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Investment goals and mental accounting in French retail clients

Author

Listed:
  • Marie-Hélène Broihanne
  • Hava Orkut

Abstract

Mental accounting is a cognitive process that guides individuals? personal financial decisions. Although well-documented, the investigation into how individuals form and select mental accounts, how these accounts evolve over time and are affected by environmental factors, has yet to be undertaken. In this paper, we identify how an external force, the MiFID questionnaire, may strengthen mental accounting. Based on a sample of more than 60,000 retail clients? questionnaire answers and banking records, we identify the determinants of the number of investment goals. We build a typology of retail clients? mental goals and show that the actual investment decisions of retail clients, fit their mental goals.

Suggested Citation

  • Marie-Hélène Broihanne & Hava Orkut, 2018. "Investment goals and mental accounting in French retail clients," Finance, Presses universitaires de Grenoble, vol. 39(1), pages 107-144.
    • Handle: RePEc:cai:finpug:fina_391_0107
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    Citations

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    Cited by:

    1. Luc Arrondel & Jérôme Coffinet, 2021. "Preparing for the tax reform: the risky French households' portfolio in 2018," PSE Working Papers halshs-03322577, HAL.
    2. Bellofatto, Anthony & Broihanne, Marie-Hélène & D'Hondt, Catherine, 2019. "Appetite for information and trading behavior," LIDAM Discussion Papers LFIN 2019002, Université catholique de Louvain, Louvain Finance (LFIN).
    3. Inghelbrecht, Koen & Tedde, Mariachiara, 2024. "Overconfidence, financial literacy and excessive trading," Journal of Economic Behavior & Organization, Elsevier, vol. 219(C), pages 152-195.
    4. Broihanne, Marie-Hélène & Orkut, Hava & Osei-Tutu, Francis, 2023. "Cold time, cool time? Weather-induced moods and financial risk tolerance: Evidence from a real-world banking context," Finance Research Letters, Elsevier, vol. 55(PB).

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