| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17412 |
| DP17412 Cultural Origins of Investment Behavior | |
| Kaveh Majlesi; Andreas Ek; Gunes Gokmen | |
| 发表日期 | 2022-06-28 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | There are large cross-country differences in the portfolio composition of individual investors. In this paper, we study the role of cultural heritage in explaining these differences by combining data on the asset allocation of second-generation immigrants in Sweden with the cultural attributes of their parents' countries of origin. Descendants of more risk-loving and less patient cultures take more idiosyncratic risk by keeping a higher share of their financial wealth in directly held stocks. They are also less likely to delegate their equity investment, as they assign a lower share of their wealth to mutual funds. We show that these findings are not driven by the selection of migrating parents, other country of origin attributes, or individual socio-economic characteristics. Our findings also provide an alternative explanation for under-diversification and lack of delegation among many individual investors. |
| 主题 | Financial Economics |
| 关键词 | Culture Cultural transmission Delegation Diversification Investment behavior Risk preference Time preference |
| URL | https://cepr.org/publications/dp17412 |
| 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/546487 |
| 推荐引用方式 GB/T 7714 | Kaveh Majlesi,Andreas Ek,Gunes Gokmen. DP17412 Cultural Origins of Investment Behavior. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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