Notwithstanding this comparison between Srisk and SWrisk, the results of Study 1 also raise questions regarding the validity of Srisk as a measure of perceived risk, since Srisk had a significant correlation both with Sreturn and EV. We note, however, that a correlation between a measure of perceived risk and standard/subjective measures of return does not necessarily compromise the va- lidity of the measure since – consistent with the affect heuristic — expected returns often influence the perception of risk (e.g., Finucane et al, 2000)