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  • Research Article
  • Open Access

An experimental study on investors’ status quo bias and its determinants

Frontiers of Business Research in ChinaSelected Publications from Chinese Universities20093:543

  • Received: 15 February 2009
  • Published:


Status quo bias is an important factor which affects investors’ decision-making. The extant research on this issue only takes the prospect theory into consideration. In fact, framing effect, investor emotion and information structure are also important variables affecting status quo bias. This paper explores the impact on investors’ status quo bias from the perspectives of framing effect, investor emotion and information structure, using the experimental method. Results show that investors’ status quo bias is higher in the price differential frame than in the ratio frame of the investable portfolio. In addition, investors’ status quo bias does exist in the three emotions conditions. Particularly, status quo bias is lower in the positive emotion investors and higher in the negative emotion. Respondents’ choice of certain options is five times as uncertain options. The level of status quo bias in self-status assignment group is higher than that in external-status assignment group.


  • status quo bias
  • framing effect
  • investor emotion
  • information structure