| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15012 |
| DP15012 The Portfolio Composition Effect | |
| Martin Weber; Jan Mueller-Dethard | |
| 发表日期 | 2020-07-08 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This study asks whether a simple, counting-based measure of performance, which is the fraction of winner stocks in a portfolio, affects people’s willingness to invest in the portfolio. We find experimental evidence that indicates that individuals allocate larger investments to portfolios with larger fractions of winner stocks, albeit alternative portfolios have realized identical overall portfolio returns and show identical expected risk-return characteristics. Building on our experimental findings, we show empirically that the proposed composition measure also matters for the demand of leading equity market index funds. A framework which combines category-based thinking and mental accounting can explain the effect. |
| 主题 | Financial Economics |
| 关键词 | Portfolio composition Investment behavior Risk preferences Mental accounting |
| URL | https://cepr.org/publications/dp15012-0 |
| 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/543959 |
| 推荐引用方式 GB/T 7714 | Martin Weber,Jan Mueller-Dethard. DP15012 The Portfolio Composition Effect. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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