Acceso usuarios
Rosa María Mayoral Martínez, Eleuterio Vallelado González
This paper focuses on the impact of non-financial factors on individual investment decisions when information on a takeover bid announcement is public. Our results indicate that individual traits modulate the impact of information clarity and source reliability on decision-making. Thus, when individual traits are ignored, we find that investors use situational variables to distinguish noises from news. However, information clarity is more helpful than source reliability to interpret the information and take action even when source reliability diminishes. In contrast, when individual traits are considered, we observe that not only the lack of clarity, but also the lack of source reliability reduces situational strength. Furthermore, under uncertainty, individuals who are intuitive and tolerant to ambiguity are more capable of distinguishing between relevant and irrelevant stimuli and are more likely to expect a drop in the target’s share price. Finally, we observe that proactivity, in situations of uncertainty, is more important on action than cognitive style and tolerance to ambiguity. Intuition and proactivity impact positively on trading, while proactivity fosters coherence between perception and decisions.
