0396997 20240103203041.520131009235959.9 13 s. P cav_un_epca*0396996OstravaVŠB-Technical University Ostrava, faculty of Economics, Finance department2013 portfolio competition game theory behavioural finance discrete choice cav_un_auth*0101206 Šmíd Martin Ekonometrie Department of Econometrics E E UTIA-B Department of Econometrics Ústav teorie informace a automatizace AV ČR, v. v. i. cav_un_auth*0264564 Kuběna Aleš Antonín Ekonometrie Department of Econometrics E E UTIA-B Department of Econometrics Ústav teorie informace a automatizace AV ČR, v. v. i. http://library.utia.cas.cz/separaty/2013/E/smid-determinants of stocks choice in portfolio competitions.pdf CZ.1.07/2.3.00/20.0296 EU CZ cav_un_auth*0308374 GA402/09/0965 GA ČR cav_un_auth*0253176 GAP402/11/0150 GA ČR cav_un_auth*0273629 We study investment competitions in which the players invest a virtual amount of money into financial asset and those with highest returns, measured by the actual prices, are rewarded by fixed prizes. We show that the competition, seen as a game, lacks a pure equilibrium and that the ``max-min'' solution of the game lies in the extremal point of the feasible set having maximal probability of victory. We show further that if a mixed equilibrium exists then its atoms lie exactly in the extremal points with a non-zero probability of victory and its weights are close to corresponding probabilities of victory. We analyse empirically a portfolio competition held recently by the Czech portal ``lidovky.cz''; we find that the majority of people do not behave according to the game-theoretic conclusions. Consequently, searching for factors influencing a choice of particular stocks, we find that the participants' choice may be explained by several stock traits to a certain extent. We also show that participants tend to choose negatively diversified portfolios. cav_un_auth*0294693 8th International Scientific Conference Financial management of firms and financial institutions Ostrava 9.-10. September 2013 CZ 2014 BB 2 PR RVO:67985556 http://hdl.handle.net/11104/0224705 2013 cav_un_epca*0396996 Financial Management of Firms and Financial Institutions Ostrava VŠB-Technical University Ostrava, faculty of Economics, Finance department 2013