| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25108 |
| 来源ID | Working Paper 25108 |
| Belief Disagreement and Portfolio Choice | |
| Maarten Meeuwis; Jonathan A. Parker; Antoinette Schoar; Duncan I. Simester | |
| 发表日期 | 2018-10-01 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Using proprietary portfolio data on millions of households, we show that (likely) Republicans increase the equity share and market beta of their portfolios following the 2016 presidential election, while (likely) Democrats rebalance into safe assets. We provide evidence that this behavior is driven by investors interpreting public information using different models of the world, by ruling out the main non-belief-based channels (like income hedging needs, preferences, local economic exposure) using detailed controls for ex ante wealth and investments, demographics and income, and even county-employer-period fixed effects. These findings are driven by a small share of investors making big changes in allocation, and are stronger among investors who are more attentive to their portfolios or who do not delegate their investment decisions. |
| 主题 | Microeconomics ; Households and Firms ; Economics of Information ; Macroeconomics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Behavioral Finance |
| URL | https://www.nber.org/papers/w25108 |
| 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/582781 |
| 推荐引用方式 GB/T 7714 | Maarten Meeuwis,Jonathan A. Parker,Antoinette Schoar,et al. Belief Disagreement and Portfolio Choice. 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 | ||
| w25108.pdf（2863KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
