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来源类型Working Paper
规范类型报告
DOI10.3386/w25108
来源IDWorking 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
URLhttps://www.nber.org/papers/w25108
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/582781
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GB/T 7714
Maarten Meeuwis,Jonathan A. Parker,Antoinette Schoar,et al. Belief Disagreement and Portfolio Choice. 2018.
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