constituido por tres cuestiones referentes a datos personales y por una escala de 47 ítems (Pascual-Ezama, et al, 2010).…”

Section: Instrumentounclassified

La metodología Delphi como técnica de estudio de la validez de contenido

Liaño

Pascual‐Ezama

2012

analesps

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Resumen: Encontrar procedimientos que nos garanticen altos niveles de validez es uno de los grandes retos de la metodología en psicología hoy en día. En el presente estudio presentamos la metodología Delphi como técni-ca para el estudio de la validez de contenido. Esta metodología presenta una ventaja esencial respecto a los métodos de expertos tradicionales: su aplicación es flexible y dinámica permitiendo una mayor retroalimentación entre los expertos participantes. Se aplicó la metodología Delphi en la elaboración de un cuestionario sobre el comportamiento de inversores individuales en bolsa (Pascual-Ezama, et al., 2010) y se calcularon los índices de congruencia (Rovinelli y Hambleton, 1977) a lo largo de las distintas fases del Delphi. Los resultados ponen de manifiesto que la metodología Delphi puede ser una buena herramienta que nos permita garantizar altos niveles de validez de contenido en un cuestionario. Se discuten también las ventajas e inconvenientes de los métodos de expertos habituales respecto a la metodología Delphi, y cómo el presente estudio aúna metodologías esencialmente cuantitativas con metodologías más cualitativas como el método Delphi. Este nexo entre métodos tan dispares es, sin duda, uno de los campos a explorar y desarrollar en la metodología actualmente. Palabras clave: Validez de Contenido, Metodología Delphi, Métodos de Expertos, Metodologías Cuantitativas y Cualitativas. Title:The Delphi Method as a technique to study Validity of Content. Abstract: Finding procedures that may guarantee high levels of validity is one of the big challenges in methods in psychology nowadays. In the present study, we show the Delphi method as a technique to study the validity of content. This method shows an important advantage regarding to traditional expert methods: it is flexible and dynamic in its application, allowing the presence of feedback between the expert participants. We applied the Delphi method during the development of a questionnaire of individual investors' behavior in the stock exchange (Pascual-Ezama, et al., 2010), also calculating congruency indexes (Rovinelli y Hambleton, 1977) along the different stages of the Delphi application. The results show that the Delphi method may be a good tool in order to guarantee high levels of validity of content in a questionnaire. Advantages as well as disadvantages of the traditional expert methods and the Delphi method, and how the present study joins quantitative and qualitative methods like the Delphi, are discussed. This link between those different types of methods is, with no doubt, one of the fields to explore and develop in methodology nowadays. Key words: Validity of Content, Delphi Method, Expert Methods, Quantitative and Qualitative Methods. IntroducciónDentro del estudio de las propiedades psicométricas de los cuestionarios, los conceptos más importantes que se han tratado de desarrollar han sido esencialmente los conceptos de fiabilidad y validez. Sin embargo, así como el estudio de la fiabilidad ha sido ampliamente desarrollado (...

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Section: Instrumentounclassified

La metodología Delphi como técnica de estudio de la validez de contenido

Liaño

Pascual‐Ezama

2012

analesps

View full text Add to dashboard Cite

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“…Seeking advice, such as from professional financial advisors (Baker & Nofsinger 2002;Shum & Faig, 2006), from friends/relatives (Nagy & Obenberger, 1994;Baker & Nofsinger, 2002), and from magazines/brochures published by financial institutions (Lee & Cho, 2005), is especially necessary since investors now have a greater choice of investment products due to the diversification of financial investments (Warren et al, 1990). Moreover, due to the lack of understanding for various investments, investors may seek advice and education from professional advisors (Fisher & Statman, 1997;Howcorft et al, 2003).…”

Section: Advice-seeking Informationmentioning

confidence: 99%

“…They summarize heuristics as "methods that use principles of effort-reduction and simplification." Some financial studies on why people employ heuristics have noted that individuals will suffer from both information overload (Lee & Cho, 2005;Peress, 2004) and investment complexity (Fisher & Statman, 1997;Warren et al, 1990) due to bounded rationality (Simon, 1990). Therefore, investors may employ heuristics as a method to reduce the effort they expend on information processes, such as easy-to-access information (Shah & Oppenheimer, 2008) from attribute substitution (Kahneman & Frederick, 2002).…”

Section: An Effort-reduced Information Search Based On Psychological mentioning

confidence: 99%

“…magazines and brochures from financial institutions) (Lee & Cho, 2005, p. 118). Preferences for financial investments, according to the control orientation (Warren et al, 1990), were measured by four items to reflect the tendency of investor's preferences for different financial investments. The items of stocks/options investments included stocks, futures, and options.…”

Section: Instrument Developmentmentioning

confidence: 99%

“…This study in particular discusses two forms of financial investments based on control-orientation by investors (Warren, Stevens and McConkey, 1990), directly-controlled investment (e.g. stocks/options) and indirectly-controlled investment (e.g.…”

Section: Introductionmentioning

confidence: 99%

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Information Searches Development in Investment Decisions

Tseng¹

2012

IJBM

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How do individuals develop information searches under uncertainty? It is a crucial question attracting a number of studies on investment decision-making. Information on financial measures and advice seeking information are two usual studied variables in financial investment decision-making. This study extends the information search aspects to discuss heuristics reliance, a simplified information search method, on individual investment choices. We further examine the moderating effect of income on our extended information search model. 378 investors with investment experiment from financial holding companies were surveyed and the multiple-group structural equation modeling was employed. Reporting on two dimensions of stocks/options and mutual funds investment, the findings show that individuals with more risk aversion tend to seek more information. Heuristics have a strong positive influence on financial investment preferences. A mass of digital information through more advice-seeking information search and heuristics reliance can increase investor interest in mutual fund investments. We clarify income differences in individual information searches in investment decision-making. The findings imply that (1) the movement to teach financial students to recognize investor psychology might be required to be more extensive, and (2) provision of financial information for different income groups may be needed, and meantime investor psychology is suggested to be taken into serious consideration.

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