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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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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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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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Locus of control and investment in risky assets
Salamanca, Nicolás; Grip, Andries de; Fouarge, Didier; … - 2016
We show that household heads with a strong internal economic locus of control are more likely to hold equity and hold a larger share of equity in their investment portfolio. This relation holds when we control for economic preferences and possible confounders such as financial literacy,...
Persistent link: https://www.econbiz.de/10011594548
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Business education and portfolio returns
Altmejd, Adam; Jansson, Thomas; Karabulut, Yigitcan - 2024
Using university admission cutoffs that generate exogenous variation in college-major choices, we provide causal evidence that enrollment in a business or economics program leads individuals to invest significantly more in the stock market, earn higher portfolio returns, and ultimately...
Persistent link: https://www.econbiz.de/10014529731
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Testing CAPM with a large number of assets
Pesaran, M. Hashem; Yamagata, Takashi - 2012
This paper is concerned with testing the time series implications of the capital asset pricing model (CAPM) due to … evidence against Sharpe-Lintner CAPM is found mainly during the recent financial crisis. Furthermore, a strong negative … during episodes of market inefficiencies. -- CAPM ; testing for alpha ; market efficiency ; long/short equity returns ; large …
Persistent link: https://www.econbiz.de/10009535779
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Psychological momentum and gender
Cohen-Zada, Danny; Krumer, Alex; Shtudiner, Ze'ev - 2016
momentum, while women's is not. This result is robust to different specifications and estimation strategies. Our results are in …
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
Is there evidence that households adjust their asset portfolios just prior to retirement in response to a means-tested public pension? We address this question by estimating a system of asset equations constrained to add up to net worth. We find little evidence that in 2006 healthy households or...
Persistent link: https://www.econbiz.de/10003903218
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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