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Skewness expectations and portfolio choice
Drerup, Tilman H.; Wibral, Matthias; Zimpelmann, Christian - 2022
Many models of investor behavior predict that investors prefer assets that they believe to have positively skewed return distributions. We provide a direct test of this prediction in a representative sample of the Dutch population. Using individual-level data on return expectations for a broad...
Persistent link: https://www.econbiz.de/10012805556
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Trading while sleepy? : circadian mismatch and excess volatility in a global experimental asset market
Dickinson, David L.; Chaudhuri, Ananish; … - 2017
experiment that regularly produces valuation bubble and crash events. Global sessions involved real time trades between subjects … in two locations 16 time zones apart (i.e., "global" markets) and at varied local times of day across sessions. We find … importance of a relatively common cognitive state (i.e., suboptimal time-of-day) in attempting to understand trader behavior and …
Persistent link: https://www.econbiz.de/10011731909
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Genetic ability, wealth, and financial decision-making
Barth, Daniel; Papageorge, Nicholas W.; Thom, Kevin - 2017
Recent advances in behavioral genetics have enabled the discovery of genetic scores linked to a variety of economic outcomes, including education. We build on this progress to demonstrate that the same genetic variants that predict educational attainment independently predict household wealth in...
Persistent link: https://www.econbiz.de/10011613150
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Higher-order beliefs and risky asset holdings
Gorodnichenko, Yuriy; Yin, Xiao - 2024
We combine a customized survey and randomized controlled trial (RCT) to study the effect of higher-order beliefs on U.S. retail investors' portfolio allocations. We find that investors' higher-order beliefs about stock market returns are correlated with but distinct from their first-order...
Persistent link: https://www.econbiz.de/10014580789
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League-table incentives and price bubbles in experimental asset markets
Cheung, Stephen L.; Coleman, Andrew - 2011
We study experimental markets in which participants face incentives modeled upon those prevailing in markets for managed funds. Each participant's portfolio is periodically evaluated at market value and ranked in a league table according to short-term paper returns. Those who rank highly attract...
Persistent link: https://www.econbiz.de/10009306962
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Psychological momentum and gender
Cohen-Zada, Danny; Krumer, Alex; Shtudiner, Ze'ev - 2016
We exploit a natural experiment in which two professionals compete in a one-stage contest without strategic motives and where one contestant has a clear exogenous psychological momentum advantage over the other in order to estimate the causal effect of psychological momentum on performance. We...
Persistent link: https://www.econbiz.de/10011455776
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Portfolio allocation in the face of a means-tested public pension
Cobb-Clark, Deborah A.; Hildebrand, Vincent A. - 2009
only marginally significant, are not robust across time, and are not clearly consistent with the incentives inherent in the … health. Comparison with 2002 results suggests the incentives to reallocate assets may have weakened over time. -- Asset …
Persistent link: https://www.econbiz.de/10003903218
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Trust and the choice between housing and financial assets : evidence from Spanish households
Attar, Mayssun el; Poschke, Markus - 2010
Trusting behavior has been shown to affect households' portfolio choice between risky and risk-free financial assets. We extend the analysis of the effect of trust on portfolio choice to include the dominant component of households' portfolios, real estate. In a simple model, we show how the...
Persistent link: https://www.econbiz.de/10009153590
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Household asset holding diversification in Australia
Mariotti, Francesco; Mumford, Karen; Pena-Boquete, Yolanda - 2014
We explore asset holding diversification by Australian households, in particular, the household asset diversification participation decision (whether or not to diversify at all) is jointly estimated with the decision of how much to diversify. In so doing, recent literature on the modelling of...
Persistent link: https://www.econbiz.de/10010379946
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Financial advice and household financial portfolios
Brown, Sarah; Bucciol, Alessandro; Montagnoli, Alberto; … - 2021
We investigate the role of financial advice in shaping the composition of household portfolios in Great Britain. Advice is associated with a reallocation of wealth away from real estate and towards bonds and stocks, especially when households seek financial advice "for investments". Having a...
Persistent link: https://www.econbiz.de/10012517212