| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4773 |
| DP4773 Disability Testing and Retirement | |
| Pierre Pestieau; Helmuth Cremer; Jean-Marie Lozachmeur | |
| 发表日期 | 2004-12-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We study the puzzle of portfolio underdiversification and proximity investment from a novel perspective, linking it to the process of urbanization. We find that urban portfolios are more focused ? i.e., less diversified and more concentrated in ?close? stocks. We explain it in terms of the process of ?professional specialization? that characterizes urban environments. We test this against a number of alternative theories: financial sophistication, social competition and hedging non-financial risk. We show that the very same factors behind the drive to city agglomeration also affect both the degree of portfolio diversification and proximity investing by influencing investor information and risk. |
| 主题 | Financial Economics |
| 关键词 | Portfolio choice Under-diversification Proximity investment Professional specialization City agglomeration |
| URL | https://cepr.org/publications/dp4773 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533688 |
| 推荐引用方式 GB/T 7714 | Pierre Pestieau,Helmuth Cremer,Jean-Marie Lozachmeur. DP4773 Disability Testing and Retirement. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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