| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15947 |
| DP15947 Inflation and Individual Investors’ Behavior: Evidence from the German Hyperinflation | |
| Fabio Braggion; Nic Schaub; Felix von Meyerinck | |
| 发表日期 | 2021-03-21 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We analyze how individual investors respond to inflation. We introduce a unique dataset containing information on local inflation and security portfolios of more than 2,000 clients of a German bank between 1920 and 1924, covering the German hyperinflation. We find that individual investors buy less (sell more) stocks when facing higher local inflation. This effect is more pronounced for less sophisticated investors. Moreover, we document a positive relation between local inflation and forgone returns following stock sales. Our findings are consistent with individual investors suffering from money illusion. Alternative explanations such as consumption needs are unlikely to drive our results. |
| 主题 | Economic history |
| 关键词 | inflation Investor behavior Money illusion Individual investors Behavioral biases |
| URL | https://cepr.org/publications/dp15947-4 |
| 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/544937 |
| 推荐引用方式 GB/T 7714 | Fabio Braggion,Nic Schaub,Felix von Meyerinck. DP15947 Inflation and Individual Investors’ Behavior: Evidence from the German Hyperinflation. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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