In this paper we apply cooperative game theory concepts to analyze vertical supply chains. The bullwhip effect in a two-stage supply chain (supplier-manufacturer) in the framework of the Arrow-Karlin model with linear-convex cost functions is considered. It is assumed that both firms minimize their relevant costs, and two cases are examined: the supplier and the manufacturer minimize their relevant costs in a decentralized and in a centralized (cooperative) way. The question of how to share the savings of the decreased bullwhip effect in the centralized (cooperative) model is answered by transferable utility cooperative game theory tools.
{"title":"Cooperation in an Arrow-Karlin Type Supply Chain","authors":"Imre Dobos","doi":"10.14267/cjssp.2023.1.5","DOIUrl":"https://doi.org/10.14267/cjssp.2023.1.5","url":null,"abstract":"In this paper we apply cooperative game theory concepts to analyze vertical supply chains. The bullwhip effect in a two-stage supply chain (supplier-manufacturer) in the framework of the Arrow-Karlin model with linear-convex cost functions is considered. It is assumed that both firms minimize their relevant costs, and two cases are examined: the supplier and the manufacturer minimize their relevant costs in a decentralized and in a centralized (cooperative) way. The question of how to share the savings of the decreased bullwhip effect in the centralized (cooperative) model is answered by transferable utility cooperative game theory tools.","PeriodicalId":42178,"journal":{"name":"Corvinus Journal of Sociology and Social Policy","volume":"72 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134975105","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Joy Ato Nyarko, Joana Kwabena-Adade, Frederick Kofi Amey
Cyberbullying as deviant behavior is a growing public health concern and affects cyber victims in many ways. This study sought to examine cyberbullying victimization, perpetration, and psychosomatic health symptoms (PHS) among students in a Ghanaian university. The aim was to explore the extent of cyberbullying among students and the association between demographic factors and cyberbullying victimization, perpetration, and PHS of cyberbully victims. The study was a cross-sectional survey of 420 students in a public university in Ghana. The survey results show that female students were less likely than male students to suffer from cybervictimization. There was no gender difference in cyberbullying perpetration and experiencing PHS. Also, students from intact families were less likely to be victimized than students from single-parent families. Bystanders who tried to intervene in cybervictimization were less inclined to perpetrate cyberbullying but were more likely to experience PHS when cyberbullied. Students who lived alone or with friends were four times more likely to experience PHS after being cyberbullied. These findings point to the far-reaching effects of cyberbullying and the need for educators and other stakeholders to devise policies to mitigate the phenomenon and put in place structures to help cyberbully victims.
{"title":"Cyberbullying Victimization, Perpetration and Psychosomatic Health Symptoms among Students in a Ghanaian University","authors":"Joy Ato Nyarko, Joana Kwabena-Adade, Frederick Kofi Amey","doi":"10.14267/cjssp.2023.1.7","DOIUrl":"https://doi.org/10.14267/cjssp.2023.1.7","url":null,"abstract":"Cyberbullying as deviant behavior is a growing public health concern and affects cyber victims in many ways. This study sought to examine cyberbullying victimization, perpetration, and psychosomatic health symptoms (PHS) among students in a Ghanaian university. The aim was to explore the extent of cyberbullying among students and the association between demographic factors and cyberbullying victimization, perpetration, and PHS of cyberbully victims. The study was a cross-sectional survey of 420 students in a public university in Ghana. The survey results show that female students were less likely than male students to suffer from cybervictimization. There was no gender difference in cyberbullying perpetration and experiencing PHS. Also, students from intact families were less likely to be victimized than students from single-parent families. Bystanders who tried to intervene in cybervictimization were less inclined to perpetrate cyberbullying but were more likely to experience PHS when cyberbullied. Students who lived alone or with friends were four times more likely to experience PHS after being cyberbullied. These findings point to the far-reaching effects of cyberbullying and the need for educators and other stakeholders to devise policies to mitigate the phenomenon and put in place structures to help cyberbully victims.","PeriodicalId":42178,"journal":{"name":"Corvinus Journal of Sociology and Social Policy","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134975111","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Design. A vignette study was conducted to investigate hypotheses. In total 914 workers from the Netherlands responded to 4 different vignettes (n = 3656 vignettes). Purpose. Based on compensation hypothesis, this study formulates several hypotheses about the relationship between work insecurity and preferences for protection. By combining a vignette study with a survey among workers it was possible to address the following questions: How do the preferences for protection relate to labor market insecurities and to what extent are the effect of experimental conditions on preferences for risk governance affected by experiences in the actual work situation? Findings. The findings mainly support the hypotheses derived from the compensation and expand them by showing how insecurities in the workplace cross-over to the experimental setting. Originality. While the compensation hypothesis is investigated in prior research, this is the first (semi-)experimental study allowing for arguing that the link between individual risks and preferences for protection are causal.
{"title":"Governing Labor Market Risks","authors":"Ferry Koster","doi":"10.14267/cjssp.2023.1.1","DOIUrl":"https://doi.org/10.14267/cjssp.2023.1.1","url":null,"abstract":"Design. A vignette study was conducted to investigate hypotheses. In total 914 workers from the Netherlands responded to 4 different vignettes (n = 3656 vignettes). Purpose. Based on compensation hypothesis, this study formulates several hypotheses about the relationship between work insecurity and preferences for protection. By combining a vignette study with a survey among workers it was possible to address the following questions: How do the preferences for protection relate to labor market insecurities and to what extent are the effect of experimental conditions on preferences for risk governance affected by experiences in the actual work situation? Findings. The findings mainly support the hypotheses derived from the compensation and expand them by showing how insecurities in the workplace cross-over to the experimental setting. Originality. While the compensation hypothesis is investigated in prior research, this is the first (semi-)experimental study allowing for arguing that the link between individual risks and preferences for protection are causal.","PeriodicalId":42178,"journal":{"name":"Corvinus Journal of Sociology and Social Policy","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134977950","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Considering that the media influence the construction and deconstruction of reality to operate in social narratives. This article analyzes the representation of corruption in the Brazilian media, especially in news portals and on Twitter. The main aim of the study is to capture the representation of corruption in contrast with the news portals and social media, in order to map the recurrences, scandals, actors involved, convergences, and divergences between the two communication vehicles. Results show that there is a different representation of corruption in the two kinds of media, which despite dialogizing with each other through the news grid, have different approaches. In the portals, corruption refers to the denunciation of scandals involving political actors and investigations, whereas on Twitter the phenomenon stands for morality, religiosity, party disputes, 2022 elections, and old scandals. The relevance of the study occurs when addressing the different forms that corruption takes in both environments.
{"title":"How is Corruption Portrayed in the Brazilian Media? An Analysis of Corruption in News Portals and Twitter","authors":"Cibele Silva e Souza","doi":"10.14267/cjssp.2023.1.8","DOIUrl":"https://doi.org/10.14267/cjssp.2023.1.8","url":null,"abstract":"Considering that the media influence the construction and deconstruction of reality to operate in social narratives. This article analyzes the representation of corruption in the Brazilian media, especially in news portals and on Twitter. The main aim of the study is to capture the representation of corruption in contrast with the news portals and social media, in order to map the recurrences, scandals, actors involved, convergences, and divergences between the two communication vehicles. Results show that there is a different representation of corruption in the two kinds of media, which despite dialogizing with each other through the news grid, have different approaches. In the portals, corruption refers to the denunciation of scandals involving political actors and investigations, whereas on Twitter the phenomenon stands for morality, religiosity, party disputes, 2022 elections, and old scandals. The relevance of the study occurs when addressing the different forms that corruption takes in both environments.","PeriodicalId":42178,"journal":{"name":"Corvinus Journal of Sociology and Social Policy","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135480682","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We explore the impact of institutional factors on bilateral migration among the EU, CIS, and the US by applying the gravity model of migration. We employ instrumental variables methodology (IV-PPML, IV-GMM) and a non-linear estimation approach (NLS) to test our assumptions about the spurring effect of institutional indicators on migration. Empirical results demonstrate a significantly positive effect of economic development and legislative system on migration flows in the sample countries. However, we find that government regulation and political stability decrease migration. We also find that Russia attracts CIS migrants due to cultural and institutional reasons, while the EU and the US accommodate migration due to economic reasons. The crucial role of institutional development as a determinant of international migration is often overlooked in contemporary literature. We generate new insight into the contribution of control for corruption and law, governmental regulation, political stability and democracy, and ease of doing business to migration. Based on the results, we provide some policy implications.
{"title":"The Impact of Institutional Factors on Bilateral Migration: the Gravity Approach","authors":"Rogneda Vasilyeva, Valentin Voytenkov, Alina Urazbaeva","doi":"10.14267/cjssp.2023.1.3","DOIUrl":"https://doi.org/10.14267/cjssp.2023.1.3","url":null,"abstract":"We explore the impact of institutional factors on bilateral migration among the EU, CIS, and the US by applying the gravity model of migration. We employ instrumental variables methodology (IV-PPML, IV-GMM) and a non-linear estimation approach (NLS) to test our assumptions about the spurring effect of institutional indicators on migration. Empirical results demonstrate a significantly positive effect of economic development and legislative system on migration flows in the sample countries. However, we find that government regulation and political stability decrease migration. We also find that Russia attracts CIS migrants due to cultural and institutional reasons, while the EU and the US accommodate migration due to economic reasons. The crucial role of institutional development as a determinant of international migration is often overlooked in contemporary literature. We generate new insight into the contribution of control for corruption and law, governmental regulation, political stability and democracy, and ease of doing business to migration. Based on the results, we provide some policy implications.","PeriodicalId":42178,"journal":{"name":"Corvinus Journal of Sociology and Social Policy","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134977956","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Despite the long years of political, economic, and military presence of the international community with its remarkable amount of aid, Bosnia and Herzegovina (BiH) still suffers from political instabilities, lack of economic growth, and high rates of unemployment. The Dayton Peace Accords (DPA), which were signed in 1995 to end the violent war turning out ethnic cleansing and caused unforgettable humanitarian and economic loss, built a highly decentralized state with a divided society. Its vision was based on the neoliberal agenda that puts a strong emphasis on the belief that ethnic harmony and sustainable peace would be achieved only through a reconstruction program of neoliberal policies. Against the backdrop of this vision, the absence of intergroup cohesion among distinct ethnic collective identities remains still as a puzzle of the neoliberal state-building agenda of the international community. By highlighting the limitation of state-building in its implementation in BiH, this research aims to give a plausible answer to the puzzle regarding the root causes of why state-building initiatives remain ill-equipped in achieving the formation of the upper level of shared collective identity in BiH. To this end, it will critically discuss the effectiveness –or ineffectiveness– of the Dayton recipe for BiH to build a functional and sovereign state along with an upper level of shared collective identity.
{"title":"A Critical Analysis of the Neoliberal State-Building in Bosnia and Herzegovina: The Gap Between Aims and Achievements","authors":"Melek Aylin Özoflu, Bora Besgul","doi":"10.14267/cjssp.2023.1.6","DOIUrl":"https://doi.org/10.14267/cjssp.2023.1.6","url":null,"abstract":"Despite the long years of political, economic, and military presence of the international community with its remarkable amount of aid, Bosnia and Herzegovina (BiH) still suffers from political instabilities, lack of economic growth, and high rates of unemployment. The Dayton Peace Accords (DPA), which were signed in 1995 to end the violent war turning out ethnic cleansing and caused unforgettable humanitarian and economic loss, built a highly decentralized state with a divided society. Its vision was based on the neoliberal agenda that puts a strong emphasis on the belief that ethnic harmony and sustainable peace would be achieved only through a reconstruction program of neoliberal policies. Against the backdrop of this vision, the absence of intergroup cohesion among distinct ethnic collective identities remains still as a puzzle of the neoliberal state-building agenda of the international community. By highlighting the limitation of state-building in its implementation in BiH, this research aims to give a plausible answer to the puzzle regarding the root causes of why state-building initiatives remain ill-equipped in achieving the formation of the upper level of shared collective identity in BiH. To this end, it will critically discuss the effectiveness –or ineffectiveness– of the Dayton recipe for BiH to build a functional and sovereign state along with an upper level of shared collective identity.","PeriodicalId":42178,"journal":{"name":"Corvinus Journal of Sociology and Social Policy","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134977624","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Birth control, often known as contraception, is the deliberate reduction of the number of live births by the use of techniques that temporarily or permanently prevent conception by disrupting the ovulatory, fertilization, and implantation phases of a woman's reproductive cycle. Countries with rapid population growth are more likely to have a high prevalence rate of contraceptives. For the sake of policy application in Bangladesh, knowledge of the socioeconomic and demographic variables that affect contraceptive prevalence is also valuable. For this purpose the study extracted data set form the Bangladesh national representative survey BDHS 2017-18. The study employed bivariate and multivariate logistic regression to identify the important determinants of using modern contraceptive method. Educated women were more likely to use modern reversible method (OR: .147-1.773) and less likely to use permanent contraception (OR: 0.574-0.831) for limiting family size than illiterate women in Bangladesh. Moreover, women from higher age group were using more likely permanent and traditional contraception than women from lower age group. The other identified determinants of using modern method are husbands’ education, working status of women, age at first marriage, place of residence, division, socioeconomic status, parity, mass media, and religion of women. Findings of this research provide evidence-based guidance for developing a pragmatic strategy to improve modern contraception usage among low socioeconomic status, older age group, and rural women in Bangladesh.
{"title":"Socioeconomic and Demographic Determinants of Using Modern Reversible and Permanent Contraceptive for Limiting Family Size in Bangladesh","authors":"Israth Sultana","doi":"10.14267/cjssp.2023.1.4","DOIUrl":"https://doi.org/10.14267/cjssp.2023.1.4","url":null,"abstract":"Birth control, often known as contraception, is the deliberate reduction of the number of live births by the use of techniques that temporarily or permanently prevent conception by disrupting the ovulatory, fertilization, and implantation phases of a woman's reproductive cycle. Countries with rapid population growth are more likely to have a high prevalence rate of contraceptives. For the sake of policy application in Bangladesh, knowledge of the socioeconomic and demographic variables that affect contraceptive prevalence is also valuable. For this purpose the study extracted data set form the Bangladesh national representative survey BDHS 2017-18. The study employed bivariate and multivariate logistic regression to identify the important determinants of using modern contraceptive method. Educated women were more likely to use modern reversible method (OR: .147-1.773) and less likely to use permanent contraception (OR: 0.574-0.831) for limiting family size than illiterate women in Bangladesh. Moreover, women from higher age group were using more likely permanent and traditional contraception than women from lower age group. The other identified determinants of using modern method are husbands’ education, working status of women, age at first marriage, place of residence, division, socioeconomic status, parity, mass media, and religion of women. Findings of this research provide evidence-based guidance for developing a pragmatic strategy to improve modern contraception usage among low socioeconomic status, older age group, and rural women in Bangladesh.","PeriodicalId":42178,"journal":{"name":"Corvinus Journal of Sociology and Social Policy","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135481354","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the attempt to mitigate the crises, the German government struggled with the question what to do. Since vaccines had become available for all, the focus turned on the group that had not decided for vaccination. This paper investigates communication about unvaccinated people and possible social consequences. To this purpose, selected statements of politicians and medical/scientific representatives are analysed. Some representatives addressed the responsibility for the ongoing pandemic to unvaccinated people. They were pictured as supporters of conspiracy myths, or as individuals that lack cognitive or social competences. In order to persuade them to achieve vaccination, several measures were suggested. In order to enhance persuasion, political communication sometimes seemed to simplify or even neglect scientific knowledge. Finally, it is critically discussed what it could mean for society and its handling of the crisis if the described social representations of unvaccinated people reflected at least to some extent public understanding.
{"title":"After Two Years of the Covid-19 Pandemic in Germany: Communication about Unvaccinated Individuals and Possible Social Consequences","authors":"Kerstin Wüstner","doi":"10.14267/cjssp.2023.1.2","DOIUrl":"https://doi.org/10.14267/cjssp.2023.1.2","url":null,"abstract":"In the attempt to mitigate the crises, the German government struggled with the question what to do. Since vaccines had become available for all, the focus turned on the group that had not decided for vaccination. This paper investigates communication about unvaccinated people and possible social consequences. To this purpose, selected statements of politicians and medical/scientific representatives are analysed. Some representatives addressed the responsibility for the ongoing pandemic to unvaccinated people. They were pictured as supporters of conspiracy myths, or as individuals that lack cognitive or social competences. In order to persuade them to achieve vaccination, several measures were suggested. In order to enhance persuasion, political communication sometimes seemed to simplify or even neglect scientific knowledge. Finally, it is critically discussed what it could mean for society and its handling of the crisis if the described social representations of unvaccinated people reflected at least to some extent public understanding.","PeriodicalId":42178,"journal":{"name":"Corvinus Journal of Sociology and Social Policy","volume":"2011 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134975099","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Our study explores the housing situation of people with disabilities based on life course interviews. Although the focus is mainly on present housing issues and challenges, this is set in a longitudinal perspective highlighting the legacies from the socialist period onwards. The study distinguishes three social policy regimes: the state-socialist, the liberal and the illiberal ones, which, on the one hand had different ideas about disability, while on the other hand, applied different housing policies. Results suggest that the housing of people with disabilities depends on a number of aspects which cannot be controlled by our interviewees. Based on the interviews, we identified three key areas which play an especially important role in shaping the housing opportunities of people with disabilities. These are the resources and motivations of the family of origin; the geographic location of the residence; and institution managers, care-workers, roommates around them.
{"title":"The Housing and Living Arrangement Situation of People with Disabilities in Hungary: Regime Characteristics and Individualized Risks","authors":"Ábel Csathó, Ágnes Kozma, Gábor Petri","doi":"10.14267/cjssp.2023.1.9","DOIUrl":"https://doi.org/10.14267/cjssp.2023.1.9","url":null,"abstract":"Our study explores the housing situation of people with disabilities based on life course interviews. Although the focus is mainly on present housing issues and challenges, this is set in a longitudinal perspective highlighting the legacies from the socialist period onwards. The study distinguishes three social policy regimes: the state-socialist, the liberal and the illiberal ones, which, on the one hand had different ideas about disability, while on the other hand, applied different housing policies. Results suggest that the housing of people with disabilities depends on a number of aspects which cannot be controlled by our interviewees. Based on the interviews, we identified three key areas which play an especially important role in shaping the housing opportunities of people with disabilities. These are the resources and motivations of the family of origin; the geographic location of the residence; and institution managers, care-workers, roommates around them.","PeriodicalId":42178,"journal":{"name":"Corvinus Journal of Sociology and Social Policy","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134975113","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper studies how high-net-worth individual (HNWI) investors changed their risk preferences during the Global Financial Crisis (from 2007 to 2009) and how their asset allocation evolved in the same period. We had access to a confidential database from a Swiss international private bank with two samples of risk preferences questionnaires (suitability tests) filled by the same HNWI investors in 2007 and 2009. We compared the suitability tests’ suggested investment profiles to those investors’ real asset allocations at the same moments in time. We estimated correlation coefficients and ran hypothesis tests to examine if the changes in risk preferences during the period were statistically significant. Findings: HNWI investors’ risk preferences changed during the period, but the gap between their self-assessed risk preference and their real asset allocation narrowed, suggesting that they have a convex value function curve. We found evidence consistent with the psychological risk-as-feelings model, as lower risk-exposed HNWI investors also tended to decrease their risk preference level during a crisis. The evidence also suggests a stronger preference for cash during the crisis period, confirming the results of studies that have focused on the importance of liquidity during external shocks.
{"title":"The Changing Risk Preferences of High-Net-Worth Individual Investors During the Global Financial Crisis","authors":"A. M. Cunha, Júlio Lobão","doi":"10.14267/cjssp.2022.2.2","DOIUrl":"https://doi.org/10.14267/cjssp.2022.2.2","url":null,"abstract":"This paper studies how high-net-worth individual (HNWI) investors changed their risk preferences during the Global Financial Crisis (from 2007 to 2009) and how their asset allocation evolved in the same period. We had access to a confidential database from a Swiss international private bank with two samples of risk preferences questionnaires (suitability tests) filled by the same HNWI investors in 2007 and 2009. We compared the suitability tests’ suggested investment profiles to those investors’ real asset allocations at the same moments in time. We estimated correlation coefficients and ran hypothesis tests to examine if the changes in risk preferences during the period were statistically significant. Findings: HNWI investors’ risk preferences changed during the period, but the gap between their self-assessed risk preference and their real asset allocation narrowed, suggesting that they have a convex value function curve. We found evidence consistent with the psychological risk-as-feelings model, as lower risk-exposed HNWI investors also tended to decrease their risk preference level during a crisis. The evidence also suggests a stronger preference for cash during the crisis period, confirming the results of studies that have focused on the importance of liquidity during external shocks.","PeriodicalId":42178,"journal":{"name":"Corvinus Journal of Sociology and Social Policy","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2023-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42218109","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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