Countercyclical Risk Aversion: Beyond Financial Professionals [Online Appendix and Replication Package]doi:10.11588/data/HLGUFFheiDATA2017-03-313König-Kersting, Christian; Trautmann, Stefan T., 2017, "Countercyclical Risk Aversion: Beyond Financial Professionals [Online Appendix and Replication Package]", https://doi.org/10.11588/data/HLGUFF, heiDATA, V3, UNF:6:uf5BEfv2apPfRJhp2qW+Kw== [fileUNF]Countercyclical Risk Aversion: Beyond Financial Professionals [Online Appendix and Replication Package]doi:10.11588/data/HLGUFFKönig-Kersting, ChristianTrautmann, Stefan T.König-Kersting, Christian2016HeidelbergSoSciSurvey.de (SoSci Survey GmbH, 80807 München)heiDATAheiDATA: Heidelberg Research Data Repository König-Kersting, ChristianMaylein, Leonhard2017-03-30Social Sciencesrisk aversionbusiness cycleprimingE32E44G01G11G12We test if Cohn et al.’s (2015) experimental results on countercyclical risk aversion exhibited by financial professionals generalize to a standard student sample. In our sample, we do not find an effect of stock market bust or boom on subjects’ investments. We do not find a systematic emotional reaction, nor do we find an effect of variation in the emotional state (especially fear) on investment. Our results add to the literature documenting behavioral differences between financial professionals and non-professionals and, taking a policy perspective, underline the need for careful external validity checks of single sample experiments.I would like to make the data and other replication files freely available. People using the data should cite the data or the related publication.Christian König-Kersting, Stefan T. Trautmann: Countercyclical risk aversion: Beyond financial professionals. Journal of Behavioral and Experimental Finance10.1016/j.jbef.2018.03.001Christian König-Kersting, Stefan T. Trautmann: Countercyclical risk aversion: Beyond financial professionals. Journal of Behavioral and Experimental FinanceCohn et al. 2015: Cohn, Alain, Jan Engelmann, Ernst Fehr, and Michel André Maréchal. 2015. "Evidence for Countercyclical Risk Aversion: An Experiment with Financial Professionals." American Economic Review, 105(2): 860-85. DOI: 10.1257/aer.20131314fields_of_study_breakdown.tab933text/tab-separated-valuesUNF:6:uf5BEfv2apPfRJhp2qW+Kw==fieldOfStudyUNF:6:65Gf9qHzAvffhUlaXn8QaQ==Frequency20.872472818334851.04.27956989247311793.0199.0.1.00.0UNF:6:DcgxPjrxfbYsC7ovuwlrqQ==Percent0.02205271042290580.010869565217391304.0.206030150753768850.0050251256281407041.092.00.005025125628140704UNF:6:RiqwEzTavedMYgbnpH18dw==data_note.txttext/plaindata_raw_all_sessions.xlsxapplication/vnd.openxmlformats-officedocument.spreadsheetml.sheetdata_reformatted_for_stata_import.xlsxapplication/vnd.openxmlformats-officedocument.spreadsheetml.sheetOnline_Appendix.docxapplication/vnd.openxmlformats-officedocument.wordprocessingml.documentOnline_Appendix.pdfapplication/pdfstata_analysis.doapplication/x-stata-syntaxstata_analysis_appendix.doapplication/x-stata-syntaxstata_data.dtaapplication/x-statastata_preparations.doapplication/x-stata-syntax