The Development of a Risk - Assessment Scale for Individual Common Stock Investors (RAS)
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Abstract
The purposes of this research were to develop a Risk - Assessment Scale for Individual Common Stock Investors (RAS). The samples were 905 of Thai investors age 20 and above in 2018. There are three phases of research: 1) to construct a good quality items for RAS, samples were 850, 2) to construct an item bank for RAS, and 3) to derive norms for RAS, samples were 500. Testing of reliability, samples were 55. The research results revealed that
1) There were 26 good quality items for RAS that were analyzed by Graded Response Model. RAS composed of 19 items for the ability to take risk, and 7 items for the willingness to take risk.
2) The construct validity of RAS was confirmed by alignment with the criterion with Chi-square goodness of fit test value = 34.30, df = 16, AGFI= .96, and CFI =.93.
3) The norms of RAS were divided into 5 levels: 1) percentile rank 19 and below indicating Low Risk of invesment in common stocks, 2) percentile rank from 20 to 39 indicating Moderate - Low Risk of invesment in common stocks, 3) percentile rank from 40 to 60 indicating Moderate - High Risk of invesment in common stocks, 4) percentile rank from 61 to 80 indicating High Risk of invesment in common stocks, and 5) percentile rank 81 and above indicating very High Risk of invesment in common stocks.
Reliability of RAS was .74, and acceptable.
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References
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