| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25019 |
| 来源ID | Working Paper 25019 |
| What Matters to Individual Investors? Evidence from the Horse\u2019s Mouth | |
| James J. Choi; Adriana Z. Robertson | |
| 发表日期 | 2018-09-10 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We survey a representative sample of U.S. individuals about how well leading academic theories describe their financial beliefs and decisions. We find substantial support for many factors hypothesized to affect portfolio equity share, particularly background risk, investment horizon, rare disasters, transactional factors, and fixed costs of stock market participation. Individuals tend to believe that past mutual fund performance is a good signal of stock-picking skill, actively managed funds do not suffer from diseconomies of scale, value stocks are safer and do not have higher expected returns, and high-momentum stocks are riskier and do have higher expected returns. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w25019 |
| 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/582693 |
| 推荐引用方式 GB/T 7714 | James J. Choi,Adriana Z. Robertson. What Matters to Individual Investors? Evidence from the Horse\u2019s Mouth. 2018. |
| 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 | ||
| w25019.pdf（415KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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