G2TT
来源类型Discussion paper
规范类型论文
来源IDDP17412
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
URLhttps://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.
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