| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23438 |
| 来源ID | Working Paper 23438 |
| The Effect of Prior Choices on Expectations and Subsequent Portfolio Decisions | |
| Camelia M. Kuhnen; Sarah Rudorf; Bernd Weber | |
| 发表日期 | 2017-05-29 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We document that prior portfolio choices influence investors' expectations about asset values, and their future choices. We find that people update more from information consistent with their prior choices, leading to sticky portfolios over time. These effects are related to how the brain's valuation centers encode new information about assets and about the trader's own success. These findings provide microfoundations for theoretical models where agents learn jointly about their skill and about asset values, leading to disagreement, and offer a common explanation for several puzzling investor behaviors, specifically, households' low stock market participation rate, and the disposition and repurchase effects. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w23438 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581112 |
| 推荐引用方式 GB/T 7714 | Camelia M. Kuhnen,Sarah Rudorf,Bernd Weber. The Effect of Prior Choices on Expectations and Subsequent Portfolio Decisions. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23438.pdf（1412KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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