From: peco1805@altair.selu.edu
Newsgroups: misc.invest
Subject: survey of individual investor
Date: 12 Nov 92 05:07:54 GMT
Article-I.D.: altair.1992Nov12.110754.1066
Organization: Southeastern Louisiana University


               Survey of individual investor

     This survey is based on the belief that the market trend is
shaped by the market crowd's psychological expectation. When most of
the people in the market believe the market will go up, then the
market does go up. If they believe the market will go down, the
market will go down. We can say the market is built on our
expectation. Thus, a better understanding of individual investor
behavior will assist to better understand market. We would
appreciate it very much if you could take few minutes to answer the
following questionnaire and send it back to us at
PECO1805@SELU.EDU. A general result report of this survey will be
posted on this newsgroup. Anyone who want the detail report please
state in the end of questionnaire, we will send it to you. 
     Please mark your choices INSIDE the bracket [ ]. If you are
not a current player in stock market, please assume you are a real
player and use the knowledge you have to answer the questions.
     Any corrections and recommendations are welcome.  
     Thank you very much for your time and cooperation.

[  ]
1)   Your investment goal is:
     a) enhancing current income
     b) saving for major expenditures
     c) accumulating retirement funds
     d) sheltering income from taxes
     e) other; please specify ___________

[  ]
2)   You think you are a: 
     a) short-term investor
     b) middle-term investor
     c) long-term investor

3)   Usually, how long do you hold the stock from buying to
     selling?   ______

[  ]
4)   When you predict the trend of stock price, with what time    
     period are you mostly concerned?
     a) in one week 
     b) in one month
     c) in 3 months
     d) in 6 months
     e) in one year
     f) in 3 years
     g) more than 3 years

[  ]
5)   You think you are a/an: 
     a) investor
     b) speculator

[  ]
6)   Which kind of stock do you prefer:
     a) beta <= 1
     b) 1 < beta <= 2
     c) beta > 2

[  ]
7)   Under the "value line" safety grade(1 highest to 5 lowest),
     usually, what kind of stock do you like to pick up:
     a) grade = 1
     b) grade = 2
     c) grade = 3
     d) grade = 4
     e) grade = 5

[  ]
8)   Do you use margin? 
     a) never
     b) sometimes
     c) often
     d) always

[  ]
9)   Do you use short selling?      Yes/No

[  ]
10)  You are more concerned about: 
     a) dividend
     b) capital gain

[  ]
11)  You think you are a: 
     a) fundamentist
     b) chartist (technical analyst)
     c) both
     d) none of them, but other (please state)______________

12)  Please rank the following factors according to the level you 
     think that would affect the stock market, from highest to    
     lowest. 
     a) interest rate
     b) exchange rate
     c) inflation index
     d) company's operation report
     
     Highest                    Lowest
     __        __       __      __

[  ]                       
13)  You like a stock with:
     a) high P/E (compare to the market or industry)
     b) low P/E  (compare to the market or industry)
     c) I don't care

[  ]
14)  You had finished the homework for stock AAA and found out it
     was good and was cheap at $10. But due to some reason you
     missed the buy time. As the price go up, you have been
     reducing your willness to buy. What is the highest price
     that you totally don't want to buy.
     a) $11  (up 10%)
     b) $12  (up 20%)
     c) $13  (up 30%)
     d) $15  (up 50%)
     e) $20 or over (up 100% or higher)

[  ]
15)  You had finished the homework for stock BBB and found out it
     was good at $10. But the price was going down. Assumed that,
     the deeper the drop, the lower the possibility of contiuning
     drop, and the higher the possibility of turnaround to go up.
     (If you don't buy it at $9 today, it may go up to $11
     tomorrow, but of course, it may also go down to $7
     tomorrow). When will you most likely buy this stock?
     a) buy, till it drop to $9 (down 10%)
     b) buy, till it drop to $8 (down 20%)
     c) buy, till it drop to $7 (down 30%)
     d) buy, till it drop to $5 (down 50%)

[  ]
16)  Assume you believe the stock market is a "random walker",    
     and you have stock in hand. When will you most likely      
     sell your stock?
     a) sell if you have 10% gain(compared to the price when you  
        buy)
     b) sell if you have 20% gain
     c) sell if you have 30% gain 
     d) sell if you have 50% gain
     e) sell if you have 100% gain 

[  ]
17)  Do you have a "stop loss" limit for your stock?  Yes/No

[  ]
18)  If you have a "stop loss" limit for your stock, what is this 
     limit?
     a) sell if 10% loss
     b) sell if 20% loss
     c) sell if 30% loss
     d) sell if 50% or more loss
[  ]
19)  If you don't have a "stop loss" limit, how long will you     
     like to wait for the recovery? (Ex. wait one year for        
     recovery, if fail, sell it no matter what price it is.)
     a) one month or less
     b) three months
     c) six months
     d) one year
     e) three years
     f) more than three years

[  ]
20)  Assume you buy a stock at $50, after a long time (you feel)  
     drop, and a long time waiting, the stock price finally goes
     back to $50, you are not sure if the price will still go up
     or not, you will like to 
     a) keep holding it 
     b) sell it to break even (ignored the transaction cost)

[  ]
21)  Assume in the above situation, you choose to hold the stock
     and then the price goes down. You keep waiting till the      
     price go back to $50 again. This time, you will like to 
     a) keep holding it
     b) sell it to break even (ignored the transaction cost)

[  ]
22)  If the same situation happen third time, what will you most
     likely do?
     a) keep holding it 
     b) sell it to break even (ignored the transaction cost)

[  ]
23)  You bought a stock at $50, and then the price went up. But
     you didn't sell it at peak. Now the price come down to $50.
     What will you most likely do?
     a) keep holding it
     b) sell it to break even (ignored the transaction cost)

[  ]  
24)  Assume that you are holding a favorite stock that you bought 
     at $100 per share and you believe this stock is worth        
     holding. Now the price is going down, will you like to buy   
     more to reduce your cost. (for example, now the price is
     $50, if you buy same shares as you bought before, your cost
     per share would be $75) 
     Yes/No

[  ]
25)  If you answer Yes in above question, when will you most      
     likely begin buying more.
     a) after the price drop 10%
     b) after the price drop 20%
     c) after the price drop 30%
     d) after the price drop 50% or more

[  ]     
26)  Do you have a favorite industry?   Yes/No

27)  If yes, what is it?____________

[  ]
28)  What kind of brokers do you have or you want to have?
     a) full-service broker
     b) discount broker

[  ]      
29)  Please check the following sources of information about
     investments you regularly use, if any.
     1) Personal advice of your broker(s)
     2) Brokerage newsletters
     3) Brokerage research reports
     4) Investment advisory service(s)
     5) Conversations with other investors
     6) Your own study and intuition
     7) None of these
     8) Other (please specify) ___________   

[  ]
30)  Do you believe the S&P stock appreciation ranking stars?
     a) Yes, I always depend on it to buy and sell.
     b) I would use it as a reference, sometimes I do follow it.
     c) It may be OK, but I think it is too late to             
        follow it to catch the market.
     d) I never believe it.

31)  How active are you as a investor? How many transactions
     did you have in last year?   _____

32)  What is your age?   _____

[  ]
33)  You are a: 
     a) male 
     b) female

34)  What is your approximate total annual income?  _______

35)  What was your total annual rate of return on capital from
     stock market last year?    _______

36)  How much money did you put in stock market last year? ______
Newsgroups: misc.invest