Documenting the functional form of dynamic risk-taking behaviour in a real options context using sporting contests

被引：0

作者：

Easton, Stephen ^{[1
]}

Pinder, Sean ^{[2
]}

Stern, Steven ^{[3
]}

机构：

[1] Univ Newcastle, Newcastle Business Sch, Newcastle, NSW, Australia

[2] Univ Melbourne, Dept Finance, Melbourne, Vic, Australia

[3] Bond Univ, Bond Business Sch, Gold Coast, Qld, Australia

来源：

ACCOUNTING AND FINANCE | 2018年 / 58卷

关键词：

Risk-taking behaviour; Interim performance; Real options; MUTUAL FUND INDUSTRY; ONE-DAY CRICKET; TOURNAMENTS; INVESTMENT; INCENTIVES; UNCERTAINTY; IRREVERSIBILITY; MATCHES; TARGET;

D O I：

10.1111/acfi.12298

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Changes in risk-taking behaviour based on interim performance are examined in high-stakes competition. A real options framework is used to provide a richer characterisation of risk-taking behaviour than examined in extant studies. This framework is applied to an examination of ball-by-ball data from 1207 cricket matches. Consistent with modelled expectations, risk taking is found to increase (decrease) at a decreasing rate following below par (above par) interim performance. This result is especially strong insituations where the resources remaining are low, a result predicted by the real options model.

引用

页码：159 / 178

页数：20

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